Is this a fair understanding of the situation or not?

Yes, it absolutely is. They realized they fucked up when China was not affected by the 2008 crisis. After the 2011 “Occupy Wall Street”, they started to become desperate. They used biological warfare against China (coronavirus) to try to undermine its economy, and they didn’t expect that China would recover so quickly.

Now the bourgeoisie is using coronavirus politically to pressure the workers not to organize and control them.

I have evidence of all this, and I will publicly share more information about this in an article and fully cited with references in ProleWiki:Critique when I finish organizing some stuff first.

Just read this and see if they do not sound desperate:

America, under President Trump’s leadership, has finally awoken to the threat the Chinese Communist Party’s actions and the threat they pose to our very way of life. For decades, conventional wisdom in both U.S. political parties, the business community, academia, and media, has held that it was only a matter of time before China would become more liberal, first economically and, then, politically. The more we opened our markets to China, the thinking went, the more we invested capital in China, the more we trained PRC bureaucrats, scientists, engineers, and even military officers, the more China would become like us.
(…)
Let us be clear, the Chinese Communist Party is a Marxist-Leninist organization. The Party General Secretary Xi Jinping sees himself as Josef Stalin’s successor. In fact, as the journalist and former Australian government official John Garnaut has noted, the Chinese Communist Party is the last “ruling communist party that never split with Stalin, with the partial exception of North Korea.” Yes, Stalin – the man whose brutal dictatorship and disastrous policies killed roughly 20 million Russians and others through famine, forced collectivization, executions, and labor camps. As interpreted and practiced by Lenin, Stalin, and Mao, communism is a totalitarian ideology.

This is the fucking White House speaking. They are fucking nuts to literally acknowledge a communist threat in that manner. They seem to not understand the own theory they use for propaganda against workers; if the enemy is more stable and cooperative than you, you become the enemy. They don’t understand their own history.

The bourgeoisie dominated Nazi Germany through mass privatization. The end of the Second World War, won by the Soviets, made A LOT of communist parties around the world to “dangerously” grow. The United States then started to build a massive propaganda campaign to promote the idea that “the US” won the war. Then the Khruschevite capitalist infiltration divided all communist parties in the world.

They are mentioning China and Stalin as horrible things, but China will develop its productive forces, its commodities will become cheaper and cheaper due to automation and less workers needed, and the capitalist mode of production won’t be able to compete with the increasingly socialist China. This means China will become the future, and everything associated with that nation, including all the Cold War propaganda produced by the US, will be seen in a positive manner. By publicly acknowledging and denouncing China, publicly mentioning marxism-leninism, they are digging their own grave. For instance, the anti-China rhetoric has been associated with Trump, which is bound to become a very hated historical character.

Capitalism is already a reactionary mode of production, because we already have the technology for automation and less working hours, but the capitalists CANNOT innovate their mass production unless they want to cause a massive economic crisis, which would mean more unemployed because of automation, or in another words, 1929 all over again.

There’s a massive global crisis about to hit, and I sadly don’t think the revolutionary parties in the world are up to the task at the moment, but that could change through time. Workers need to organize urgently, and educate themselves before it’s too late, otherwise our propaganda work will probably be done through internet monopolies (Twitter, YouTube, Facebook, etc.), and we all know how hard it is to do that on the internet because of bourgeois domination of the means of communication (i.e. Reddit deletes our resources)

When the productive forces, especially of China, reach a certain level, where goods are sold for a lower value than in capitalist countries, this will produce a yet-to-come capitalist crisis which will globally affect all countries. One proposed “way out” that the capitalists are promoting is Universal Basic Income. I, however, still have no idea how that one will play out.