A revealing new Credit Suisse report has exposed how in 2020 the ‘millionaire club’ grew dramatically, despite capitalism being on life support, as wealth inequality rose massively. The USA saw the creation of 1.73 million new millionaires; Germany, 633,000, and Australia over 300,000.

The pandemic has had the effect of intensifying the crisis of overproduction that began in 2008, further exacerbating the contradictions of the capitalist system. As a result, we are witnessing a sharp change in the policies being carried out by the ruling classes of the main imperialist countries. Austerity, the economic policy of the last few years, has been temporarily put to one side. It would have been economically and politically unsustainable to carry on with austerity policies under the current conditions.