The Great Transformation | Rescue to (Green) Recovery | Stronger Economic Institutions | Role of Fiscal Policy

Estimable Editor of IMF Weekend Read,

In your e-mail dated June 12, 2020; I have been asked that what are my top concerns about the recovery across sectors around the world and what role do I believe the IMF can play in tackling these concerns in both research and action. It is also stated in your e-mail that the COVID-19 crisis causes a great transformation both in societies and the economies, that is why, the (green) recovery and stronger economic institutions are a must in current environment. Moreover, in accordance with your e-mail, inequality (including unemployment and poverty), a potential rise in populism, and the future of trade should be given more emphasis. First of all, I would like to express that I will be more than happy to share my opinions regarding this issue. Would you please find my comments in below on such an important issue for your kind evaluation?

Before explaining my main concerns regarding the recovery process after the pandemic, I would like to put an emphasis on some specific points. As a founding partner of Sar?ibrahimoglu Law Firm which is representing the companies from Brazil, China, Korea, India, Mexico with its 44 years’ experience, we are very familiar with the trade volume economical positions of those countries as well as the remaining part of the world. They developed their industry and marketing policy with creative and innovative policies within the long-term plans. It will be necessary to mention that, in terms of the peaceful commodities, which constitutes the major area exported by the mentioned countries, they have developed both their industry and trade quite in an innovative way that they produce cheaper and higher quality products compared to Western companies. (It is notable that formerly Western Countries were producing such products.) They made investigations, evaluations and analysis to specify the advantages and disadvantages of their country and their society. Within this framework, they have succeeded to manufacture high quality commodities with very competitive prices, so that so called western countries could not compete with their products. In other words, Western firms had to lower their market prices in order to compete with cheap and quality goods introduced by Far Eastern countries.

We should underline the striking parallel structure of the above-mentioned countries. They developed their industry and marketing policy with creative and innovative policies within the long-term plans. They made investigations, evaluations and analysis to specify the advantages and disadvantages of their country and their society. Within this framework, they have succeeded to manufacture high quality commodities with very competitive prices, so that so called western countries could not compete with their products. They provide also very attractive financing to their export items which bring them a big advantage. In this concern western companies had to reduce their price just to compete. Since the income of the western companies decreases radically, they had to cut down their expenses which caused the unemployment also.

For this very reason, this advantageous position of the West is expected to disappear in the near and distant future. In this case, as it is understood, the Western system will continue and remain limited only in some specific fields such as the field of defense industry and information technologies. However, as a matter of fact, as in the Iraq War, a similar global reaction is expected in the Syrian Civil War soon, and it is likely that the civil war will end. It is even more clearly understood with an inhuman epidemic that the world is struggling that wars and various internal conflicts are not the issues that countries want to deal with, precisely for this reason, it is a strong possibility to that the Western World, which is market pioneer only in the defense industry, may be left in a situation that can be deemed as an economic loneliness.

This is my poor recommendation.

I believe IMF should consider the effects of the afore-mentioned current situation on the monetary markets from the global aspect.

We had some correspondence with the World Bank, where we had also mentioned about the new trend of the international business & trade. We had emphasized the following issue in this concern. I was an attendant to the event of “the Global Economic Prospects: Slow Growth, Policy Changes”. It was mentioned that, Turkey and Russia have begun gradually to use TRY and Russian Rouble for the commercial transactions under the agreement signed in October 4th, 2019 in order to reduce the pressure and the fluctuations of the foreign currency especially caused by US dollars in the market. At this point it should be also mentioned that, as a result of this Agreement it is also decided to use SPFS system instead of SWIFT which is dollar based system for the international transactions. “MIR” payment network processor to be used rather than MasterCard and Visa.

For only recent year the Russian Rouble was used in 11.3% of the commercial transactions with Turkey. However, not only Turkish Market, also Chinese Market which is deemed to be as one of the main economies, has been adopted this new concept as well. The alternative payment network processor MIR and also SPFS system helped to develop important aspects to the commercial transactions made with Russian Rouble and Chinese Yuan. Moreover, it can be inferred that the market between China and Russia has been more active than ever. By this opportunity we have learned, I learned the point of views and attitude of the World Bank regarding global growth, finance, economy and banking sectors concerning the effects of the payment systems implemented by major economies such as Russia and China on value axis of Euro and US Dollars. Moreover, it can be also stated that this policies and new implementations may be deemed to be a kind of price controls or for further steps planned to develop monetary systems ending up with mutual exchange of services, goods and values. As a result of those recent developments, I kindly posed the question whether the World Banks changes its attitude or adopts itself to recent developments of the new implementations among Russia, China and Turkey where they increasingly shift the commercial markets payments with local currencies rather than US Dollars. Or does the World Bank take in consideration the case?

It is crystal clear that the massive influence of the pandemic will effect values of the currencies in international trade radically. Furthermore, there will be an accelerated digitalization in every area including trade and consequently the economy. In this concern, the importance of the using the local currencies will be more remarkable. As Stephen Hawking says: “We shall need great care and judgment to negotiate them all successfully. But I'm an optimist. If we can avoid disaster for the next two centuries, our species should be safe, as we spread into space.” However, instead of spending its energy in areas such as colonizing in space, human beings are trended to use manpower as a mass economic commodity.

As to the main outcome of the Covid-19 process, this reality did not change. The human being has turned into an economic commodity / meta for the economies and countries. The economic constriction of the world and specially the recession in the economy of the Far Eastern countries have caused unavoidable consequences. The current unfortunate situation in United States is just one example. There are social and economic reasons behind the revolt. There are nearly equal number of colored people and white people in the revolt. Not only social reasons, the economic reason is also considerable. The increase in the unemployment rate and the constantly deteriorating economic situation of the society especially after Covid-19 pandemic.

The crisis could lead to decline in 195 million full-time workers in the second quarter of 2020. The US unemployment rate jumped up to 14.7 percent in April 2020, the highest in the recent history of USA. The market expectations were 16 percent, as the Covid-19 crisis caused millions to abandon their job. The number of unemployed people increased from 15.9 million to 23.1 million, while the number of employed decreased from 22.4 million to 133.4 million. [1]The unemployment rate of US was around 3.4% in 2019 it became 10.4% in average 2020 up to now which is three times more within a very short period of time.[2]

Such a huge increase and economic pressure surely affected people and the economies are connected in a direct relation to the work force. Just in one week, 3.3 million Americans applied for unemployment fee and a week later another 6.6 million people started searching for jobs. Also, many experts on economic and financial matters have warned about the worsening condition of global economic and financial structure. Such as Kristalina Georgieva, Managing Director of International Monitory Fund (IMF), explained that “a recession at least as bad as during the Global Financial Crisis or worse”. Moreover, Covid-19 is harming the global economy because the world has been experiencing the most difficult economic situation since World War-II. [3] Moreover, in accordance to the ‘’UN Secretary-General’s Shared Responsibility, Global Solidarity Report’’ it is stated that ‘’The COVID-19 crisis is plunging the world economy into a recession with historical levels of unemployment and deprivation.’’

In the contrary to the expectations, Covid-19 Virus has shown itself with dramatic increases in socio-economically high areas. It is assumed that, actually it is the fact, here the people are supposed to be well educated, they are conscient, they pay attention to the social distance, they pay attention to the hygiene etc.. like Milan, London, Madrid, Barcelona etc. as example.

In this context, in Italy, which is one of the countries most affected by the pandemic, the Sicily region was not affected by the pandemic, while Milan suffered a lot. Similarly, the high industrial locations of Europe have been dramatically affected by the disease, whereas in the countries the Eastern Europe, the number of cases has not been observed remarkably. It can be argued that this situation is caused by the population density in metropolitan cities. However, if a solution is to be reached in terms of this situation, the objective situation will need to be determined. For this, the result-oriented determination of the situation and its reasons should be emphasized. From the objective point of view, isn't it doubtful that this virus is seen in industrial and wealthy areas much more than rural and poorer areas. Can it be just a coincidence? Or can it be an organized crime against the world economy? This issue needs to be seriously investigated and clarified by the IMF.

COVID-19 virus caused big destructions, especially in the West/European Countries. There are approximately 40.000 deaths in United Kingdom, 34.000 deaths in Italy, 28.000 deaths in Spain and 30.000 deaths in France. The most of the deceases are from age 65 and over.

From this perspective, the research have been conducted by our side on April 20,2020 and it covers the specific data about retirement age, average annual pension, average lifetime, number of deaths (in retirees), average age of those who died due to COVID-19, retirement period (in years) of those who died due to COVID-19 under normal conditions; if these people did not die, how much pension can they get in their average life expectancy, what would be their average health expenditures, Gross Domestic Revenue, support Packages; unemployment rate due to COVID-19, money that the deceases and members of the tax retirement fund did not transfer to the government, undetermined expenditures and losses, expenditures in the health sector, total loss and total savings caused by deaths, average assets of the elderly focusing more on the countries of Italy, Britain, Spain and France. According to the research, expected drop in GDP of the France (which is 2.418.997.000.000.000€) due to Corona - 6%. This means 145.139.820.000.000 euro will be deemed as loss. Moreover, on behalf of France, (Support package (110.000.0000.000 Euro) + partial unemployment benefit (24.000.000.000 Euro) + GDP Loss Package) 145.139.820.000.000 Euro + With the support of the health sector (45 billion Euro)) 324,139,820,000,000 Euro will be regained by the economic perspective. Moreover, the sum of the amount France saved from paying its citizens over the age of 65 who died due to Covid-19 is equal to 582. 796. 262 EUR. (When we add the value of if these people did not die, how much pension they could get in their average remaining lifetime (387,148,262.4 EUR) plus if they did not die, the average medical expenses they will need (195 648 000, 00) = 582.796.226 Euro) Additionally, 5.827,962,620 will be saved if the deaths increase up to 10 times (the number of deaths at the mentioned date was 17,167 and the number of person who are both dead and retired was 8152). Similarly, in Italy, Expected drop in annual GDP of Italy (2.084 Trillion USD, 1.907.500.000.000 EUR) due to Corona is also - 6%. If we round this up to 5%, 95.375.000.000 EUR is lost. If we add up the support package and GDP loss, 120 billion EUR is lost. Moreover, the sum of the amount France saved from paying its citizens over the age of 65 who died due to Covid-19 is equal to = 2.477.520.000 EUR. (When we add the value of if these people did not die, how much pension they could get in their average remaining lifetime (4(remaining average lifetime)*31.292 (average pension)*15.000(the approximate number of people who died and retired) = 1.877.520.000 Euro) plus if they did not die, the average medical expenses they will need (4 (remaining average lifetime)*10.000(average health expenses) *15.000 (the approximate number of people who died and retired)) = 2.477.520.000 Euro) In this case, it can be said that a serious money transfer will be made to the economies of the country from the loss of old population. It is necessary to determine very well what effect this wealth transfer will have on national economies. How this wealth, money and commodity transfer is used and managed is an important problem of the IMF.

As a result, although the economies have been severely affected by Covid-19, meaning, the total savings caused by deaths for both countries are lower than expenses that is caused by the Epidemic, it can be concluded that thanks to the retirement pensions that will not be paid to those over the age of 65 who have died from Covid-19, countries have “earned” relatively higher than the support packages they announced. On the other hand, regarding the data as a result of our research in above-mentioned study we realized that the total savings caused by the deaths are not higher than the expenditures made whereas the economy will be affected from those savings as the short-term event in near future. It can be said that this desired result had been achieved by using the people in communities as economic commodity. While this being an immoral act if conducted particularly with this intention, at the same time it resulted with the outcome of wealth being moved to the young population from the elderly who were holding it on their hands before. So, it can be thought that in the next 20-30 years, there will be economic relief on issues such as retirement salary, not paying health expenses etc. Also, the distribution of wealth will pass to relatively young people which may cause that there will be a massive influx of cash. That is why, while making economic forecasts for the 2020 and later years, IMF and WB should also take into account such factors.

It can be clearly seen that the pandemic massively affected the developed countries which were expected to have improved medical treatment and high technology health care facilities and services. Basically, the main reason for difficulties of the Covid-19 Epidemic on countries is not its symptoms that are lethal. The main problem is that the number of patients exceeding the capacity of the health system of the countries are simultaneously ill. In addition, not only the capacity of hospitals and similar health institutions, but also the number of intensive care units, respiratory equipment, and even the number of health personnel are insufficient in the front of this pandemic.

In case such a scenario happens once again, a productive cooperation and a sincere collaboration are needed on the health care services and conducted scientific studies. Kristalina Georgieva suggested in a press release, four things need to be done to fight against Covid-19 and to avoid or to minimize losses. The First, continuity of essential containment measures and support for the health system. The Second, to shield affected people and firms with wide ranging fiscal and financial measures. The Third, to reduce the stress of the financial system and to avoid contingents. The Fourth, a recovery plan must be done to minimize the potential scaring effects of the crisis as a policy. Concerning the serious and worsening conditions all over the world, nations need cooperation and coordination among themselves including the help and mature as well as sensible behavior of people to effectively fight against Coronavirus. Otherwise, because of the globalized and inter connected world, wrong actions and policies taken by any state will impact on other countries as well. It is not the time of the political discrimination, it is the time of the solidarity and the cooperation. It is the time to help each other to defeat this fatal pandemic. We may save the global economy and the financial structure. [4]

As Ms. Georgieva also stated that an international initiative should be taken to establish a laboratory consisting of multi-national scientist making collective researches on zoonotic diseases and viruses. It is being expected to increase in quantity also with mutation which is the danger. The educated guess says that the worsening of environmental conditions and the tendency to increase of the glaciers melting are provoking and accelerating this accruement.

In this concern, it is recommended IMF to take the role of encouraging the countries to establish the above-mentioned laboratories where health / vaccine / infectious / zoonotic diseases and viruses researches will be done systematically. IMF may help the countries by allocating an international and independent budged.

Unfortunately, the World Health Organization does not have an independent budged. However, it is obvious that independent Centers or Organizations are expected to conduct more sophisticated and more accurate researches in detail. It is very important to allocate the budged, it is an inevitable part of this plan, if it is planned to do. Maybe this budged can be collected from the member countries with the coordination of IMF. There are 189 countries in the world. IMF can be a pioneering organizer for this mission so that multi-national scientists will come together, every one of the will contribute within his knowledge, they will use the advantage of the services and supplies provided to them for their works.

At this point I would like to share my application and proposal to the Turkish Ministry of Health and The Turkish Ministry of Foreign Affairs. Both Ministries are open to establish the subject laboratory in cooperation with other companies also. They conceive the importance of this plan proposed by me, in order to get rid of this difficult period with less harm as possible which will be also a measure to prevent similar outbreaks in future. 

Fortunately, Ministry took my ideas into account in addition to their own analysis and took the necessary steps for establishing a research center for vaccine, zoonotic diseases and viruses with contribution of South Korea and China. I believe that if our small contribution and effort resulted with such a positive outcome, IMF’s large-scale initiatives can result in more extensive international developments.

As it is known, International Covenant on Economic, Social and Cultural Rights (the Covenant) which was adopted by the United Nations General Assembly in 1966 and came into force among the countries (mostly who are the Members of the IMF) that had become party to it in 1976, have legal effect on the Fund. Together with the Universal Declaration of Human Rights and the International Covenant on Political and Civil Rights, it forms the International Bill of Rights. ‘’Nevertheless, the Covenant is also the one global instrument in which economic and social rights have been crystallized in a treaty that is legally binding on the parties to it. For this reason, it is the Covenant that will be considered here in its relations to the IMF.’’. That is why, ‘’the IMF must be mindful of the effects of a crisis in a particular country not only on the country itself, but also on its neighbors in the region and possibly beyond the region.’’ Even though for an instant , it may be though that the Covenant has no legal effect on the IMF, then it can be concluded that, the IMF must act in conformity to its Articles of Agreement which also give emphasis on the Covenant. That is why, as an institution responsible for ensuring the socio-economic development of communities, the IMF is responsible for ensuring that countries are firmly out of this crisis.

Lastly, I want to state that this pandemic cannot be associated with a specific country. As it is regulated under Articles 1 and 3 of the Convention on the Prohibition of the Development, Production and Stockpiling of Bacteriological (Biological) and Toxin Weapons and on Their Destruction (which was signed on 10 April 1972 and accepted by 183 countries around the world),

it is strictly prohibited each State Party to this Convention undertakes not to transfer to any recipient whatsoever, directly or indirectly, and not in any way to assist, encourage, or induce any State, group of States or international organizations to manufacture or otherwise acquire any of the agents, toxins, weapons, equipment or means of deliver the microbial or other biological agents, or toxins whatever their origin or method of production, of types and in quantities that have no justification for prophylactic, protective or other peaceful purposes.

Due to the existence of the rule of reciprocity in international law, each country is aware the international consequences if they make an attempt on spreading an infectious disease, in other words, using it as a biological weapon. New Corona Virus Disease (COVID-19) which may be produced/ spread by the Perpetrators who may be the citizens of Part States, posed a threat to the whole world, creating dangers on the health of the human race as a biological weapon and thereby constituting a violation of biological safety. Although it is not yet known for sure where this virus truly originated from, there are some indications that it might be produced intentionally. By considering all, it is vital important to investigate seriously the origin of virus. It must be determined whether this disease has been used as a biological weapon by endangering biosafety, or whether this very specific virus has been produced in bio labs.

In order to ensure this objective, I, as being the Member of Good Standing of Association of Defense Counsel practicing before the International Courts and Tribunals (ADC-ICT), made an application to the International Criminal Court established according to the Rome Statute which you may find as attached. The main Indictment was “The War Crime by Means of Biological Weapons and in this context, it shall be deemed to be also the Crime against Humanity”. This is defined very clearly under the Articles 7 and 8 of The Rome Statute.

I believe, this eagerness of IMF towards the normalization process, may contribute to the judicial process in the International Criminal Court. The ICC is the only mechanism which is entitled to investigate the origin of the coronavirus as biological weapon by endangering biosafety and ensure the biological welfare of all human beings. Within this knowledge, I conduct my application procedure before the ICC and from now on it is expected that the Prosecutor of ICC will initiate the investigation.

In addition to above all, I would like to share some of my opinions and comments in this concern that I find important.

1.     World Health Organization does not perform its duties.

During the Covid-19 Pandemic, it is understood and proven, beyond a reasonable doubt, that the health care system, capacity and the capability of the developed countries are not at all satisfactory to provide a proper service and supply to their citizens. We can also say that WHO (World Health Organization) could not perform its function as how it should be. In my opinion, the main reason is the owing the absence of a proper budged. Because WHO does not have an independent budget from the countries. WHO is financed by some countries, naturally and indispensably, WHO is open to the directions and the manipulations by the subject countries. This is my biggest concern for the future of the World Health Organization.

In this pandemic process, we have observed unfortunately that most of the countries, especially the developed ones and most of the people in the world, were no at all in solidarity with each other. WHO could not function in a constructive way also which was its duty.They did not alarm the world in time. Although WHO received some payment from some resources, they could not show any reasonable and considerable contribution or help to the people.

First of all, I think that the budget of the World Health Organization should become autonomous in this regard. Instead of states, large companies in the international area may pay for it or there is a possibility that important non-governmental organizations can provide support. Or, the system can be updated based on the information and documents regarding the received money. The budget of WHO and its workers should be made autonomous and the responsibility should be increased accordingly. However, It must be basically a transnationally structured, self-financing Healthcare organization. They need to combat against any biological attacks and to get prepared for any Epidemic and/or Pandemic. The judgment of the WHO General Manager is not at all acceptable after what we have undergone in this pandemic. Normally, the first thing he should do was to apologize due to the neglect of duty. They should make the warning long ago in advance that they did not. Anyway, their task was to take measures against viruses such as COVID-19, but it was not done, even now.

2.     Unfortunately there was no Intergovernmental Solidarity

Another concern is about the interstate solidarity. Unfortunately, there was no cooperation between States regarding an infectious disease such as coronavirus. In this concern, I have taken the initiative and I urged the Turkish Ministry of Health to establish a common laboratory for epidemic, pandemic diseases, Covid-19 and its derivatives including the zoonotic diseases, in cooperation with Korean and Chinese Health Ministries. As can be seen in the attached documents, I presented my idea to the Minister of Health in Turkey with a letter dated February 20, 2020. This was the first application.

I have narrated my serious concern in the subject letter that this pandemic disease will not be locked up only in China. This virus will be spread to the whole world including our country Turkey. I strongly suggested to send Turkish experts to China as a precautionary measure. Then we will obtain the chance of getting information with our expert from China. We would be able then to combat against Covid-19 and to prevent the spread when there will be the pandemic in our country. Unfortunately, our Minister acknowledged the suggestion. The Ministry followed my suggestion and implemented time-lagged. The Ministry established the vaccine laboratory on March 3, 2020 which was originally my advice and suggestion. I am at the opinion that WHO and the Health Ministers of all of the countries should re-evaluate, what should be done and what they have done… Like that they may understand and they may realize the reality that there is breach of duties. I am approaching in a constructive manner. This should be a lesson for all concerning authorities and the humans not to repeat the same mistakes.

Consequently, I proposed to the Health Ministers of Turkey, China and Korea to establish a common laboratory with Korea and China, with a letter in March. That is why, the Health Ministries of China and Korea are also aware of this common establishment. The negotiations are going on and there are good indications and progresses where I am very optimistic from these efforts. We are currently maintaining the necessary contacts with China and Korea. I even spoke with the Ambassador of Kuwait and we learned that Kuwait is also eager to pay a substantial sum of money to contribute to it. So, it is my major concern that such international solidarity initiatives are not sufficient. IMF should trigger and consider this specifically.

As explained so far, the IMF has a responsibility to take international and transnational measures. The IMF should take responsibility for preventing the usage of people and societies as an economic commodity, in particular, by using nanotechnology, artificial intelligence and other technologies, since it is a fact that inevitably influencing the money markets. In this sense, the smartest step that can be taken is the help of the IMF to establish the mentioned laboratory technologies since this issue concerns the world economy closely.

3.     Can COVID-19 really be a lab-grown?

Unfortunately, the Covid-19 or SARS-CoV-2 has a more contagious structure than most diseases/viruses encountered in the 21st century.  Interestingly, despite this contagious rate, most of the infected people had ''mild symptoms''. This situation actually results in the spread of the disease by infected people without even realizing it, making the prevention to the disease very difficult. It should be underlined that viruses can spread in a better way if they do not make their host that sick. SARS, for example, is considered less dangerous than Covid-19 as a disease that can only be spread by symptomatic patients because it is easier to quarantine the symptomatic patients. In fact, with this aspect, it can be mentioned that SARS-CoV-2 has some features of all diseases encountered in the 21st century which makes it a ''powerful'' virus as a result of the elimination of the disadvantageous features of epidemic-causing viruses.

It is obvious that there is no guarantee in this case that discoveries of these various study programs and institutes such as new viruses and epidemic disease-causing microorganisms will not be used in a way that threaten human health and biosecurity. It is likely that a crime that will endanger the health and biosafety of all people has been committed, as the number of bio-laboratories, which are increasing day by day in terms of the number. results in people involuntarily spreading the disease and from that point of view, the society is also faced with the fact that it becomes very vulnerable and immune to the disease. Basically, it is an invaluable opportunity for the virus not to show full fatal qualities and to reach this virus to more people (and make the rate of infectiousness higher). It can be concluded that the person (s) who may have committed these crimes have produced a superior and advanced version of every single infectious disease that affect people in 21st century using the most prominent features.

Assuming that this disease is produced and deliberately spread to the human race by the Perpetrators who may be the citizens of Part States, the terms of conviction will have been fulfilled for this crime. With this epidemic, human health has been compromised without a doubt. Perhaps, viruses with a high risk of mutation and delay the availability of medication and vaccine therapy have been selected specifically for this purpose. If this COVID-19 is something produced in the laboratory, this shows that COVID-19 is just an experiment, after that, very serious diseases may await humanity. There are various conspiracy theories in this regard. I do not rely heavily on conspiracy theories, but I can say that especially the discussions on vaccination (whether the vaccine is sufficient or not) need to be analysed in a very different way.

Now the IMF and the World Bank should pay close attention to this, this is my separate and important concern, as far as I can see, the economic powers rising from the east India-China-Korea-Japan and the economic powers rising from South America, such as Mexico-Brazil-Argentina, seem to have forced the economy of the West very hard. These states are now heading for leadership in issues such as technological products, smart cities, smart technology and artificial intelligence. For this reason, arms and similar industries remain as the economic power of the West. In this case, in my opinion, the world economy is so jammed and the issues are so narrow that mankind itself has become an element of economic security. This is an ambitious discourse, but clearly, two years ago Bill Gates had predicted this would happen. A movie was shot two years ago that this disease could spread in Korea. So, there are two possibilities, Either this work was previously organized, or what we call the future is actually the past of humanity. More attention needs to be paid to the first idea, because the second is absurd. But the important thing is that other measures need to be taken after that. Because people's health-related security measures have become economic security measures directly. So, if you are aware, economic security has collapsed with this pandemic. As a matter of fact, the most important reason for the protests in America is that COVID-19 has led people to be used like an economic currency, so this hard reality must be known. Now, the IMF and the World Bank must take necessary precautions to deal with problems such as pandemic, zoonotic diseases, problems with melting glaciers at the poles. Obviously, if these measures are not taken, the World Bank will lose its functionality regarding to prepare the balanced development of international trade for member states to reach full employment and high growth rate.

4.     Has capitalism been damaged by all this?

Although Governments have taken some economic measures against the Corona Virus Pandemic, investors believe that these economic measures cannot prevent the decline in economic growth since the financial markets are unusually sensitive to fluctuating medical and political developments. Many central banks lowered their interest rates in order to change this attitude of investors and create assurance. The main purpose of this attitude is seen as reviving the investor movements to revive the economy by reducing the loan costs received from banks, whereas the chaotic situation created by the crisis environment in the short term prevented this result from realizing. Even in the first months of the epidemic such as February and March, dramatic declines have occurred in the countries' GDPs and equity markets.

Moreover, protests after the death of George Floyd in America turned into mass demonstrations across the country. I do not think that the reason for this was only racial discrimination, the majority of the demonstrators were already white. In my opinion, as a result of the economy downturn after the COVID-19 outbreak, it made people even more impoverished. They were already have financial difficulties. Unemployment rate and poverty rate increased in this period. With this unemployment and impoverishment, it has now turned into a mass reaction. Even if the Government makes donations and aids to these people from now on, these donations and aids are very limited. Some rich people also help them, but the idea in the mind of the demonstrators are that, they are in an economically difficult position because the wealthy people have unfairly earned so much. In short, I think these people want economic freedom. This is also true in terms of safety and health, because when it is examined, it is seen that at least fifteen thousand poor people died in New York who are poor people considered as ‘’homeless’’ and basically have no food and money.

5.     Humanity is in great danger

Unfortunately, many healthcare workers died in this pandemic. In the future, when there is a similar pandemic, we may not be able to see so many healthcare workers. The precautions and salaries of the employees in the health sector should be upgraded to the level carrying this risk, IMF and the World Bank should take this into consideration.

Apart from that, trying to reduce the population of humanity with epidemics, diseases or other things is not a solution. This is really bad and terrible situation. Instead, it should be ensured that humanity lives in better conditions by giving importance to space studies. Important steps can be taken by producing spacecraft instead of arms. In this regard, transforming arms factories into space laboratories would be a very correct move. The important part is that the IMF and the World Bank's incentives also will play a serious role. Now people have to discover other worlds to live. Otherwise, people will start using the others as an economic instrument. So clearly, after a while, humanity will be able to become the material of the IMF and the World Bank. There is no greater concern than that. I hope that solutions will be produced for these in a short time.

Today, the Earth and future generations need your support. Thanks to this application and this complaint of mine, it will be possible to take necessary measures/precautions for future generations. That is why, I urge you to support this rightful case by providing the acceptance of my complaint before the ICC and by initiating a prosecution process which may help determining the perpetrators of the crime that is deemed as a crime against humanity and taking necessary actions to take necessary measures for preventing similar epidemics and pandemic that may occur in the future. Please be aware that the Prosecutor is entitled to initiate an investigation in accordance with the Article 15/1 of the Rome Statute. It should not be forgotten that it is possible in terms of ICC's jurisdiction to investigate this epidemic and pandemic in detail and to determine possible perpetrators. And in this part, I believe IMF have important duties.

I have narrated my opinion, analyzing and approach about the recent epidemic and pandemic story, how it happened, how growing, the effects on the societies as well as the governments, our recommendation and advices in relation to IMF.

I have also mentioned about my evaluation concerning the experimental role of WHO the World Health Organization how it is observed, and how it is supposed to be in future to function his own mission properly.

I hope this study will serve to your expectations.

Please do not hesitate to contact me back if you need any further clarification and or any additional information to be good to you.

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Sar?ibrahimo?lu Law Firm, is an independent full service law firm providing legal services to national and to international clients since 1976. Our expertise’s are company legislations, taxation, banking, energy, EPC contracts, competition as well as intellectual property law and labor law. We do have three headquarters in three major city of Turkey; Ankara, Istanbul and ?zmir with our bilingual Lawyers graduated also from the well known international law faculties. We do have strong relations with international institutions like IBRD, World Bank, Islamic Development Bank, Asia Development Bank etc.. We do have also working links with the diplomatic missions of many foreign countries in virtue of my being I am The Honorary General Consulate of Iceland and the board member of the Honorary Consuls Association of Turkey and The Ankara Representative of the Association.

We are also providing very competent consultancy services to the international companies who plan to make investment. Investment incentives, some sophisticated methods to reduce the costs and to secure for all legal aspects and jurisdictions. To follow all procedures timely and to take all measures need to be done. Market survey is also included during the evaluation period of the prospective investment.

There are number of national and international companies as our clients that we are providing regular services based on annual contracts. Among them there are major Embassies here in Turkey. We have been following all administrative and legal issues of the subject foreign diplomatic missions.

We do have also headquarters in Istanbul and ?zmir. We do have resident lawyers there also.

Irrelevant and relevant from our background and expertise and services offered professionally, we do have a remarkable hinterland and effective connections with many different organizations, associations, business life, public affairs, Governmental Organizations including Ministries and State Directorates.

In case you may need any help or assistance, professional or friendly, we are always at the disposal of you and your friends.

Dr. Yavuz Selim SARI?BRAH?MO?LU

Faculty of Political Sciences, Doctor of Public Law and Political Science

Board Member of Honorary Consulates Association

[1] https://tradingeconomics.com/united-states/unemployment-rate#:~:text=Unemployment%20Rate%20in%20the%20United,percent%20in%20May%20of%201953.

[2] https://www.imf.org/external/datamapper/LUR@WEO/OEMDC/ADVEC/WEOWORLD/USA

[3] https://moderndiplomacy.eu/2020/04/22/impact-of-covid-19-on-global-economy-structure/

[4] https://moderndiplomacy.eu/2020/04/22/impact-of-covid-19-on-global-economy-structure/