The Remdesivir COVID-19 Great Hope Drug Hoax?
On Wednesday, news about Gilead Sciences’ COVID-19 remdesivir drug under development sent the company’s stock price and overall US stock market soaring, the same for other equity markets.
Yet no evidence shows that the drug is effective in treating the coronavirus.
No matter. Establishment media reports hailed the experimental drug. “The stock market rallied after promising news about an antiviral drug,” the NYT reported.
The Washington Post headlined: “Hopes rise for experimental drug therapy for covid-19.”
WSJ: “Global Markets Follow US Stocks Higher…on promising news on a coronavirus treatment.”
CNN reported that the “FDA will reportedly authorize use of remdesivir for Covid-19 after trial shows ‘positive effect’ on recovery time.”
According to Bloomberg News, “Gilead’s CEO says over 50,000 remdesivir courses are ready to ship.”
Reuters reported “(t)he top US infectious disease official (Anthony Fauci) said Gilead Sciences Inc’s experimental antiviral drug remdesivir will become the standard of care for COVID-19 after early clinical trial results on Wednesday showed it helped patients recover more quickly from the illness caused by the coronavirus.”
Other establishment media reports were similar to the above — hailing an experimental drug that may prove ineffective or harmful to human health once more about it is known.
Reportedly, the FDA will authorize its use for emergency treatment of COVID-19 patients — even though according to developer Gilead Sciences:
The drug “has not yet been demonstrated to be safe or effective for the treatment of Covid-19.”
According to a “double-blind, placebo-controlled, multicenter, randomized” trial of remdesivir administered to 236 patients infected with COVID-19, published by the UK medical journal Lancet on Thursday, findings were “inconclusive.”
“The study has not shown a statistically significant finding that confirms a remdesivir treatment benefit of at least the minimally clinically important difference, nor has it ruled such a benefit out.”
While more extensive tests may show the drug to be effective, it “might actually do harm.”
Results of the study reported by the Lancet showed use of remdesivir failed to improve the overall condition of COVID-19 infected patients.
Nor did it reduce the presence of pathogens in their bloodstream.
Independent medical experts warned that the drug may be highly toxic and dangerous.
Yet it may be sold shortly to hospitals in the US and abroad for use on patients infected with COVID-19.
If serious side effects and numerous deaths follow, will surviving family members sue for damages?
Will US and other courts support or reject their claims?
In America’s profit-driven society, state and corporate interests matter over human health and welfare, the same true elsewhere in the West.
At this time, there is no known safe and effective treatment for coronavirus infections.
The dubious positive news about Gilead’s remdesivir drug may vanish in follow-up reports.
Of greatest concern is what’s likely to be longterm damage to Western and other global economies.
Mass unemployment and poverty are growing. In the US, millions of laid off workers lost healthcare benefits.
Soaring stock market prices at a time of economic collapse with longterm consequences for countless millions of people is surreal.
Conditions in the US are worse than any time since the Great Depression, economic collapse coming at record speed — the worst for ordinary Americans likely yet to come because of protracted hardships and little help from Washington.
US economic decline began in early 2020, weeks before social distancing, sheltering in place and lockdowns were instituted — downside revisions likely to show greater Q I weakness than initial reports.
Q II data when reported will likely show economic collapse.
Compared to pre-crisis census data that showed around half of US households are impoverished or bordering it, most Americans are now likely below the poverty line with unemployment at an unprecedented level and rising.
Economist John Williams explained that economic recovery “will be difficult and complicated,” especially for ordinary Americans now suffering from economic collapse.
Workers worldwide are affected, the International Labor Organization reporting that nearly half the global workforce is “in immediate danger of losing their livelihoods.”
Without work, there’s no income, and no way to get by for most people without humanitarian aid.
Countless numbers of small and medium-sized businesses in the US and elsewhere, along with some larger ones, that shut down may never reopen — jobs for their workers lost.
Dire economic conditions for countless numbers of ordinary people aren’t likely to end in the foreseeable future.
For them, protracted Depression is the new normal.
For millions of Americans and others in the West, conditions have been dismal since the 2008-09 Great Recession.
Now they’re worse with no end of misery in prospect.
Their future for them and countless numbers of others elsewhere is likely to be grim — monied interests benefitting at their expense.
A Final Comment
A new Axios/Ipsos poll showed 89% of Americans are either somewhat or extremely concerned about possible economic collapse because of what’s going on.
About three-fourths are fearful of reopening their communities too soon.
Around one-fourth said they know someone who tested positive for COVID-19.
Over 90% of respondents said they continue to practice social distancing.
Over two-thirds said they’re wearing masks in public.
In my Chicago condominium, all residents were instructed to wear one outside their apartments and to maintain social distancing.
It’s disheartening to be looked at in public like we’re typhoid Mary, even by people who know us.
Ipsos president Cliff Young noted that respondents are saying that “(w)hen you force one question over the other, health is still more important over the economy.”
He believes that view will change the longer economic hard times continue, likely so.
My two Wall Street books are timely reading:
“How Wall Street Fleeces America: Privatized Banking, Government Collusion, and Class War”
“Banker Occupation: Waging Financial War on Humanity”