The Fourth Industrial Revolution And The 2030 Agenda

As We Watch The Full Import Of The Great Reset Come Into View, It Is A Frightening And Dystopian Future The New World Order Is Bringing To Us

The Great Reset, the New World Order, the Fourth Industrial Revolution and the 2030 Agenda for Sustainable Development are all the same thing.

NOW THE END BEGINS:

The Fourth Industrial Revolution, finally, will change not only what we do but also who we are. It will affect our identity and all the issues associated with it.

Speaking at a virtual meeting of the environmental charity Conservation International the other day, Prince William slipped in a codeword to tip his hat to the actual agenda he and his New World Order buddies are promoting. He said ‘All of us, across all sectors of society, and in every corner of the globe must come together to fundamentally reset our relationship with nature and our trajectory as a species.’ That codeword ‘reset’ tells you everything you need to know about, well, everything. So let’s connect all the dots, shall we?

The ‘great reset’ has a lot of working parts, so many in fact that you may be tempted to think they are different events when in fact they are one in the same event. So one must see the overview of the actual and active nefarious plan by the New World Order, happening now, to bring the whole world into submission to the authority of Antichrist.

 The Great Reset

The Great Reset: Think about COVID-19, the lockdowns, the economic crashes, the mandatory mask wearing, the race riots, ANTIFA, ID2020, Bill Gates, Black Lives Matter, the Declaration Of Human Fraternity, Chrislam, ponder for a moment on all of it. When you have wrapped your head around all those things, now wrap your head around this. Everything we have been experiencing, it is all part of the Great Reset, and it is all driving towards the same outcome. That is, the resetting of the entire world to prepare the people for the arrival of Antichrist. That’s how close we are to seeing him step out of the shadows and onto the world stage.

THE GLOBAL ELITES ARE CALLING IT ‘THE GREAT RESET’ AND IT IS EXACTLY WHAT END TIMES BOOKS AND MOVIES HAVE BEEN TELLING YOU ABOUT FOR DECADES

2030 Agenda for Sustainable Development

2030 Agenda for Sustainable Development: This nasty little bit of God-hating peace posturing comes to us straight from the pit of Hell via the United Nations, and it envisions a world at peace without the interference of Almighty God who created it. Take a look what this plan is, in their own words, all about and you will see what we mean.

“This Agenda is a plan of action for people, planet and prosperity. It also seeks to strengthen universal peace in larger freedom. We recognise that eradicating poverty in all its forms and dimensions, including extreme poverty, is the greatest global challenge and an indispensable requirement for sustainable development. All countries and all stakeholders, acting in collaborative partnership, will implement this plan. We are resolved to free the human race from the tyranny of poverty and want and to heal and secure our planet. We are determined to take the bold and transformative steps which are urgently needed to shift the world onto a sustainable and resilient path.

EVERYTHING YOU NEED TO KNOW ABOUT THE ONE WORLD RELIGION OF CHRISLAM

The One World Religion Of Chrislam

The One World Religion Of Chrislam: Revelation 13, 17 and 18 shows us the Antichrist ruling a political kingdom and the False Prophet ruling a spiritual kingdom. Pope Francis, looking for all the world like the False Prophet, officially birthed the One World Religion of Chrislam, and back in February, Chrislam was officially codified into universal recognition by the United Nations. Chrislam is the spiritual component to the Great Reset.

THE WORLD ECONOMIC FORUM TELLS US THAT THE FOURTH INDUSTRIAL REVOLUTION WILL COMPLETELY MERGE MAN AND MACHINE WITH IMPLANTABLE TECHNOLOGY

The Fourth Industrial Revolution

The Fourth Industrial Revolution: Awake, yet? Because this is what the Fourth Industrial Revolution is all about, and yes, it is being brought to us by the exact same group of people that gave us COVID-19, the global lock-downs, the crashing of the world economies, the coronavirus vaccine and the digital Immunity Passport by the ID2020 Alliance. Everything that has happen since the start of 2020, all these wacky, crazy, ‘living in Revelation‘ events are all from the same people and geared towards bringing about the same end, the New World Order. This is what all the other stuff has been about, and what it is all leading to. This is not some hazy, far-flung prediction, it is an accurate depiction of what is happening all around us right now.

Are you starting to see what we are talking about, these are not all different end times agenda items, they are the same agenda item. Everything you have been watching happen over the last 13 months are different arms of the same beast, and The Beast, who is on his way right now, will be the crown jewel in the ungodly crown of evil. COVID, lockdowns, vaccines, vaccination passports and everything else are the tools by which this new order is being fashioned.

“Let us hear the conclusion of the whole matter: Fear God, and keep his commandments: for this is the whole duty of man. For God shall bring every work into judgment, with every secret thing, whether it be good, or whether it be evil.” Ecclesiastics 12:13,14 (KJB)

 

 

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The Great Reset in Bible Prophecy

What is The Great Reset? What is the World Economic Forum? How does it fit in Bible Prophecy? Will this lead to the Mark of the Beast? 

If you have been watching the news lately, especially during this pandemic, you probably have heard the term “The Great Reset.”

Some people believe that The Great Reset agenda is going to control the world, establish a one-world order, and eventually make people submit to the beast spoken of in the book of Revelation.

On the other hand, the majority of people would tell you straight that all these are just conspiracy theories and that they should be ignored.

So, today, we want to know the truth.

Let’s learn more about what The Great Reset is, how it fits in prophecy, and how you should respond.

What does bible prophecy say about the Great Reset?

What is the World Economic Forum?

Before we can know what the Great Reset is, we need to know where it originated.

The Great Reset is the name of the 50th annual meeting of the World Economic Forum, held in June 2020.

So, this leads us to the question, “What or who is the World Economic Forum?”

According to Wikipedia, the World Economic Forum (WEF) is a non-governmental organization based in Geneva, Switzerland. Every January, they hold an annual meeting in the mountain resort in Graubünden called Davos.

World Economic Forum headquarters in Geneva, Switzerland
The annual meeting brings together about 3,000 members of the WEF and some selected participants ranging from businessmen, political entities, celebrities, economists, and journalists.

Now, why is it vital for us to know what the WEF is? It is because of their stance when it comes to the pandemic.

To quickly know what they think about the pandemic, you simply have to listen to what Klaus Schwab, their founder, has to say:

“The pandemic represents a rare but narrow window of opportunity to reflect, reimagine, and reset our world.”

I want all to take note of the last part of his message. He said, “reset our world.”

The truth about COVID-19

I recently read a book entitled, “The Truth About COVID-19,” written by James Mercola and Ronnie Cummins.

This is what they wrote about the WEF:

The leaders and members of the WEF envisioned that this world would have a one-world political entity. According to these great thinkers, they believe that the world should move from national to transnational governments, where there will be fewer international boundaries, less national identity, and a singular government. They think that this is the only path to peace, equity, and ultimately eutopia throughout the earth.

The World Economic Forum is a conglomeration of the world’s largest and most powerful businesses, all of which are helping to further the technocratic agenda. They include Microsoft, which made Bill Gates a billionaire; MasterCard, which is leading the globalist charge to develop digital IDs and banking services; Google, the number-one Big Data collector in the world and a leader in AI services; as well as foundations started by the world’s wealthiest people, such as the Rockefeller Foundation, the Rockefeller Brothers Fund, the Ford Foundation, Bloomberg Philanthropies, and George Soros’s Open Society Foundations.

More and more world leaders are calling for a transnational world government except forg Donald Trump. Now that Trump is no longer in the Oval Office, it seems that the Great Reset is on its way to becoming a reality.

What is The Great Reset?

Now that we know what WEF is, it is time for us to know what The Great Reset agenda is, the program they are promoting.

To better answer this question, let me quote once again the book, “The Truth About COVID-19.”

Here’s what it says:

“The common goal of the Great Reset and of all these movements and agendas is to capture all of the resources of the world—the ownership of them—for a small global elite group that has the know-how to program the computer systems that will ultimately dictate the lives of everyone.”

Friends, what The Great Reset, the World Economic Forum, this world’s leaders, the technocrats, and this world’s most influential, powerful, and wealthiest people promise are these three things:

PROSPERITY.

PEACE.

SECURITY.

The pandemic serving as a catalyst

As you can see, what The Great Reset is offering seems to be appealing. After all, who wouldn’t want prosperity, peace, and security?

I think everyone would say yes to that.

That’s why, in this pandemic, we have seen how so many people are willing to give up their freedom for prosperity, peace, and security.

Some people are willing to get vaccinated just to keep their job. Some people are willing to comply with various requirements just to peacefully cross borders and travel. Some people are willing to be silent for security.

The Great Reset in Bible prophecy

The phrase “Great Reset” is nowhere found in the Bible.

However, we can certainly see the ideals of the Great Reset in the words of God.

As you can see, world leaders would like to unite all nations. That’s why we have the United Nations and a lot of countries are members of it.

While there’s nothing wrong with searching for peace, harmony, and unity, the problem is how this can be achieved. In search of harmony, world leaders would take away the freedom of people. They would rather dictate what the people should do and shouldn’t do.

The pandemic gave us a foretaste of what will happen in the future. Just a few years ago, I didn’t have any idea of how Bible prophecies would come to pass. Nevertheless, the pandemic showed us that people of this world at some point would willingly give up their freedom for security.

We have proven that in this pandemic.

World leaders would take advantage of this tendency in the future to establish the coming Beast Power.

The Great Reset and the Beast Power

The Great Reset aims to establish a transnational government. It envisioned a world where there’s only one government where an elite group of people is controlling the rest of mankind.

Think about how this is closely related to what the Beast will achieve in Revelation 13:1-2:

1 Then I stood on the sand of the sea. And I saw a beast rising up out of the sea, having seven heads and ten horns, and on his horns ten crowns, and on his heads a blasphemous name. 2 Now the beast which I saw was like a leopard, his feet were like the feet of a bear, and his mouth like the mouth of a lion. The dragon gave him his power, his throne, and great authority.

Notice an important key in understanding biblical prophecy.

Human beings won’t be able to control the entire world EXCEPT they would get their power from the dragon, we know as Satan the Devil.

So, it will be Satan who will give them power, throne, and great authority.

Let’s continue reading verses 3 to 4:

 3 And I saw one of his heads as if it had been mortally wounded, and his deadly wound was healed. And all the world marveled and followed the beast. 4 So they worshiped the dragon who gave authority to the beast; and they worshiped the beast, saying, “Who is like the beast? Who is able to make war with him?”

The first Beast represents a GREAT military power coming out from Europe. They will rule the world with incredible power that other nations won’t have any other choice but surrender their sovereignty to the Beast.

Here’s another biblical key to understanding prophecy.

The coming Beast power won’t appear until and unless the United States of America will fall!

There’s one country in this world right now that Europe is not able to surpass in military power.

That is the United States.

That’s also what the Great Reset is all about.

A big chunk of this world’s wealth is concentrated in North America. By “resetting” this world, European leaders, who will eventually form the Beast power, would grab the immense wealth needed to bring the whole world to its knees and worship Satan and the Beast.

Notice the extensive rule of the Beast in Revelation 13:5-7:

5 And he was given a mouth speaking great things and blasphemies, and he was given authority to continue for forty-two months. 6 Then he opened his mouth in blasphemy against God, to blaspheme His name, His tabernacle, and those who dwell in heaven. 7 It was granted to him to make war with the saints and to overcome them. And authority was given him over every tribe, tongue, and nation.

This pandemic has been a forerunner of what is going to come. It is actually giving us an idea of how this prophecy would take place. Today, we are seeing now how some elite group of people is being given authority over every tribe, tongue, and nation.

Let me give you an example.

When the World Health Organization (WHO) declared the COVID-19 as a pandemic, the whole world followed their recommendations and edicts.

There was no deliberation. There were no court hearings. There was no voting.

All of a sudden, cities are placed in lockdowns. Countries isolated themselves. Travel has been restricted. People can’t go out.

In our city, we can’t buy anything unless we have a “food and medicine pass.” Right now, we are seeing discrimination against people who refuse to receive the COVID-19 vaccine.

What we thought would be impossible is actually possible right now as we can see in this pandemic.

What’s worse, look at verse 8:

 8 All who dwell on the earth will worship him, whose names have not been written in the Book of Life of the Lamb slain from the foundation of the world.

It says, ALL. All who dwell on the earth will worship him and unless your name is on the Book of Life, you would be one of those people who would be standing on the wrong side.

Listen carefully, it takes a world-changing event to accomplish The Great Reset.

The promoters of this program have seen the pandemic as a great tool to accelerate their plan.

However, the Bible shows us that this is NOT enough.

The pandemic is not enough to give rise to the beast. There is one important world event that needs to happen.

Do you know what that is? It is the fall of the United States of America. Today, we can see that Europe can’t become the world’s superpower as long as the United States is around.

Much of the wealth of the world is centered in the US. Through The Great Reset, that wealth is going to be redistributed away from the US to Europe.

Religious deception

The beast power includes both military and religious power.
Now, remember, military power is not enough to control the world. They would need religion.

That’s why we read of another beast in verse 11 of Revelation 13.

Read what this beast will do v. 16-17:

He causes all, both small and great, rich and poor, free and slave, to receive a mark on their right hand or on their foreheads, 17 and that no one may buy or sell except one who has the mark or the name of the beast, or the number of his name.

We are seeing now how the world is being CONDITIONED to receive the mark of the beast. With the advanced technology that we have, it is not far-fetched to think that this is possible.

Whether this pandemic will finally lead to the one-world government and religion or not, it has shown us a glimpse of how prophecies would take place.

Prophecies serve as a warning

If we are going to read prophecies through the humanistic approach, there’s no denying that the future looks bleak and hopeless.

Thankfully, prophecies are not there to scare us. It is there to serve as a warning as well as a beacon of hope for everyone. Knowing Bible prophecies would help you to prepare for the coming great tribulation.

 

Going Direct Reset

A Summary – Going Direct Reset

The “novel” coronavirus pandemic marks the greatest turning point in U.S. monetary history since the creation of the Federal Reserve in 1913. In large measure, the “novel” coronavirus pandemic narrative serves as a convenient cover story that distracts from and even masks the Federal Reserve’s unprecedented maneuvers in 2020—maneuvers that happen to have been planned and discussed in August 2019 some four months prior to the first mention of any “novel” virus in Wuhan, China.

What marks the Fed’s maneuvers in March 2020 as unprecedented really is not its sudden creation of $3.5 trillion in reserves; that amount, $3.5 trillion in a few weeks, was unprecedented to be sure, but that’s merely a matter of degree: the Fed created over $1 trillion in the space of a few short weeks back in September 2008 during the global financial crisis (GFC). In that light, and purely in terms of reserves, the Fed’s sudden creation of $3.5 trillion beginning in March 2020 wasn’t novel at all; it was merely bigger than what it had done starting in 2008.

No, what made the Fed’s 2020 pandemic maneuvers novel was what the Fed did with its new reserves: it disbursed them so as to cause the parallel, mirror-image creation of $3.5 trillion in new bank money. That simply did not occur during the GFC. This is the defining feature of the Fed’s 2020 pandemic maneuvers. To understand this, however, requires at least rudimentary knowledge of the split-circuit debt-based monetary system1 that’s in place in nearly all parts of the world (the exceptions all coming, curiously, in “anti-USA” flavors like the Taliban, Libya, etc.).

To be clear up front, what creates the need for two separate circuits of electronic money is the fact that all electronic money is created as debt. The electronic money we use as ordinary people is created by commercial banks when they lend money. Commercial banks are different from other financial institutions and businesses in that they create “money” out of thin air when they lend it. Other entities (ordinary financial institutions and businesses as well as people) are dispossessed of the money they lend out.

When “we” lend, it only changes the composition of assets on our balance sheets. A $100 loan to a friend only changes the asset side of our balance sheet, where the entry of “$100 in cash” gets replaced by “$100 IOU from Tom.” The liability side of our balance sheet remains the same.

This is not so with commercial banks. The asset side of their balance sheet isn’t amended at all—it is supplemented with the $100 IOU from Tom. When a commercial bank lends out $100, the asset side of its balance sheet increases by $100. The liability side increases by $100 as well, when Tom’s electronic checking account is increased by $100 in new “money.” That “money” is actually (and legally) an IOU from the commercial bank to Tom. The commercial bank simply creates a $100 IOU electronically, which is credited to Tom’s account. The commercial bank isn’t dispossessed of any money in this transaction. This is what distinguishes commercial banks from everyone else.

This is easy enough to understand, but it doesn’t explain why two separate circuits of electronic money are needed. To understand why another circuit needs to be added, we need to consider the things that Tom might do with his new $100 account money. One of those things, and this is what necessitates the addition of a second monetary circuit, involves the transfer of some or all of the new $100 to another commercial bank—call it Bank B (Tom’s bank being Bank A). This might occur if Tom proposes to pay Jerry $100, and Jerry banks with Bank B.

Because the $100 in Tom’s account is legally an IOU from Bank A to Tom, Bank B is not—without more inducement—going to willingly take on Bank A’s IOU as its own. Bank A would be perfectly fine with that proposal, as it would convert $100 of liability into $100 of equity and thereby fatten Bank A’s bottom line. Contrawise, however, Bank B’s liabilities would increase by $100 and its equity would be reduced by $100. So without more of an incentive, Bank B would simply refuse the transfer of Tom’s $100 account at Bank A to Jerry’s account on the liability side of its own balance sheet.

To make the transaction work, i.e., for Bank B to add $100 to the liability side of its balance sheet, Bank B is going to need a counterbalancing sweetener; that is, Bank B is going to need $100 added to the asset side of its balance sheet at the same time.

There are any number of ways that Bank A could make this happen. Bank A could send over to Bank B $100 in cash. That way, Bank B’s balance sheet would increase by $100 on both its asset side (with $100 in new cash) and its liability side (with $100 in Jerry’s account). However, cash is physical and slow, when what’s really needed is electronic and fast.

And this is where reserves come into the picture. Reserves are electronic IOU money too, but the issuer of reserves cannot be a commercial bank because commercial banks’ IOUs are liabilities, when what is needed to make the transaction work is an electronic asset.

The issuer of reserves is a central bank. They issue (electronic) reserves out of thin air just like commercial banks issue (electronic) bank money out of thin air. And reserves are IOUs just like bank money is an IOU. Only the “I” and the “U” in IOU are different. With bank money IOUs, the “I” is a commercial bank and the “U” is anyone who banks with (has an account at) a commercial bank.

With reserves, the “I” is the Federal Reserve and the “U” is anyone who banks with (has an account at) the Fed, including commercial banks. Just as commercial bank IOUs are money (an asset) to us, Fed IOUs are money (an asset) to commercial banks.

Whenever bank money, then, is transferred from one customer at one commercial bank to a second customer at a second commercial bank, what really goes on is this (using Tom and Jerry as our example): one, Bank A deletes $100 from Tom’s account; two, bank B adds $100 to Jerry’s account; three, Bank A transfers $100 in reserves to Bank B.

Now, let’s turn back to what made the Fed’s “pandemic” response in 2020 different from its response to the GFC starting in 2008. As mentioned, the Fed created over $1 trillion in new reserves starting in September 2008, and it created $3.5 trillion in new reserves starting in March 2020. Viewed just in light of reserves, the difference between the GFC and the pandemic insofar as the Fed is concerned is merely one of degree: the banking system got more sudden new reserves in 2020 than it did in 2008.

However, the bank money circuit is another story altogether, and this is what makes 2020 novel. Whereas there was no new bank money created starting in September 2008 (when the Fed created over $1 trillion in new reserves), in March 2020 there was $3.5 trillion in new bank money created (when the Fed simultaneously created $3.5 trillion in new reserves).

Put in different terms, in 2008 the Fed’s creation of wholesale money (reserves) did not occasion the parallel creation of new retail money (bank money), whereas in 2020, the Fed’s creation of wholesale money caused the parallel creation of an essentially matching amount of retail money.

This duality is reflected in the Fed’s monetary data. Wholesale money is shown in blue (digital liabilities on account at the Fed), and retail money (cash plus bank money, or M2) is shown in green.

Figure 1: The fundamental difference between the GFC (big gray bar) and the pandemic (small gray bar) is the use of reserves to lever up retail money (green line) in 2020, which did not occur during the GFC.

To understand the mechanism used by the Fed to effect the parallel increase of retail money in response to new reserves in 2020 but not in 2008, see the author’s video, “Quantitative Easing Is the Biggest Sham Ever,”3 which walks through the transaction structures used to pull off this David-Copperfield-like feat of financial legerdemain.

The magnitude of the Fed’s shift in monetary policy in 2020 is remarkable all by itself, to be sure. For the first time ever, the Fed used its power to create new reserves in the wholesale monetary circuit to effect the parallel creation of new bank money in the retail circuit, and it did so to the tune of about $3.5 trillion.

But there is something else about the Fed’s actions in 2020 that makes them independently remarkable in a truly breathtaking way: while the Fed insisted throughout this episode that the extraordinary actions it took were all emergency measures necessitated by the onset of an alleged virus pandemic beginning in December 2019, the irrefutable fact of the matter is that the Fed’s novel and extraordinary acts were carried out in accordance with the plan presented to the Fed on August 22, 2019—four months before anyone had ever heard of SARS-CoV-2.

What’s more, this plan was presented to the Fed by BlackRock, which the Fed later appointed to assist the Fed in executing the $3.5 trillion plan. To put it bluntly, the actions taken by the Federal Reserve starting in March of 2020—actions that represented a massive departure from the Fed’s responses to crises before that time, as we have just seen—are exactly what BlackRock told the Fed to do in Jackson Hole, Wyoming over half a year before the World Health Organization (WHO) declared a pandemic. It was in August 2019, months before the first coronavirus story broke, that BlackRock instructed the Fed to get money into wholesale and retail hands when “the next downturn” arrived—which, as luck would have it, occurred less than a month later.

This was, in its essence, BlackRock’s “going direct” plan,4 and it anticipates exactly what the Fed began doing—quite successfully—under the cover of the pandemic. Thus, when the WHO officially declared the onset of the pandemic, it provided perfect cover for the Fed to implement BlackRock’s plan, under which the Fed effected the creation of $3.5 trillion in retail bank money to buy low-yielding bonds from the Fed’s billionaire buddies, who then turned around with the proceeds and put them to work in special purpose acquisition companies (SPACs) and high-flying stocks.

In a nutshell, the arrival of the 2020 pandemic was about as accidental as an assassination. The pandemic narrative is nothing but a cover story to conceal from the public what in reality is the biggest asset transfer ever.

 

 

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BLACKROCK INVESTMENT INSTITUTE

Time for policy to go direct

We outline the need for a decisive, pre-emptive and coordinated policy response to the coronavirus shock.

Key views

The depth and duration of the coronavirus economic impact is uncertain but should be temporary as the outbreak will eventually dissipate.
To deal with the shock, a decisive, pre-emptive and coordinated policy response is required to avoid the disruptions to income streams and financial flows.
We believe it is time to go direct: a joint monetary and fiscal response that more directly relieves the cash flow pressures facing some sectors of the economy.

The future evolution and global spread of the coronavirus outbreak is highly uncertain. What we know is that containment and social distancing are ultimately achieved by reducing economic activity. Faced with resource constraints in healthcare systems, there are strong incentives to take aggressive containment measures to slow the spreading. The impact on economic activity will likely be sharp – and could be deep.

Coronavirus calls for coordinated policy action

Central banks have started cutting interest rates to mitigate coronavirus concerns, but we see more to come. Our latest episode of the BlackRock Bottom Line explains why.

The depth and duration of the economic impact is uncertain but should be temporary as the outbreak itself will eventually dissipate. That requires a decisive, pre-emptive and coordinated policy response to avoid the disruptions to income streams and financial flows that could cause persistent economic damage – and end the cycle.

Authorities in all major economies have to fast-track sizeable, comprehensive and flexible support programs.

We wrote in August 2019 about the nearly exhausted monetary policy toolbox and the challenges it poses for dealing with the next downturn. This has now come to the fore – and that’s why it is time to go direct with policy support. Simply using up the limited monetary policy space remaining – interest rates, forward guidance or even quantitative easing – could quickly put the macro focus on the lack of tools left and thus backfire. The only way to address this is to add further lines of defense and make fiscal policy an explicit part of the crisis response toolkit.

The first step is to provide frontline public health agencies with necessary financial resources. But a joint effort between monetary and fiscal policy is required to avoid a raft of financial failures at the grassroot level due to demand shortfalls, production disruptions or payment delays that can all lead to cash flow squeezes. Small- and medium-sized enterprises, for example, risk having cash flows cut off if they have to rely solely on support through financial markets. That is why any solutions will need to involve “going direct” with policy – that is, more directly relieving the cash flow pressures facing some sectors of the economy.

Authorities in all major economies have to fast-track sizeable, comprehensive and flexible support programs to pre-emptively provide direct financial support to companies and households facing a short-term loss of income. That would prevent these temporary disruptions from turning into a full-blown global recession. Deploying these programs will involve coordination of monetary and fiscal policy. Recognizing that these measures will be temporary justifies an aggressive policy response. The experience of the global financial crisis and aftermath shows that the policy effectiveness would be greatly enhanced if the international community approached these measures as a deliberate package delivered in a coordinated fashion.

A comprehensive global response should have the following elements:

First, to support households, fiscal measures could also include generous sick-pay support and short-time work schemes to stabilize incomes and to limit job losses – especially where such arrangements were not available before. Several countries are already preparing such measures. Income support can come via adjustments to welfare and labor market programs, such as unemployment insurance. Welfare programs could also be tweaked by temporarily enhancing benefits and reducing waiting times until citizens become eligible. Direct payments to affected households are also an option.

Second, to support companies, fiscal authorities could suspend collection of tax revenues and social security contributions to provide temporary cash flow relief to firms and the self-employed while at the same time accelerating outgoing public payments and reducing unpaid bills to the private sector. In some instances, cash grants via local governments and natural disaster relief agencies might be required beyond loans. These are ways to directly provide some relief to company balance sheets that can be quickly implemented within current government programs. Automatic fiscal stabilizers should be allowed to work fully and, if needed, existing fiscal rules could be temporarily suspended.

Third, monetary authorities should also be ready to deploy more direct and targeted liquidity support, including expanding funding-for-lending facilities – providing liquidity to commercial banks that is earmarked specifically for lending to corporates hurt by the virus outbreak. Government guarantees can help cover any bank lending at preferential rates to meet the corporate sector’s need for additional working capital. Alternatively, state-owned development banks could be used as a conduit for such lending. In countries with weaker public finances, asset purchase programs could safeguard the government’s funding conditions.

A decisive and pre-emptive policy response is essential given the uncertainty around what will likely be material near-term disruptions due to the coronavirus outbreak. For the most part these measures will be fiscal in nature – and some will require coordination between fiscal and monetary authorities. Monetary policy should focus on preventing an unwarranted tightening in financial conditions and ensure the functioning of financial markets. Central banks going it alone with interest rate cuts risk wasting precious policy ammunition. We believe decisive policy action now would help avoid opening the door to more radical ideas and uncontrolled fiscal spending.