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The Consequences of Coronavirus

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Like most Australians, I have spent the past few weeks isolated in my home. With stores closed and public events cancelled, many of us have had to find new ways of keeping ourselves entertained. For me, this period of isolation has been spent reading, writing, and reflecting. However, when one is relaxing it can become easy to forget about the outside world. And it is easy to forget that the long-term consequences of Covid-19 will far outweigh any short-term inconveniences we may be suffering.

Economic

After its human victims, the first casualty of Covid-19 will be the health and vitality of the global economy. Nations like Australia have decided, quite rightly, that their most immediate priority is to protect the health of its citizens. The lockdowns, social-distancing, and other measures taken to prevent the spread of Covid-19 have certainly been effective, but they have come with negative economic consequences.

This fact has been recognised by authorities ranging from the Australian Prime Minister to the World Economic Forum. The World Economic Forum has warned that Covid-19 will keep “large parts of the global economy shuttered” through April. This view was reflected by J.P. Morgan who stated that Covid-19 had pushed the world’s economy into a twelve per cent contraction.

Particularly hard hit will be the tourism and hospitality industries. The Asia Conference stated that the negative impacts of the virus are “likely to worsen as the outbreak continues to disrupt tourism, trade, supply chains, and investments in China.” Likewise, the World Travel and Tourism Council has warned that the economic impacts of Covid-19 could wipe out fifty-million jobs in the travel and tourism industries.

Political

The second casualty will be a change in the way much of the world thinks about its relationship with China. It took the Chinese Communist Party a month to be bothered informing the World Health Organisation of the existence of Covid-19. Thanks to their incompetence, the virus has been able to spread beyond China’s borders. Many people will be left asking: can we really trust a government that has proven itself to be so intrinsically untrustworthy?

The Chinese Communist Party’s reaction to negative press hasn’t exactly endeared them, either. Chinese authorities have been quick to clamp down on anyone who contradicts the claim that the Chinese response to the virus has been effective. In one notable case, a post made by Dr. Li Wenliang on WeChat was dismissed as “illegal acts of fabricating, spreading rumours, and disrupting social order” because it claimed that victims of Covid-19 were being quarantined at the hospital he worked at.

China’s attempts to crack down on negative press outside their borders have been less successful In February, Ivo Daadler wrote in the Chicago Tribune that the Chinese government’s secrecy over Covid-19 made the situation worse than it needed to be. “The fact that China chose secrecy and inaction turned the possibility of an epidemic into a reality”, Daadler wrote in his article.

Daadler’s article has been picked up by several publications, including the Korea Herald and the Kathmandu Post, who published it with an illustration of Chairman Mao wearing a surgical mask. The Chinese Embassy in Nepal dismissed the article as “malicious.” The Nepalese press, however, responded to the accusation by accusing the Chinese embassy of making a “direct threat to the Nepali people’s right to a free press.”

Social

The third casualty of Covid-19 will be the globalist philosophy that has dominated politics over the past few years. People have discovered, much to their chagrin, that the spread of Covid-19 has been facilitated by the ideals of openness that globalism espouses. They are discovering that open borders, mass migration, and crowded housing are harbingers of disease. It is very unlikely that people will be as accepting of open borders and high immigration as they once were.

The ability to share products and ideas is a wonderful innovation. However, people must be willing to accept that the transfer of these things from one place to another also comes with the transfer of less palatable things, like crime and disease. And, truth be told, most people aren’t. This fact has not been lost on many of Europe’s right-wing political parties who are now calling for tighter restrictions on borders during the pandemic.

Although the decline in globalism is sorely needed, Covid-19 has also come with an increase in racism and xenophobia, particularly against Asian people. According to Business Insider, instances of racist and xenophobic attacks, ranging from mere verbal abuse to physical assault, have increased with the Covid-19 pandemic. The sad truth is that discrimination and hatred go hand-in-hand with pandemics. If you associate a group of people with a particular disease and then refuse to associate with them you are much less likely to catch that disease yourself.

Conclusion

The long-term consequences of Covid-19 are going to be far more severe than the current inconveniences it poses. Measures to restrict its spread have caused profound economic penalties, especially in the hospitality and tourism sectors, that will take years to heal. Similarly, relations between China and the world have been tarnished by the Communist Party’s vehement attacks against negative (and richly deserved) criticism and their refusal to be honest about the situation. Finally, Covid-19 will see a decline in the popularity of globalism, open border policies, and mass migration. This pandemic has marked the beginning of a brave new world.

AUSTRALIA’S BANKS ARE WOUNDED, BUT NOT SLAIN

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The Royal Commission into the banking and finance sectors has uncovered damning evidence of inappropriate conduct among Australia’s top banks. The Commonwealth Bank was found to have charged fees to a client despite knowing that they had died in 2007. Anthony Ryan confessed that AMP had essentially stolen client’s money by charging fees for no service (a practice the Commonwealth Bank was also found to have engaged in).

And then there were the instances of dishonesty, the falsification of documents, and the handing out of irresponsible loans uncovered by the Commission.

As one may well imagine, the fallout from the Commission has had a largely negative effect on the banks. AMP has rejected criminal charges. But their CEO, Craig Mellor resigned in the middle of April, and they have replaced their Chairman, Catherine Brenner, with David Murray. Similarly, the Commonwealth Bank agreed to pay twenty-five million dollars in legal settlements after ASIC brought legal action against them over bank bill swap rates.

Analyst Morgan Stanley expressed concern over the outlook of the 2019 financial year, according to a report by Business Insider. Mr. Stanley has argued that the “negative stance” on the major banks reflects a more bearish economy.

Similarly, Financial Review reported that foreign investors had taken a negative view towards Australia’s banking sector, and the financial services firm AMP. The Chief Investment Officer of Credit Suisse Private Banking in Australia, Andrew McAuley commented that “our intel is telling us that banks are being shorted by overseas investors.”

And, by extension, there is a clear and present danger that Canberra will act in a knee-jerk reaction and vote for more stringent regulations on banks. The kind of regulations that will make it harder for the banks to operate effectively.

Despite all this, it would foolish to write off Australia’s top banks. The finds of the Commission, though damning, does not change the fact that banks play an integral role in Australia’s economy. Banks provide a place for people to store and protect their money, facilitates loans, and helps people invest their wealth. And in a culture that seems more interested by which overgrown monkey will kick the most goals in a football game, or which brain-dead contestant on The Bachelor will break down into tears first, it is very likely that the banking scandal will be forgotten rather quickly. Australia’s banks may be wounded, but they have not been slain.

Legal Fling App Represents All That Is Wrong With Modern Sexual Politics

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According to Business Insider, an app announced last Wednesday will allow users to use blockchain technology to give explicit and formal consent to sex.

The ‘Legal Fling’ app is the brainchild of Legal Things, a Dutch start-up that boasts over thirty-thousand users. According to the Legal Fling website, the app, which was created in response to the #MeToo movement”, is based on the philosophy that:

“Sex should be fun and safe, but nowadays a lot of things can go wrong. Think of unwanted videos, withholding about STDs and offensive porn re-enactment. While you’re protected by law, litigating any offences through court is nearly impossible in reality. Legal Fling creates a legally binding agreement, which means any offense is a breach of contract. By using Live Contracts protocol, your private agreement is verifiable using the blockchain and enforceable with a single click.”

The Legal Fling app uses a user-friendly interface to allow couples to enter into legally binding ‘live contracts’ that will “make the do’s and don’ts clear to both parties.” The app then uses blockchain technology (originally used to track Bitcoin transactions and the movement of goods within corporate supply chains) to create a permanent record that is saved in multiple places

An application like Legal Fling is indicative of all that is wrong with modern sexual politics.

What the Legal Fling app represents is a culture that desperately wants to have its cake and eat it, too. By creating a moral standard that proclaims all sex permissible as long as it is consensual, modern hook-up culture has created a confusing and treacherous environment for intimate relationships.

The answer to modern sexual woes is not the creation of an app, but a return to traditional, family-based values. Sexual conduct must be governed by strong moral standards, not an app.