COVID had widened the gap between world's richest and poorest - page 3.

sovie

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Quote from: milewilda on July 04, 2022, 06:18:35 PM

Does the current covid situation becoming even more worst?

Seeing its parabolic pattern which it seems that we are on the end of this phase unless if there would be new variant. Embarrassed

Edit: It does really have that shit new variant once again.
https://www.cnbc.com/2022/07/02/omicrons-bapoint5-variant-might-threaten-your-july-4-how-to-stay-safe.html

Dont know if these things are already real or not and they just keep on popping out like mushrooms.

Things are coming back to life again and we have seen the worst kind of inflation in the history.
Although the COVID is dying - but China is not yet taking the international flights and still closing their borders. I have seen a chineses struggling hard to get back to his home.

milewilda

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Quote from: blue_hurricanger on July 04, 2022, 02:35:04 PM

Quote from: CapGelatik on July 04, 2022, 07:42:01 AM

Quote from: Freeesta on July 01, 2022, 01:51:14 PM

The entire tourism industry has been affected by the pandemic. International air travel and land travel have been markedly reduced. Travel agencies suffered significant losses and many stopped their work during this time. Today's crisis will kill many food manufacturers and especially food manufacturers. So covid it was not the scariest adventure in our life, unfortunately.

Yes, all sectors are affected by the pandemic and it is unavoidable,
both the state and business actors will experience a decrease in turnover and even losses,
but we must also be grateful that the pandemic is gradually recovering

But the tourism industry has taken the worst hit, and still not recovered back to before the pandemic. The tourism industry is where most of the low class make their money in developing countries. The case of Sri Lanka is the best example of this. Laos is also soon to become the next victim. The tourism industry helps to bring in foreign money which increases their foreign reserve. Low foreign reserve, you can't buy the most commodities and pay back foreign debts to borrow more. This could even turn the country into default (Sri Lanka) and hurt people from the low class further

Does the current covid situation becoming even more worst?

Seeing its parabolic pattern which it seems that we are on the end of this phase unless if there would be new variant. Embarrassed

Edit: It does really have that shit new variant once again.
https://www.cnbc.com/2022/07/02/omicrons-bapoint5-variant-might-threaten-your-july-4-how-to-stay-safe.html

Dont know if these things are already real or not and they just keep on popping out like mushrooms.

blue_hurricanger

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Quote from: CapGelatik on July 04, 2022, 07:42:01 AM

Quote from: Freeesta on July 01, 2022, 01:51:14 PM

The entire tourism industry has been affected by the pandemic. International air travel and land travel have been markedly reduced. Travel agencies suffered significant losses and many stopped their work during this time. Today's crisis will kill many food manufacturers and especially food manufacturers. So covid it was not the scariest adventure in our life, unfortunately.

Yes, all sectors are affected by the pandemic and it is unavoidable,
both the state and business actors will experience a decrease in turnover and even losses,
but we must also be grateful that the pandemic is gradually recovering

But the tourism industry has taken the worst hit, and still not recovered back to before the pandemic. The tourism industry is where most of the low class make their money in developing countries. The case of Sri Lanka is the best example of this. Laos is also soon to become the next victim. The tourism industry helps to bring in foreign money which increases their foreign reserve. Low foreign reserve, you can't buy the most commodities and pay back foreign debts to borrow more. This could even turn the country into default (Sri Lanka) and hurt people from the low class further

wiss19

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Honestly "anything" makes it go up, so I am not shocked. We had 2008 crisis in the USA right? Now I am not American but I know for a fact that plenty of people lost their houses during that crash, and yet all the banks who didn't get those loans back, ended up keeping their business. So, if banks were bailed out, why didn't the poor people who failed to pay their loans didn't get bailed out and helped?

This is why whatever happens, all those big crashes, the early 1920's and 1930's to today, all of them ended up being a bit more in the favour of the rich people who took advantage of it because they had assets and cash, whereas made poor people even poorer.

Cryptock

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Quote from: ?? on ??

Quote from: amishmanish on July 01, 2022, 01:48:52 PM

Covid or not covid the gap between the rich and poor was increasing for long. The capitalism works on the principle of wealth generation by poor and accumulation by rich. Off late this process has accelerated, because a lot many service class people have lost their jobs and a big chunk of population was pushed into poverty, due to job losses and inflation. This condition can only be improved by democratizing world economy and bitcoin is a tool suitable for this purpose.

Yes I agree, it just happen that it has increase top much right now since we have pandemic. Here in our country, I really can see the gap between the Sector A and Sector E. Me, myself even though we're not rich we're not poor either we're just came from middle class as much as I do multiple jobs I still have some shortcomings, maybe the inflation really affects my life.

I agree that there is more yet to come. TOday people are protesting in UK against the rise in the petrol prices. We are also unable to manage our finances and we have trouble dealing with our finances in this rising inflation - what to talk of the poor people.

CapGelatik

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Quote from: Freeesta on July 01, 2022, 01:51:14 PM

Quote from: Mometaskers on July 01, 2022, 01:39:03 PM

Quote from: Jemzx00 on June 30, 2022, 01:07:16 PM

Quote from: Mometaskers on June 29, 2022, 01:29:51 PM

It wasn't called the great reset for nothing. It's a given that companies in field related to the pandemic are going to profit (ppe and test kid manufacturers, etc) but another way this made the rich richer is that large businesses had smaller competitors got wiped out from the economic fallout of the lockdowns, for example look at all the smaller restaurant chains that closed.

It is indeed the biggest wealth transfer in history and we haven't even talked about the massive money printing with which they basically stole our money.

A lot of businesses has been affected whether it's a large company or just a simple business however with the multiple lockdowns that happened during the pandemic season, a lot of these businesses was not able to survive and got wiped out and those who survive was able to recover and even got more profit now. Nevertheless, those who mainly struggle are industries that weren't able to adapt with the lockdowns and the face to face contact such as restaurants, transportation and many more. However, there were companies that was less affected such as Programming, Customer Support and other businesses that was able to continue provide services despite the lockdowns.

With these changes that happened and small businesses who got wiped out, it really did widen the gap from the poor and riches. I forgot to mention, various individuals lost their jobs which affect lower and middle class workers to high class business owners.

Most larger companies did indeed survived the lockdown because they had money for maintaining their infrastructure and most just let go off employees and then just rehired them later. Small businesses don't have as much of a fallback. I remember small restaurant owners being interviewed on TV complaining that they still got to pay the bills even when their businesses are closed.

I think the one industry where pretty much most were affected equally were cruising tours. They had to dismantle the cruise ships, unlike the airline industry. They'd be having a harder time recovering.

The entire tourism industry has been affected by the pandemic. International air travel and land travel have been markedly reduced. Travel agencies suffered significant losses and many stopped their work during this time. Today's crisis will kill many food manufacturers and especially food manufacturers. So covid it was not the scariest adventure in our life, unfortunately.

Yes, all sectors are affected by the pandemic and it is unavoidable,
both the state and business actors will experience a decrease in turnover and even losses,
but we must also be grateful that the pandemic is gradually recovering

passwordnow

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Quote from: Kadal Ijo on June 30, 2022, 09:39:06 AM

When Covid, many businesses are bankrupt

Majority were bankrupt because of the fear of being contracted and as well as the mandate of most governments that only the essentials shall be on their operations. But, those essentials that are in line with their business towards the covid-19 and related to health, they prospered during this time.

Quote from: Kadal Ijo on June 30, 2022, 09:39:06 AM

those who have large capital can certainly be stronger because naturally competitors die, this is what makes the rich more richer, and when economic conditions begin to recover, it takes a long time for New Comer to be able to shift.

It's part of business, you get to eliminate the competitor of yours in anyway that you can and those bigger businesses have seen the opportunity during the pandemic.

jostorres

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Quote from: Shinpako09 on June 29, 2022, 09:44:14 AM

You are totally right. Pandemic brought upper class net worth into a higher level in almost every country. While low wage earner and even some middle class struggled.

What concern me the most is 3rd quarter especially 4th will be critical as economy shows a continuous decline. People from low class will be hit even harder. As long as oil price won't back to normal which likely not gonna happen even next year. Everything will worsen further as time passes by.

Recession is no joke and when the third and fourth quarter shows that recession has started, it's going to ruin the global economy worse than it is right now. Don't get me wrong the current climate is not any better because it's inflation and high inflation means losing many business' all around the world, big or small which in return means loss of job for many people.

But, with recession that will double down and be even worse, many more companies will be closed and we are going to have a ton of people unemployed because of this again. It's not going to be any different than 2008, we are going through something major in our lifetime, and it's going to hurt us a lot, sad thing is, I believe it won't be the last time.

Jody.Drummer

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Quote from: amishmanish on July 01, 2022, 01:48:52 PM

Covid or not covid the gap between the rich and poor was increasing for long. The capitalism works on the principle of wealth generation by poor and accumulation by rich. Off late this process has accelerated, because a lot many service class people have lost their jobs and a big chunk of population was pushed into poverty, due to job losses and inflation. This condition can only be improved by democratizing world economy and bitcoin is a tool suitable for this purpose.

It's true, this kind of gap will actually happen whether there is Covid or not, but things like this are increasingly felt when we live in a lockdown due to covid, the difference is clearly felt. Because indeed in any case socialization is also important and on average we live in a classification where the rich will certainly not associate with the poor (rarely happens) on the other hand when the poor are also quite difficult to find a way out because indeed when we are in the environment Therefore, it is indeed quite difficult for us to make a way out except to do the same thing over and over again from generation to generation.
Access and the environment are very influential in making this distance wider and cannot be minimized.

Kimonoe

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Quote from: Ebede on July 01, 2022, 07:58:53 PM

Quote from: Cryptock on July 01, 2022, 05:46:33 AM

Quote from: South Park on June 28, 2022, 12:22:31 AM

Quote from: Cryptock on June 27, 2022, 04:21:21 PM

Quote from: DrBeer on June 26, 2022, 05:17:31 PM

Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.

Now we are all trying to adjust our living standard within our means. I envy those who are rich enough to not to care about the inflation.
They are those who rule the world. People like me are doing 2 jobs days and night to make both ends meet.

I do not think there is a single person around the world which can afford the high inflation we are going through, if you are poor then you will have a lot of problems to feed yourself, if you are middle class then you will have problems paying your debts and if you are rich then you need to invest in the right assets which will go up faster then inflation in the future, so as you can see inflation affects everyone, it is just that you will be affected differently depending on the amount of money you have.

Do you know there is a road in our city which was so rushy that it was a real hustle to cross that 3 KM road. Today I happened to pass that road at the peak working hours and there was no rush on the road. People have parked their cars and avoiding unnecessary leaving from house. Earlier we were homebound due to COVID now we are homebound due to Petrol.

petrol can cause staying at home, and it normally comes that to the country that does not have a sufficient of playthrough so if there is insufficient or petrol many people will not stay at home because they threw causes a fast movement through car and the other facilities that use it when you talk off road road is another thing that when it gets spoilt nobody will agree to accept it and it is a responsibility of government to look into of what is bothering their citizens and sort it out once or herself to that is about the governance which or call or involved in a particular country

mobilization has an impact on the economy, when many people are traveling they need fuel, and from that the wheels of the economy will be faster, because various needs will be met to support mobilization, thus requiring other economic sectors. I think the pandemic has made more people at home and this has resulted in other economic sectors not moving, so there were a lot of complaints about yesterday's pandemic, for those who can adapt to opportunities during the pandemic, of course they will become rich people, and many sad stories are heard. of many people due to the pandemic

Ebede

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Quote from: Cryptock on July 01, 2022, 05:46:33 AM

Quote from: South Park on June 28, 2022, 12:22:31 AM

Quote from: Cryptock on June 27, 2022, 04:21:21 PM

Quote from: DrBeer on June 26, 2022, 05:17:31 PM

Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.

Now we are all trying to adjust our living standard within our means. I envy those who are rich enough to not to care about the inflation.
They are those who rule the world. People like me are doing 2 jobs days and night to make both ends meet.

I do not think there is a single person around the world which can afford the high inflation we are going through, if you are poor then you will have a lot of problems to feed yourself, if you are middle class then you will have problems paying your debts and if you are rich then you need to invest in the right assets which will go up faster then inflation in the future, so as you can see inflation affects everyone, it is just that you will be affected differently depending on the amount of money you have.

Do you know there is a road in our city which was so rushy that it was a real hustle to cross that 3 KM road. Today I happened to pass that road at the peak working hours and there was no rush on the road. People have parked their cars and avoiding unnecessary leaving from house. Earlier we were homebound due to COVID now we are homebound due to Petrol.

petrol can cause staying at home, and it normally comes that to the country that does not have a sufficient of playthrough so if there is insufficient or petrol many people will not stay at home because they threw causes a fast movement through car and the other facilities that use it when you talk off road road is another thing that when it gets spoilt nobody will agree to accept it and it is a responsibility of government to look into of what is bothering their citizens and sort it out once or herself to that is about the governance which or call or involved in a particular country

Freeesta

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Quote from: Mometaskers on July 01, 2022, 01:39:03 PM

Quote from: Jemzx00 on June 30, 2022, 01:07:16 PM

Quote from: Mometaskers on June 29, 2022, 01:29:51 PM

It wasn't called the great reset for nothing. It's a given that companies in field related to the pandemic are going to profit (ppe and test kid manufacturers, etc) but another way this made the rich richer is that large businesses had smaller competitors got wiped out from the economic fallout of the lockdowns, for example look at all the smaller restaurant chains that closed.

It is indeed the biggest wealth transfer in history and we haven't even talked about the massive money printing with which they basically stole our money.

A lot of businesses has been affected whether it's a large company or just a simple business however with the multiple lockdowns that happened during the pandemic season, a lot of these businesses was not able to survive and got wiped out and those who survive was able to recover and even got more profit now. Nevertheless, those who mainly struggle are industries that weren't able to adapt with the lockdowns and the face to face contact such as restaurants, transportation and many more. However, there were companies that was less affected such as Programming, Customer Support and other businesses that was able to continue provide services despite the lockdowns.

With these changes that happened and small businesses who got wiped out, it really did widen the gap from the poor and riches. I forgot to mention, various individuals lost their jobs which affect lower and middle class workers to high class business owners.

Most larger companies did indeed survived the lockdown because they had money for maintaining their infrastructure and most just let go off employees and then just rehired them later. Small businesses don't have as much of a fallback. I remember small restaurant owners being interviewed on TV complaining that they still got to pay the bills even when their businesses are closed.

I think the one industry where pretty much most were affected equally were cruising tours. They had to dismantle the cruise ships, unlike the airline industry. They'd be having a harder time recovering.

The entire tourism industry has been affected by the pandemic. International air travel and land travel have been markedly reduced. Travel agencies suffered significant losses and many stopped their work during this time. Today's crisis will kill many food manufacturers and especially food manufacturers. So covid it was not the scariest adventure in our life, unfortunately.

amishmanish

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Covid or not covid the gap between the rich and poor was increasing for long. The capitalism works on the principle of wealth generation by poor and accumulation by rich. Off late this process has accelerated, because a lot many service class people have lost their jobs and a big chunk of population was pushed into poverty, due to job losses and inflation. This condition can only be improved by democratizing world economy and bitcoin is a tool suitable for this purpose.

Mometaskers

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Quote from: Jemzx00 on June 30, 2022, 01:07:16 PM

Quote from: Mometaskers on June 29, 2022, 01:29:51 PM

It wasn't called the great reset for nothing. It's a given that companies in field related to the pandemic are going to profit (ppe and test kid manufacturers, etc) but another way this made the rich richer is that large businesses had smaller competitors got wiped out from the economic fallout of the lockdowns, for example look at all the smaller restaurant chains that closed.

It is indeed the biggest wealth transfer in history and we haven't even talked about the massive money printing with which they basically stole our money.

A lot of businesses has been affected whether it's a large company or just a simple business however with the multiple lockdowns that happened during the pandemic season, a lot of these businesses was not able to survive and got wiped out and those who survive was able to recover and even got more profit now. Nevertheless, those who mainly struggle are industries that weren't able to adapt with the lockdowns and the face to face contact such as restaurants, transportation and many more. However, there were companies that was less affected such as Programming, Customer Support and other businesses that was able to continue provide services despite the lockdowns.

With these changes that happened and small businesses who got wiped out, it really did widen the gap from the poor and riches. I forgot to mention, various individuals lost their jobs which affect lower and middle class workers to high class business owners.

Most larger companies did indeed survived the lockdown because they had money for maintaining their infrastructure and most just let go off employees and then just rehired them later. Small businesses don't have as much of a fallback. I remember small restaurant owners being interviewed on TV complaining that they still got to pay the bills even when their businesses are closed.

I think the one industry where pretty much most were affected equally were cruising tours. They had to dismantle the cruise ships, unlike the airline industry. They'd be having a harder time recovering.

Cryptock

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Quote from: Fivestar4everMVP on June 29, 2022, 01:43:50 AM

I totally agree with the OP, it is very evident in our economy today, even in my country, i could remember, a Clinic nose mask used to be sold at a price of 15 Nigerian naira, but as soon as the covid-19 hit, the price went up to over 250 Nigerian naira, some parts of the country even sold it for 300 Nigerian naira, that's is over 15x increase over night, citizens started using all sort of materials to produced local nose mask, some persons even used women bra to produce nose mask (yes, it was that bad).
Today, covid-19 seems to have disappeared from the country as no body talks about it anymore, but the impact it left is still strongly felt in the entire, a simple nose mask which once sold for as little as 15 Nigerian naira now sells for 100 Nigerian naira as the final price after the covid-19 has supposedly come and down.
It is rather unfortunate that a pandemic that supposedly affected everyone turned out to be a source of wealth for many others.

I believe COVID and inflation has brought everyone on the same page. I have a small 1000 CC car and I am unable to afford the petrol prices.
On the other hand our neighbours have a Mercedes they are also in trouble they say its so hard to get the fueled topped up. What a pity.

Cryptock

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Quote from: South Park on June 28, 2022, 12:22:31 AM

Quote from: Cryptock on June 27, 2022, 04:21:21 PM

Quote from: DrBeer on June 26, 2022, 05:17:31 PM

Unfortunately, this is "normal". Covid has greatly changed the value of many things we are used to. Why do you need a car if you can't use it? And no matter what you can't use - a budget car or a Maybach. What's the difference - you have a laptop and remote work - if you don't have the Internet or money to pay for it? And so on... It's very sad, it's very difficult for all of us to readjust and adapt to new realities. BUT ... we have no way out, we must change, we must evaluate this negative experience (by the way, the most valuable experience is the negative one), and in the future build our lives taking into account the possibility of similar risks.

Now we are all trying to adjust our living standard within our means. I envy those who are rich enough to not to care about the inflation.
They are those who rule the world. People like me are doing 2 jobs days and night to make both ends meet.

I do not think there is a single person around the world which can afford the high inflation we are going through, if you are poor then you will have a lot of problems to feed yourself, if you are middle class then you will have problems paying your debts and if you are rich then you need to invest in the right assets which will go up faster then inflation in the future, so as you can see inflation affects everyone, it is just that you will be affected differently depending on the amount of money you have.

Do you know there is a road in our city which was so rushy that it was a real hustle to cross that 3 KM road. Today I happened to pass that road at the peak working hours and there was no rush on the road. People have parked their cars and avoiding unnecessary leaving from house. Earlier we were homebound due to COVID now we are homebound due to Petrol.

BALIK

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Quote from: Oasisman on June 29, 2022, 01:34:53 PM

Quote from: Shinpako09 on June 29, 2022, 09:44:14 AM

You are totally right. Pandemic brought upper class net worth into a higher level in almost every country. While low wage earner and even some middle class struggled.

The most obvious reason for that is because people are getting laid off to their day jobs because of the pandemic. Plus the extra expenses for face masks, vitamins, and other necessities to prevent contracting Covid.
These business men who's specifically into the pharmaceutical industry and others who sells necessary stuff related to Covid are the ones who's getting richer.
Governments also taking advantage of the funds intended for Covid relief.

Covid-19 but has created a clear distance in society. Some people have accumulated huge sums of money while a large number of people are dying of malnutrition. However, not all businessmen or industrialists have benefited immensely. As the demand for pandemic season and face masks and sanitizers is on the rise, the profitability of these companies is skyrocketing.

Inflation, on the other hand, has taken on a more radical form. The price of goods is increasing so much day by day that the common man is going beyond his purchasing power.

Jemzx00

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Be nice!

Quote from: Mometaskers on June 29, 2022, 01:29:51 PM

It wasn't called the great reset for nothing. It's a given that companies in field related to the pandemic are going to profit (ppe and test kid manufacturers, etc) but another way this made the rich richer is that large businesses had smaller competitors got wiped out from the economic fallout of the lockdowns, for example look at all the smaller restaurant chains that closed.

It is indeed the biggest wealth transfer in history and we haven't even talked about the massive money printing with which they basically stole our money.

A lot of businesses has been affected whether it's a large company or just a simple business however with the multiple lockdowns that happened during the pandemic season, a lot of these businesses was not able to survive and got wiped out and those who survive was able to recover and even got more profit now. Nevertheless, those who mainly struggle are industries that weren't able to adapt with the lockdowns and the face to face contact such as restaurants, transportation and many more. However, there were companies that was less affected such as Programming, Customer Support and other businesses that was able to continue provide services despite the lockdowns.

With these changes that happened and small businesses who got wiped out, it really did widen the gap from the poor and riches. I forgot to mention, various individuals lost their jobs which affect lower and middle class workers to high class business owners.

Kadal Ijo

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When Covid, many businesses are bankrupt, those who have large capital can certainly be stronger because naturally competitors die, this is what makes the rich more richer, and when economic conditions begin to recover, it takes a long time for New Comer to be able to shift.

Oasisman

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Rollbit

Quote from: Shinpako09 on June 29, 2022, 09:44:14 AM

You are totally right. Pandemic brought upper class net worth into a higher level in almost every country. While low wage earner and even some middle class struggled.

The most obvious reason for that is because people are getting laid off to their day jobs because of the pandemic. Plus the extra expenses for face masks, vitamins, and other necessities to prevent contracting Covid.
These business men who's specifically into the pharmaceutical industry and others who sells necessary stuff related to Covid are the ones who's getting richer.
Governments also taking advantage of the funds intended for Covid relief.

Topic: COVID had widened the gap between world's richest and poorest - page 3. (Read 1364 times)