Market Thinking

making sense of the narrative

Build Back Better..But for Whom?

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Many observers will have spotted the sudden (and repeated) use of the expression “Build back better” in both the UK and the US.

We see these moments as the time to learn and to improve on the world that went before. That is why this government will build back better.

Boris Johnson UK Prime Minister Conference Speech October 2020
British Prime Minister Boris Johnson speaks at the Conservative Party Conference.

Boris Johnson used the expression in a speech last week at a virtual Conservative Party conference against a backdrop of the slogan. US viewers meanwhile will have spotted the fact that it is also used by the Biden Presidential Campaign.

“Folks, it’s not sufficient to build back, we have to build back better,” Biden said Thursday. “That’s why my plan is to build back better.”

Joe Biden Campaign Speech July 2020
The Associated Press

So who came up with it first? After all, Joe Biden has a bit of history of ‘borrowing’ from other politicians, be it Neil Kinnock or Bobby Kennedy. In fact, the answer is that both of them got the slogan from the UN.

The expression Build Back Better has its origins in the disaster recovery plans advanced after the 2015 Japanese earthquake and ratified by the UN. However, its real significance is in the fact that the globalists at the UN launched a Coronavirus recovery fund with the tag line Build Back Better at the end of March 2020, as we can see with this press release

BuildBackbetter Challenge, reimagining the UN together visual

At the same time the UN issued a report on the need for a Global response and in the attached press release made its (established) agenda very clear

The third step is to learn from this crisis and build back better. Had we been further advanced in meeting the Sustainable Development Goals and the Paris Agreement on Climate Change, we could better face this challenge – with stronger health systems, fewer people living in extreme poverty, less gender inequality, a healthier natural environment, and more resilient societies. We must seize the opportunity of this crisis to strengthen our commitment to implement the 2030 Agenda and the 17 Sustainable Development Goals. 

UN Press Release March 2020

There is even a website which had a week of action last week (apparently) and is essentially a Green New Deal type organisation, backed by, no surprise perhaps, the UN. Equally and , perhaps not surprisingly, the expression was also widely used in the incredibly detailed (and thus a long time in preparation) Great Reset report from the World Economic Forum – otherwise known as the men of Davos – that came out very quickly as the Covid ‘crisis’ evolved this summer.

A true recovery from COVID-19 will not be about putting things back together the way they were: we need to ‘build back better’, to ‘reset’, if we are to address the deep systemic vulnerabilities the pandemic has exposed.

Peter Bakker
, President and CEO, World Business Council for Sustainable Development (World Economic Forum) July 2020

What we can see therefore is that within an extremely short space of time- the UN, the Men of Davos and all those advocating for Green New Deals had already moved to repackage their existing agendas as a ‘Solution’ to the Covid crisis. Those wielding a sustainability hammer have identified Covid as a nail. It is equally clear that most western politicians are now fully bought into this agenda, previous reservations over the cost versus benefits now swept aside by the tide of ’emergency funding’. Europe is already bought in, the only thing stopping the US joining in is President Trump.

Indeed we would go as far as to say that this will be the primary difference between a Trump and a Biden administration.

This of course now starts to illuminate the likely path for 2021. As the UK leaves the EU it will likely find that there is in fact another supra-national body setting most of the ‘rules’. EU has been replaced with UN and its multiple agencies

“Meet the new boss, same as the old boss”.

Won’t get fooled again. The Who (not the W.H.O.)

As we noted months ago, (they have plans for your savings) part of this will involve the UN effectively taking control of the west’s institutional savings pools through the mandating of ESG and UN sustainable goals, meaning that they will be allocating capital based on their agenda. How this fits with Fiduciary responsibility for the underlying investor will be a battle for another day.

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