1 MONGOLIA PM FACES LIKELY CONFIDENCE VOTE AMID CORRUPTION CLAIMS WWW.AFP.COM PUBLISHED:2025/06/02      2 RIO TINTO FINDS ITS MEGA-MINE STUCK BETWEEN TWO MONGOLIAN STRONGMEN WWW.AFR.COM PUBLISHED:2025/06/02      3 SECRETARY RUBIO’S CALL WITH MONGOLIAN FOREIGN MINISTER BATTSETSEG, MAY 30, 2025 WWW.MN.USEMBASSY.GOV  PUBLISHED:2025/06/02      4 REGULAR TRAIN RIDES ON THE ULAANBAATAR-BEIJING RAILWAY ROUTE TO BE RESUMED WWW.MONTSAME.MN PUBLISHED:2025/06/02      5 MONGOLIAN DANCE TEAMS WIN THREE GOLD MEDALS AT THE WORLD CHAMPIONSHIP CHOREOGRAPHY LATIN 2025 WWW.MONTSAME.MN  PUBLISHED:2025/06/02      6 RUSSIA STARTS BUYING POTATOES FROM MONGOLIA WWW.CHARTER97.ORG PUBLISHED:2025/06/02      7 MONGOLIA BANS ONLINE GAMBLING, BETTING AND PAID LOTTERIES WWW.QAZINFORM.COM PUBLISHED:2025/06/02      8 HOW DISMANTLING THE US MILLENNIUM CHALLENGE CORPORATION WILL UNDERMINE MONGOLIA WWW.THEDIPLOMAT.COM PUBLISHED:2025/05/30      9 ORBMINCO ADVANCES BRONZE FOX PROJECT IN KINCORA COPPER PROJECT IN MONGOLIA WWW.DISCOVERYALERT.COM.AU PUBLISHED:2025/05/30      10 MONGOLIA SOLAR ENERGY SECTOR GROWTH: 1,000 MW BY 2025 SUCCESS WWW.PVKNOWHOW.COM PUBLISHED:2025/05/30      ЕРӨНХИЙЛӨГЧ У.ХҮРЭЛСҮХ, С.БЕРДЫМУХАМЕДОВ НАР АЛБАН ЁСНЫ ХЭЛЭЛЦЭЭ ХИЙЛЭЭ WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     Н.НОМТОЙБАЯР: ДАРААГИЙН ЕРӨНХИЙ САЙД ТОДРОХ НЬ ЦАГ ХУГАЦААНЫ АСУУДАЛ БОЛСОН WWW.ITOIM.MN НИЙТЭЛСЭН:2025/06/02     Л.ТӨР-ОД МҮХАҮТ-ЫН ГҮЙЦЭТГЭХ ЗАХИРЛААР Х.БАТТУЛГЫН ХҮНИЙГ ЗҮТГҮҮЛЭХ ҮҮ WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ЦЕГ: ЗУНЫ ЗУГАА ТОГЛОЛТЫН ҮЕЭР 10 ХУТГА ХУРААЖ, СОГТУУРСАН 22 ИРГЭНИЙГ АР ГЭРТ НЬ ХҮЛЭЭЛГЭН ӨГСӨН WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООЖ, ШАЛГАНА WWW.EGUUR.MN НИЙТЭЛСЭН:2025/06/02     ГАДНЫ КИБЕР ХАЛДЛАГЫН 11 ХУВЬ НЬ УИХ, 70 ХУВЬ НЬ ЗАСГИЙН ГАЗАР РУУ ЧИГЛЭДЭГ WWW.ZINDAA.MN НИЙТЭЛСЭН:2025/06/02     НИЙТИЙН ОРОН СУУЦНЫ 1 М.КВ-ЫН ДУНДАЖ ҮНЭ 3.6 САЯ ТӨГРӨГ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/06/02     ГОВИЙН БҮСИЙН ЧИГЛЭЛД УУЛ УУРХАЙН ТЭЭВЭРЛЭЛТИЙГ БҮРЭН ЗОГСООНО WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30     СОР17 УЛААНБААТАР ХОТНОО 2026 ОНЫ НАЙМДУГААР САРЫН 17-28-НД БОЛНО WWW.MONTSAME.MN НИЙТЭЛСЭН:2025/05/30     НИЙСЛЭЛИЙН ТӨР, ЗАХИРГААНЫ БАЙГУУЛЛАГЫН АЖИЛ 07:00 ЦАГТ ЭХЭЛЖ 16:00 ЦАГТ ТАРНА WWW.EAGLE.MN НИЙТЭЛСЭН:2025/05/30    

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MBCC “Doing Business with Mongolia seminar and Christmas Receptiom” Dec 10. 2024 London UK MBCCI London UK Goodman LLC

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JPMorgan & top global banks moved trillions in dirty money for oligarchs & criminal networks - ICIJ report www.rt.com

Five major banks (Bank of New York Mellon, Deutsche Bank, HSBC, JPMorgan and Standard Chartered) processed trillions of dollars of transactions identified as suspicious, a new ICIJ report reveals.
The International Consortium for Investigative Journalists (ICIJ) has released the results of an investigation based on more than 2,100 so-called suspicious activity reports (SARs) filed by banks and financial institutions with the US Department of Treasury’s Financial Crime Enforcement Network (FinCEN) between 1999 and 2017. The SARs were obtained by Buzzfeed News and shared with the ICIJ.
According to the investigative organization, the megabanks continued to profit from powerful and dangerous players even after US authorities fined the financial institutions for earlier failures to stem flows of dirty money.
The documents reveal that the US-based JPMorgan moved money for people and companies tied to the massive looting of public funds in Malaysia, Ukraine and Venezuela. The ICIJ reports that tainted transactions continued to surge through accounts at JPMorgan despite the bank’s promises to improve its money laundering controls as part of settlements it reached with US authorities in 2011, 2013 and 2014.
JPMorgan told the ICIJ that while the bank was legally prohibited from discussing clients or transactions, it has taken a “leadership role” in pursuing “proactive intelligence-led investigations” and developing “innovative techniques to help combat financial crime.”
Bank of New York Mellon, Deutsche Bank, HSBC and Standard Chartered Bank also continued to wave through suspect payments despite similar promises to government authorities. In the last decade, the banks paid billions of dollars in fines and agreed to deferred prosecution agreements over failures in their anti-money-laundering programs.
Shares of the banks fell sharply in Hong Kong on Monday after the report came out, with HSBC’s stock at one point trading at its lowest level since 1995.
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GE: Industrial giant will stop building coal-fired power plants www.bbc.com

In a dramatic reversal, one of the world's biggest makers of coal-fired power plants is to exit the market and focus on greener alternatives.
US industrial giant General Electric said it would shut or sell sites as it prioritised its renewable energy and power generation businesses.
It comes ahead of a US Presidential election in which the candidates hold starkly different views on coal.
NGO the Natural Resources Defense Council said the move was "about time".
GE has said in the past it would focus less on fossil fuels, reflecting the growing acceptance of cleaner energy sources in US power grids.
But just five years ago, it struck its biggest ever deal - paying almost £10bn for a business that produced coal-fuelled turbines.
'Attractive economics'
In a statement, the firm suggested the decision had been motivated by economics.
Russell Stokes, GE's senior vice president, said: "With the continued transformation of GE, we are focused on power generation businesses that have attractive economics and a growth trajectory.
"As we pursue this exit from the new build coal power market, we will continue to support our customers, helping them to keep their existing plants running in a cost-effective and efficient way with best-in-class technology and service expertise."
US President Donald Trump has championed "beautiful, clean coal" at a time when other developed countries are turning away from polluting fossil fuels.
In a bid to revive the struggling US industry, Mr Trump has rolled back Obama-era standards on coal emissions. But it has not stopped the decline as cheaper alternatives such as natural gas, solar and wind gain market share.
GE said it would continue to service existing coal power plants, but warned jobs could be lost as a result of its decision.
The firm is already cutting up to 13,000 job cuts at GE Aviation, which makes jet engines, due to the pandemic.
In a tweet, the Natural Resources Defense Council said: "Communities and organizers have been calling on GE to get out of coal for years. This is an important and long overdue step in the right direction to protect communities' health and the environment."
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EBRD and GCF boost climate financing for Mongolian enterprises www.news.mn

Smaller firms in Mongolia will benefit from new opportunities to make their businesses more energy efficient and productive thanks to a USD 4 million loan provided by the European Bank for Reconstruction and Development (EBRD) and the Green Climate Fund (GCF) to XacLeasing, one of the country’s largest financial leasing companies.
The loan is being made available under the EBRD’s Green Economy Financing Facility (GEFF) in Mongolia and blends USD 1 million of GCF concessional finance with USD 3 million of EBRD finance.
XacLeasing is the first leasing company to join GEFF Mongolia and will offer leases to micro-, small- and medium-sized enterprises (MSMEs) for investments in high-performing technologies that improve the use of energy and water resources.
The leases will cover investments in technologies such as energy-efficient production machinery, agricultural irrigation and rainwater harvesting equipment. Beneficiaries can identify climate-friendly technologies with the help of the Green Technology Selector and dedicated technical support is available through a consultancy team funded by the GCF and Japan.
GEFF Mongolia supports gender activities that aim to enhance equal opportunities for men and women to access finance for green technologies.
It builds on the success of the EBRD’s previous Sustainable Energy Financing Facility in Mongolia that enabled small businesses to finance over 35 energy efficiency and renewable energy investments with a combined value of over to USD 20 million.
Hannes Takacs, EBRD Associate Director, Head of Mongolia, said: “For the first time the EBRD is making leasing loans for climate mitigation and resilience projects available to small businesses in Mongolia. Broadening access to leasing, including widening the range of available leasing products, is one of the Bank’s priorities in the country. We are delighted to partner with our longstanding client, XacLeasing, a leasing company that has the expertise and reach to support that strategic goal.”
The EBRD GEFF programme operates through an aggregate network of more than 140 local financial institutions across 27 countries, supported by almost €4.2 billion of EBRD finance for 160,000 clients since it began. These projects have led to annual CO2 emissions reductions of more than 8.6 million tonnes.
The partnership between the Green Climate Fund and the EBRD has seen the GCF support seven EBRD programmes with US$ 1.08 billion, catalysing more than US$ 2.7 billion co-financing. The GCF is the largest climate fund in the world to support the efforts of developing countries to respond to the challenge of climate change.
In Mongolia, the EBRD works to help build a diverse economy by developing the private sector and supporting infrastructure improvements. The Bank has invested more than €1.8 billion in 113 projects in the country since it started operations there in 2006.
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Prime Minister works at leather technology park in Darkhan-Uul aimag www.montsame.mn

Ulaanbaatar /MONTSAME/. During his working trip to Darkhan-Uul aimag last week, Prime Minister U.Khurelsukh visited the Darkhan Leather Technology Park, becoming acquainted with its operations.
PM Khurelsukh ordered relevant officials to present the cabinet a proposal on integrating around 40 leather, hides factories in Ulaanbaatar with the Darkhan Leather Technology Park, turning vocational training centers in this area into a complex and building apartment towns for the Park’s employees, .
Aiming to offer value added end products on international market, the Darkhan Leather Technology Park, was established in 2018 and operates in leather and hides processing and light industry technology areas. It is also building a complex factory for leather, hides and cashmere manufacturing on 1 180 ha area of land in the aimag.
The complex factory will hold various facilities, such as storage and manufacturing factory for leather, hides, cashmere, felt and gelatin, center for development and research, power and heating substations and a treatment center. A facility for hides processing will be developed under the cooperation between Mongolian and Spanish companies. Within the framework of a long term partnership with foreign companies, 600,000 tons of sheep and goat skins of international standard will be exported to Spain this year, officials from the Darkhan Leather Technology Park introduced.
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Foreign Minister visiting Russia www.montsame.mn

Ulaanbaatar /MONTSAME/. Minister of Foreign Affairs of Mongolia N.Enkhtaivan is paying an official visit to the Russian Federation between September 20 and 22. The Mongolian delegation led by Minister Enkhtaivan arrived at the Domodedovo International Airport in Moscow on September 20.
During his first foreign trip since being appointed, the Foreign Minister is to hold talks with his Russian counterpart on a wide range of issues concerning bilateral relations and cooperation, and meet with officials from the Russian legislative body, government ministries and Eurasian Economic Commission.
Mongolian and Russian Foreign Ministers, N.Enkhtaivan and Sergey Lavrov, will also exchange a letter of ratification of the Treaty on Friendly Relations and Comprehensive Strategic Partnership between Mongolia and the Russian Federation, signed in 2019.
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Airbus unveils concepts for hydrogen-powered plane www.reuters.com

PARIS (Reuters) - Airbus has unveiled three visual concepts for “zero emission” airplanes to be powered by hydrogen.
It is the planemaker’s latest effort to draw public attention to its “zero-emission” ambitions as European governments push for cleaner technology in their post-COVID recovery plans.
Airbus AIR.PA has set itself a deadline of 2035 to put a carbon-free commercial aircraft into service, a target engine makers like Safran SAF.PA have described as ambitious.
The “ZEROe” initiative includes concepts for two conventional-looking aircraft: a turbofan jet engine able to carry 120-200 people over 2,000 nautical miles (3,700 km) and a turboprop able to carry up to 100 people for 1,000 nm.
Unlike normal planes, the engines would be adapted to burn liquid hydrogen stored in the rear fuselage.
A third proposal incorporates a revolutionary “blended wing body” design similar to one presented in February.
At the same time, Airbus is working on a demonstrator, with initial results expected in 2021.
“The demonstrator will allow us to assess what the most promising architecture is,” Airbus Chief Technology Officer Grazia Vittadini said in an interview.
“We see it as applicable to all Airbus products eventually.”
To meet its 2035 goal, Airbus would need to select technologies by 2025, she said. Other industry executives said such a clean break in propulsion could take until 2040.
Challenges include finding ways to safely store volatile liquid hydrogen during flight at very cold temperatures.
Airbus dismissed concerns that hydrogen would be unsafe and has called for massive investment in new energy infrastructure.
While hydrogen has been discussed since the 1970s, it remains too expensive for widespread use. Proponents say infrastructure investment and rising demand will lower the cost.
Most hydrogen used today is extracted from natural gas, which creates carbon emissions.
However, Airbus said the hydrogen used for aviation would be produced from renewable energy and extracted from water with electrolysis. That’s a carbon-free process if powered by renewable electricity, but it is currently more expensive.
Reporting by Tim Hepher; Editing by Sam Holmes
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Fitch Assigns Mongolia's Proposed USD Bond a 'B' Rating www.fitchratings.com

Fitch Ratings - Hong Kong - 21 Sep 2020: Fitch Ratings has assigned Mongolia's (B/Stable) proposed US dollar bonds a 'B' rating.
Proceeds from the proposed bonds will be used to refinance bonds maturing in 2021 and 2022 through a cash tender offer.
KEY RATING DRIVERS
The rating is in line with Mongolia's Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'B' with a Stable Outlook.
Fitch affirmed Mongolia's Long-Term Foreign- and Local-Currency IDRs on 28 May 2020.
RATING SENSITIVITIES
The rating on the proposed bond is sensitive to any changes in Mongolia's Long-Term Foreign-Currency IDR.
The following were the rating sensitivities for the sovereign rating published in the rating action commentary in May 2020.
Factors that could, individually or collectively, lead to positive rating action/upgrade:
- The accumulation of larger foreign-currency reserve buffers and the implementation of a debt-management strategy that lowers refinancing risks and maintains external debt sustainability.
- A reduction of fiscal deficits that puts gross general government debt (GGGD)/GDP back on a downward trajectory after the increase in 2020 related to the coronavirus shock.
- A resumption of stronger economic growth and export trends without the emergence of imbalances, and the maintenance of a favourable business environment conducive to robust FDI inflows.
Factors that could, individually or collectively, lead to negative rating action/downgrade:
- Evidence of heightened external financing stress, for example if official multilateral and/or bilateral inflows are not forthcoming or in the event of a marked decline in foreign reserves.
- Failure to reduce the budget deficit and stabilise the GGGD/GDP ratio after the increase in 2020 related to the coronavirus shock.
- Political instability sufficient to significantly disrupt strategic mining projects or FDI inflows.
BEST/WORST CASE RATING SCENARIO
International scale credit ratings of Sovereigns, Public Finance and Infrastructure issuers have a best-case rating upgrade scenario (defined as the 99th percentile of rating transitions, measured in a positive direction) of three notches over a three-year rating horizon; and a worst-case rating downgrade scenario (defined as the 99th percentile of rating transitions, measured in a negative direction) of three notches over three years. The complete span of best- and worst-case scenario credit ratings for all rating categories ranges from 'AAA' to 'D'. Best- and worst-case scenario credit ratings are based on historical performance. For more information about the methodology used to determine sector-specific best- and worst-case scenario credit ratings, visit [https://www.fitchratings.com/site/re/10111579].
DATE OF RELEVANT COMMITTEE
27 May 2020
REFERENCES FOR SUBSTANTIALLY MATERIAL SOURCE CITED AS KEY DRIVER OF RATING
The principal sources of information used in the analysis are described in the Applicable Criteria.
ESG CONSIDERATIONS
The ESG profile is in line with that of Mongolia.
For more information on our ESG Relevance Scores, visit www.fitchratings.com/esg.
 
 
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Aspire Mining Well Positioned to Tap Commercial Potential from Trilateral Corridor through Mongolia www.kalkinemedia.com

Australian-listed Junior resource company, Aspire Mining Limited (ASX: AKM) by virtue of its robust project portfolio in mineral-rich Mongolia appears to be at a vantage point. Mongolia, a landlocked country sharing its borders with China and Russia, is celebrated for its abundant coal reserves. At the same time, it also hosts other minerals such as copper, gold, iron ore, lead, and molybdenum.
In a significant strategic development, Mongolia in 2014 signed several tripartite infrastructure agreements with Russia and China, encapsulating the upliftment of its rail infrastructure and upgrading border crossing. The three countries signed a further memorandum in mid-2015 for building a trilateral Economic Corridor through Mongolia.
Mongolia’s proximity to China, which is the largest coal importer, and the country’s extensive resource base has poised Mongolian economy for substantial growth in the coming years. It particularly favours Aspire Mining’s Ovoot Coking Coal Project (OCCP) to leverage off the budding opportunities in the metallurgical coal market.
With this backdrop, let us explore the economic significance of trilateral Economic Corridor and how Aspire Mining’s project pipeline and strategic endeavours are garnered towards harnessing the lucrative opportunities.
Commercial Relevance of Trilateral Economic Corridor
In addition to the Memorandum compiling a guideline for building a trilateral Economic Corridor through Mongolia, the Governments of Russia, China, and Mongolia also signed framework agreements. The agreements cover the facilitation of international trade along the Economic Corridors. They also encapsulate cooperation for ports of entry between the three countries.
The Trilateral Economic Corridor is expected to expand the levels of Mongolian commerce with China and Russia. Furthermore, it would also boost land-based trade between Central Asia and Europe, supplementing Mongolia the opportunity to expand its trade partners.
Significantly, world-renowned China’s New Silk Road along with Russian rail planning and Mongolian Rail Policy is integrated with the Economic Corridor.
Mongolian economy is anticipated to benefit significantly from the new rail infrastructure, which would open the nation’s access to global export markets. It would not only unlock its natural resources but would also accelerate the development of other industries such as agriculture, raw materials, manufacturing, tourism, etc.
Ovoot Project Advancing Well
Aligning with the infrastructure-oriented direction of the Economic Corridor, Ovoot Early Development Plan (OEDP) consists of the Special Purpose road development plan. The 560-kilometre special road is garnered towards trucking washed coking coal up to 4 million tonnes per annum. It would also divert truck traffic from an existing sealed road, aiding the local communities to use the road conveniently without the traffic hassles.
Khuvsgul airmag Government studied Mogoin Gol (Ovoot) to Erdenet road alignment during March 2020 Quarter and had incorporated it in airmag’s 2030 Road Development Plan.
Off late, Aspire Mining was committed to the evaluation of a phased development plan scenario. It was aimed towards the reduction of upfront capital costs and logistics chain risks for getting into commercial production at the earliest opportunity once access to the OCCP is granted.
Meanwhile, Aspire Mining continues to productively engage local communities and Tsetserleg soum Government, where the project is located eyeing to gain the necessary approvals to advance the OEDP Definitive Feasibility Study.
Strategic Focus of Nuurstei Coking Coal Project
Aspire Mining holds 90% interests in the Nuurstei Coking Coal Project located in Northern Mongolia, approximately 160 km east of the Ovoot project. The project is stationed around 10 km from Khuvsgul provincial capital of Moron, which via the sealed road has been connected to the nearest rail head at Erdenet.
Aspire Mining is currently evaluating the project as a near-term mine development, oriented towards producing a washed hard coking.
Significantly, the Company holds mining licence covering the Nuurstei resource area, where the previous drilling identified modest JORC Coal Resources of 4.7 Mt of indicated and 8.1 Mt of inferred.
Aspire Mining’s project pipeline including Ovoot and Nuurstei Coking coal project, having access to sealed road holds a significant infrastructural advantage. Alongside, Northern Railways LLC held 80% by Aspire Mining is focussed towards Erdenet to Ovoot Railway Project. While the Company is engaged in uplifting the transportation facilities around its project, Trilateral Economic Corridor would further streamline the conveyance of the project’s coal resource in the global market.
Notably, as on 21 September 2020, AKM stock closed the day’s trade flat at $0.079. The stock has generated a price return of 27.42% in the past six months.
[All currency is in AUD unless stated otherwise]
 
 
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Europe is ‘far behind’ the rest of the world on 5G deployment, top industry players warn www.rt.com

A group of over 50 of the largest European tech and industrial firms have criticized EU members for lagging behind other countries in the rollout of 5G networks, calling for urgent measures before it is too late to close the gap.
The latest analysis by the European Round Table for Industry (ERT), released on Friday, shows that the 27-nation bloc’s progress on the development of the next-generation networks is too slow, compared to other parts of the world, especially South Korea, Switzerland and China.
“Concern is growing that Europe is far behind other world regions, in spite of being home to two globally leading mobile infrastructure companies,” the report read.
The ERT outlined setbacks in both commercialization and infrastructure deployment. According to its data, more than half of the EU member states have not yet launched 5G commercial services, while the EU countries as a whole have fewer than ten 5G base stations per million citizens. The report added there were “equally poor” rates of upgrading 4G infrastructure to 5G.
To put this in perspective, South Korea had around 1,500 5G towers per million last year. China previously announced plans to install an additional 600,000 5G base stations by the end of the year.
“It is not too late to close the gap with the United States, South Korea and China,” the group of business leaders noted. However, Brussels needs to act fast, they added.
The group's statement on the poor state of Europe’s 5G sector came the same day the European Commission met to discuss how to boost the rollout of the super-fast networks. The officials had to admit that the 5G development is not going as planned, and the deployment is being delayed due to coronavirus lockdowns.
“We must therefore work together towards fast network rollout without any further delays,” said Margrethe Vestager, executive vice-president of the European Commission for A Europe Fit for the Digital Age.
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Capitalism isn't working anymore. Here's how the pandemic could change it forever www.cnn.com

New York (CNN Business)Capitalism is in crisis. The pandemic could change it forever, in favor of workers and those in greatest need.
Covid has put a magnifying glass over the many inequalities of the US economy and society. Millions of Americans are still out of work. Women and minority workers have been hit particularly hard. Many people can't afford child care or the technology their children need for distance learning at school.
The playing field wasn't level before, and the virus has shone a new light on the shortcomings of today's economic and social systems, said Paul Collier, economics and public policy professor at Oxford. The World Economic Forum has already called for a "great reset" of capitalism.
It's emblematic of today's capitalist society that groups of people get left behind, and it's the job of policy makers to try to fix that.
This isn't the first time capitalism is in crisis. In the 1950s — America's so-called golden age — there were concerns about automation eliminating jobs and people falling through the cracks of the government's safety net (sound familiar?). And in 2008, corporate greed came under the microscope following the financial crisis.
In modern history, only the Great Depression was more economically devastating than Covid-19. The aftermath of the Great Depression — relief, recovery, and most of all, reform — may once again be necessary to create a better economy for the future, said Larry Glickman, professor of American studies at Cornell.
It will be hard to sweep all of America's economic issues under the rug again when the pandemic is over.
"We are pregnant with change," said MIT economics professor Daron Acemoglu.
Here are three ways the pandemic might change capitalism forever:
A new social safety net
The pandemic exposed the cracks in America's social safety net. Enter the welfare state 2.0, which could be more attuned to workers' needs, experts said.
"We're in a moment where the pendulum is [swinging] towards a more favorable view of what government can do," Glickman said.
Better-designed unemployment benefits, programs to help people back into the workforce and more affordable housing could help ease the burden of this crisis for the weakest members of the economy.
Millions have lost their jobs in the pandemic, but regular unemployment benefits are often not enough to make ends meet, while rents eat up a large chunk of incomes across the country. As the pandemic drags on, hunger is an increasing problem, too.
On top of that, workers in mostly lower-paid jobs have found themselves at risk for contracting the virus at their workplace, including casinos, meat processing plants and shipping warehouses.
Paying to replace these workers' wages won't come cheap, and will likely mean that taxes will have to rise while still staying low enough not to stifle business, economists agree. It's a tightrope.
Globalization and automation challenge the manufacturing sector
Globalization goes hand in hand with capitalism. It has changed the way money and people move around the world.
A big challenge for policy makers is to deal with how that has affected workers.
In today's capitalism, money is, for the most part, considered more important than workers: If moving jobs elsewhere, or using robots saves dollars, it's done.
For workers on the wrong side of these trends, things haven't improved, and this has exacerbated inequality, Federal Reserve Chairman Jerome Powell said earlier this year. The pandemic has provided a real-life example that robots don't get sick, but human workers do.
Welfare isn't only about benefits. It also extends to education and health care. In a world where machines increasingly take over people's jobs, educating the next generation so their skills match what's needed is important.
More debt than ever before
Capitalism isn't only about how a country treats its people and workers, it's also about how it treats its money.
Covid has brought on government spending like never before and deficits are burgeoning around the world. The Congressional Budget Office predicts the US federal budget deficit will be $3.3 trillion at the end of the year — more than triple of what it was in 2019.
Debt might be one of the most prominent characteristics of today's capitalism, said Christine Desan, professor of law at Harvard.
In the post-pandemic world, policy makers will either have to accept living with enormous debt burdens or address a complete overall of the system in place.
 
 
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