The Corona Pandemic: The Most Serious Economic and Social Crisis in Modern History

By Prof Michel Chossudovsky

Global Research, February 06, 2021

Presentation to the Korea University Conference, February 7, 2021

Dear Friends,

My thoughts are with the Korean people. With my Korean friends.

I wish to express my solidarity with the Korean people in their long standing struggle waged at different periods of Korean history including the ongoing reunification campaign, which will bring North and South Korea together in a unified nation state.

I recall the movements against the presidency of Mrs Park Guen hye and the Candlelight Movement.

Among my many friends in Korea, I wish to pay tribute to Lee Seok-ki, leader of the Unified Progressive Party(UPP)for his commitment to political and civil rights.

The Korean identity and longstanding culture prevail despite acts of Japanese aggression extending back to the Joseon dynasty in the late 16th Century, and more recently, the annexation of your country by Japan in 1910, followed by the invasion by US forces in 1945, which allegedly “liberated” South Korea from Japan, while imposing a new colonial-style  regime in South Korea.

We must of course also reflect on the crimes committed by US forces against the people of Korea during the Korean War (1950-53).

The 1997 Asian Crisis 

My relationship with Korea extends back to 1997 when your country was the object of an outright act of “economic warfare”.

I am referring to the 1997 Asian Crisis. As we recall, the incoming president Kim Dae-jung was obliged by Washington together with the International Monetary Fund (IMF) to hand over a large part of the Republic of Korea’s economic assets (including high technology corporations) to “friendly” US investors.

One case in point was the “purchase” of Korea First Bank (KFB) which was acquired by a Texas crony business entity linked to the Bush family. It was sold “at a negative price”. What this means is that the ROK government was ordered to pay subsidies to the US investors which they then used to “buy up” Korea First Bank. It was a financial fraud on behalf of global creditors. 

The Corona Crisis

I mention this because it is relevant to an understanding of the ongoing Covid-19 crisis which on March 11, 2020 was marked by instructions emanating from the global financial establishment to close down the national economies of 193 member states of the United Nations as a means to resolving a Worldwide public health crisis.

This decision was based on lies and deception. What it implied was an engineered bankruptcy program, which has resulted in a Worldwide process of concentration of both financial and real economic wealth, coupled with mass poverty and unemployment.

Under the control of powerful creditors, real economic assets are slated either to be eliminated (as in the case of the small and medium sized enterprises), confiscated, taken over or purchased at a negative price.

The same powerful financial interests which triggered the 1997 Asian crisis, largely through the destabilization (short-selling) of Asian currencies (Korean Won Thai Baht, Indonesian Rupiah) are now involved in overseeing the current covid crisis.

I will proceed by providing a short history of the Corona pandemic, focussing on the lies and deceptions, as well as the fear campaign. I will also provide evidence that this pandemic is a big lie.

Its purpose is to provide a pretext and a justification to the destabilization of national economies worldwide.

Global Economic and Social Crisis 

We are at the crossroads of one of the most serious crises in World history.

Worldwide, people have been misled both by their governments and the media as to the causes and devastating consequences of the Covid-19 “pandemic”.

We are living history, yet our understanding of the sequence of events since January 2020 has been blurred largely as a result of media propaganda.

The unspoken truth is that the novel coronavirus provides a pretext and a justification to powerful financial interests and corrupt politicians to precipitate the entire World into a spiral of mass unemployment, bankruptcy, extreme poverty and despair.

More than 7 billion people Worldwide are directly or indirectly affected by the diabolical economic and social measures applied Worldwide to combat the alleged spread of the corona epidemic. The media has casually described the dramatic consequences of the lockdown as “collateral damage”.

People’s lives are destroyed. Famines have erupted in more than twenty developing countries.

Does this not constitute an act of war directed against humanity?

The pandemic is a bold face lie.


The first stage of this crisis (outside China) was launched by the WHO on January 30th 2020 at a time when there were 5  cases in the US, 3 in Canada, 4 in France, 4 in Germany.

Do these numbers justify the declaration of a Worldwide public health emergency?

The fear campaign was sustained by political statements and media disinformation.

People are frightened. They are encouraged to do the PCR test, which is flawed. A positive PCR test does not mean that you are infected and/or that you can transmit the virus.

The RT-PCR Test is known to produce a high percentage of false positives. Moreover, it does not identify the virus.

From the outset in January 2020, there was no “scientific basis” to justify the launching of a Worldwide public health emergency.

In February, the covid crisis was accompanied by a major crash of financial markets. There is evidence of financial fraud.

February 20-21, 2020

On the day of the WHO director General Dr. Tedros’ historic press conference (February 20, 2020) the recorded number of confirmed cases outside China was 1073 of which 621 were passengers and crew on the Diamond Princess Cruise Ship (stranded in Japanese territorial waters).

From a statistical point of view, the WHO decision pointing to a potential “spread of the virus Worldwide” did not make sense.  Dr Tedros Adhanom Ghebreyesus, said that he was

“concerned that the chance to contain the coronavirus outbreak was “closing” …

“I believe the window of opportunity is still there, but that the window is narrowing.”

These shock and awe statements by Dr. Tedros (based on flawed concepts and statistics), had set the stage for  the February financial collapse. There is evidence of financial fraud which was conducive to a massive redistribution of money wealth in favor of a handful of billionaires and financial institutions.

And on March 11, 2020: the WHO officially declared a Worldwide pandemic at a time when there were  44,279 cases and 1440 deaths outside China out of a population of 6.4 billion (Estimates of confirmed cases based on the PCR test)..

Immediately following the March 11, 2020 WHO announcement, confinement and lockdown instructions were transmitted to 193 member states of the United Nations.

Unprecedented in history, applied almost simultaneously in a large of number countries, entire sectors of the World economy have been destabilized. Small and medium sized enterprises have been driven into bankruptcy. Unemployment and poverty are rampant.

The social impacts of these measures are not only devastating, they are ongoing under what is described as “A Second Wave”.  There is no evidence of a “Second Wave”. Amply documented the PCR estimates are flawed.

The health impacts (mortality, morbidity) resulting from the closing down of national economies far surpass those attributed to Covid-19.

Famines have erupted in at least 25 developing countries according to UN sources.

The mental health of millions of people Worldwide has been affected as a result of the lockdown, social distancing, job losses, bankruptcies, mass poverty and despair. The frequency of suicides and drug addiction has increased Worldwide.

“V the Virus” is said to be responsible for the wave of bankruptcies and unemployment. That’s a lie. There is no causal relationship between the virus and economic variables.

It’s the powerful financiers and billionaires who are behind this project which has contributed to the destabilization (Worldwide) of the real economy.

Since early February 2020, the Super Rich have cashed in on billions of dollars.

Amply documented it’s the largest redistribution of global wealth in World history, accompanied by a process of Worldwide impoverishment.

Let us put this in historical perspective. The outcome of this pandemic is the destabilization of national economies,  extensive unemployment, mass poverty, bankruptcies and a rupture in the structures of transport and international trade.

The economic landscape has been redesigned. Powerful financial interests acting as global creditors have taken control of the national economies of numerous countries.

People in Korea and Japan have experienced the plight of US led wars. These wars are ongoing in the Middle East, striking one country after another. In recent years, the instruments and modalities of US led wars have evolved: sanctions, acts of political destabilization, the imposition of strong economic medicine, privatisation, market manipulation, etc.

The pandemic coupled with propaganda and the fear campaign is an instrument of warfare. It consists in imposing a Worldwide process of  economic, social and political destabilization.

What has happened is the imposition of so-called guidelines demanding the closure of national economies with a view to resolving a public health crisis. It’s a bold face lie.

The instrument of submission is the creation of the largest global debt in World history.

The creditors ultimately control nation states. They intend to impose a system of “global governance” which will override the sovereignty of nation states. In may regards, what people worldwide are living is the stranglehold of global debt.

The COVID-19 public health “emergency” under WHO auspices was presented to public opinion as a means (“solution”) to containing the “killer virus”.

If the public had been informed and reassured that Covid is “similar to Seasonal Influenza”, the fear campaign would have fallen flat. The lockdown and closure of the national economy would have been rejected outright.

“The Great Reset”

Since the outset of the corona crisis, an unprecedented process of “enrichment of the super rich” has occurred.

The same powerful creditors which triggered the Covid Global Debt Crisis are now intent upon establishing a  “New Normal” which essentially consists in imposing what the World Economic Forum describes as the “Great Reset”:

“Using COVID-19 lockdowns and restrictions to push through this transformation, the Great Reset is being rolled out under the guise of a ‘Fourth Industrial Revolution’ in which older enterprises are to be driven to bankruptcy or absorbed into monopolies” (Colin Todhunter)

What is at stake is the power and extension of the US dollar in the hands of the financial establishment. A wealthy superrich minority is intent upon taking total control of the real economy.

What is at stake is the restructuring of the global economic and landscape.

The scheme is not limited to eliminating Small and Medium Sized enterprises, it consists in acquiring and confiscating bankrupt corporations including airlines, hotel chains, etc. It is marked by a dramatic restructuring of the public sector. The welfare state which was developed in the post World War II period is intent upon be scrapped.

In the US a massive stimulus plan largely funded by public debt is geared towards supporting the privatization of social services and infrastructure. Large amounts of public money will be channeled towards to defense contractors.

In developing countries, what we are witnessing is a process of massive impoverishment.

For more details, see Professor Chossudovsky’s E-Book entitled:

The 2020 Worldwide Corona Crisis: Destroying Civil Society, Engineered Economic Depression, Global Coup d’État and the “Great Reset”

Related Articles

Korea: A Brief History Explains Everything

23 January 2019

Korea-Japan Trade Plus War: Where Are You Going Mr. Shinzo Abe?

18 July 2019

Marking the Armistice: Towards Peace on the Korean Peninsula

4 August 2013The original source of this article is Global ResearchCopyright © Prof Michel Chossudovsky, Global Research, 2021

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