Global Economic Recovery

A general theme throughout my posts on COVID-19 is that many of the cracks that the pandemic has exposed were already there. This theme is described eloquently by Economist Tyler Cowen in his work on The Great Reset. He uses a metaphor of canaries in coal mines to describe the warning signals that represent greater and broader stress. In the past week, I’ve seen multiple references to dead canaries knee deep in coal mines.  In a recent New York Times Article authored by Neil Irwin he echoes this sentiment:

“But one lesson of these episodes of economic tumult is that those surprising ripple effects tend to result from longstanding unaddressed frailties. Crises have a way of bringing to the fore issues that are easy to ignore in good times.”

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Is The Canary Dead?

In 2018 I shared a video that I use in presentations titled The Great Reset. The video features economist Tyler Cowen as he describes our current trajectory and the possibility of a great reset. He has talked about strong indicators that this great reset is already underway – and that was before the world began to envision A Post Pandemic Society. Mr. Cowen thinks about these indicators as canaries in the coal mine. As he describes it, miners used to take canaries with them to provide an alarm when levels of toxic gases were too high. The birds were much more susceptible to the gases and would show signs of distress – or even die – before the miners were in grave danger.

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The Great Reset

We face the task of understanding and governing 21st-century technologies with a 20th-century mindset and 19th-century institutions – Klaus Schwab: Shaping the Fourth Industrial Revolution.

In a video titled “The Great Reset”, economist Tyler Cowen uses a great metaphor of canaries in coal mines to describe the warning signals that seem like local events – but actually represent greater and broader stress. He uses several recent examples to highlight the growing stress in the system and the potential for a great reset in the future. Regardless of your belief system – it is hard to argue with the underlying logic. Whether we view this as the Fourth Age in human history, a third major Tipping Point, or a Great Reset, structural change is inevitable. This short seven minute video drives this point home.