What Is the Great Reset? Part I: Reduced Expectations and Bio-techno-feudalism

https://mises.org/wire/what-great-reset-part-i-reduced-expectations-and-bio-techno-feudalism

The Great Reset is on everyone’s mind, whether everyone knows it or not. It is presaged by the measures undertaken by states across the world in response to the covid-19 crisis. (I mean by “crisis” not the so-called pandemic itself, but the responses to a novel virus called SARS-2 and the impact of the responses on social and economic conditions.)

In his book, COVID-19: The Great Reset, World Economic Forum (WEF) founder and executive chairman Klaus Schwab writes that the covid-19 crisis should be regarded as an “opportunity [that can be] seized to make the kind of institutional changes and policy choices that will put economies on the path toward a fairer, greener future.”1 Although Schwab has been promoting the Great Reset for years, the covid crisis has provided a pretext for finally enacting it. According to Schwab, we should not expect the postcovid world system to return to its previous modes of operation. Rather, alternating between description and prescription, Schwab suggests that changes will be, or should be, enacted across interlocking, interdependent domains to produce a new normal.

So, just what is the Great Reset and what is the new normal it would establish?

The Great Reset means reduced incomes and carbon use. But Schwab and the WEF also define the Great Reset in terms of the convergence of economic, monetary, technological, medical, genomic, environmental, military, and governance systems. The Great Reset would involve vast transformations in each of these domains, changes which, according to Schwab, will not only alter our world but also lead us to “question what it means to be human.”2

In terms of economics and monetary policy, the Great Reset would involve a consolidation of wealth, on the one hand, and the likely issuance of universal basic income (UBI) on the other.3 It might include a shift to a digital currency,4 including a consolidated centralization of banking and bank accounts, immediate real-time taxation, negative interest rates, and centralized surveillance and control over spending and debt.

While every aspect of the Great Reset involves technology, the Great Reset specifically entails “the Fourth Industrial Revolution,”5 or transhumanism, which includes the expansion of genomics, nanotechnology, and robotics and their penetration into human bodies and brains. Of course, the fourth Industrial Revolution involves the redundancy of human labor in increasing sectors, to be replaced by automation. But moreover, Schwab hails the use of nanotechnology and brain scans to predict and preempt human behavior….[   ]

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