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Covid19 Public Assets at Risk 12/19/2020 11:13:50 PM
Public institutions and assets may be at risk with increased public debt due to Covid19 expenses. Public debt has ballooned to deal with Covid19 related expenses by governments. If interest rates rise even a little governments may not be able to raise funds from debt instruments or tax revenues to cover their current debts and interest. Governments may have their arms twisted to sell public assets like utilities, health systems, data systems, etc to big business and billionaires.
Most people and nations never thought that a virus could affect them so adversely. They wouldn't even think that nationalization could happen in developed Western nations but it could. How else could these governments be able to pay off their debts? I remember a time when citizens donated their gold to their government to help it and society recover. Is it likely citizens will do the same in Western countries and if they did will it be enough?
The answer might be a combination of help from citizenry, big business and billionaires. If public assets are to be saved this might be the answer instead of nationalization. Governments needs to be strong and resilient for the people that vote for them or democracy as a whole is seriously compromised. If citizens are at the mercy of big business and billionaires there will not be any democracy. Our elected officials will be lame duck leaders.
It is incumbent on governments to plan ahead to fend off such hostile takeovers in the future and to restore public trust in them, our institutions and our democracies.
