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The Great Reset

Today I am talking about the great reset. A colleague of mine, Natalie Coe asked if we could put this article forward and give our opinion. Before I get into the article, I’d just like to say that this is general advice and doesn’t take into account anyone’s needs or circumstances or objectives and should not be acted on as such. This is purely my opinion on a current topic, and definitely not advice to be acted on.

This is not an exhaustive summary.

The great reset is an idea put forward by the World Economic Forum. The World Economic Forum was established in 1972 by Klaus Schwab.

The Great Reset entails every country to collaborate in every industry level, to transform capitalism to transform the economy to transform health, digitalization, fiscal and monetary policy industry, technology, sustainability, energy and more.

Effectively, if we all work together, we can do as they said, a Great Reset. So what are

The reasons behind this include deepening poverty that the fact that we’re not meeting sustainability targets climate change targets, the fact that the economy is effectively broken and our monetary, fiscal and tax policies do not align.  There is a great divide in capitalism and we are not collaborating on sustainability targets etc.

Klaus Schwab states that during the pandemic, we did actually all work together on an economic level and on a medical level to come up quickly with vaccines and to quickly release funding packages, employment packages etc.

Klaus asks then why is it that we can work on vaccines and technology together but we are unable or unwilling to work together in other areas, such as the economy, poverty, climate change etc.

The World Economic Forum are putting forth some principles and some ideals on how to build a better society. They want to do it in three main components. So the first would steer the market towards fairer outcomes and lessening the capitalism divide. To this end, the government’s would have to improve coordination for tax and regulatory and fiscal policy and upgrade trade arrangements to change it to more of a stakeholder economy. And I think if we’re talking about that a little bit more detail that potentially talks to decentralized finance and peer to peer economy, as opposed to larger corporations having more control.

The second component would be shared goals and equality around sustainability. So large scale spending programs from the government around ambitious economic stimulus plans and sustainability.

And then the third priority would be to harness innovations and technology around the Fourth Industrial Revolution, and address, health and social challenges. And I guess get companies and universities to join forces to create better medical tele medical research, and then improve everybody’s quality of living.

There are quite a few articles on this I’m currently referencing the World Economic Forum website. And an article that was published on the third of June 2020

There are a few videos about this and World Economic Forum has a podcast and it’s quite interesting information.

Personally I agree with the ideal that WEF are promoting.  However, the ability to have Governments, corporations and the general population collaborate at every industry level seems like a stretch. 

The other side of this article is the underlying end to capitalism and you can find clues to this on the WEF website especially in relation to the promotion of the Universal Basic Income.  Basically, this is a new social contract to ensure that all citizens of every population have a universal basic income or dole.  This is also a great ideal in terms of battling poverty but smells somewhat like communism as well.  If we look deeper WEF advocates for everyone owning ‘nothing’ ie. no ownership of assets, property, inheritances, super accounts etc.  They advocate that without ownership you will be ‘happy’.  Kind of makes you think about the future of the financial system.

I am not supporting either side and I think there are positive points on both.  As mentioned this is merely an education piece and my option it is not advice and should not be taken as such.

If you would like further information about it. As I said, there is a lot of information on the World Economic Forum website, there’s videos and podcasts, or if you want to have a chat to me about it and pick my brain about happy to have a chat. We’re always looking for different content and different articles to share opinions on and knowledge. So feel free to go to the following link. And post us or suggest some topics for us to talk about. We will have some further topics coming out soon. Thank you for listening.

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CB Wealth Australian Pty Ltd T/As HH Wealth is a Corporate Authorised Representative (No. 1283595) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339 384. Chris Holme is an Authorised Representative (No. 1004793) of Axies Pty Ltd ABN 38 136 704 446 AFSL No 339384.

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