Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.

In April, Société Générale economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed in his four decades working in finance. He said companies were using the war in Ukraine as an excuse to hike prices in search of profits.

“The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,” Edwards wrote. “This is a big issue for policymakers that simply cannot be ignored any longer.”

  • Ashyr@sh.itjust.works
    1862·
    1 year ago

    Otherwise, we may be looking at the end of capitalism.

    Don’t threaten me with a good time.

    • AllonzeeLV@lemmy.world
      832·
      1 year ago

      Seriously, promise?

      I and my family will take the painful collapse and rebuild, because at least that provides hope for a better future, unlike today’s path.

      Living under the tyranny of the greed class is just pain by design. Pain in generational perpetuity.

      • SkyeStarfall@lemmy.blahaj.zone
        17·
        1 year ago

        Yeah, seriously. The path is so obvious and linear for society today due to that. I feel like it just gets easier to predict the future, from axioms such as “the rich are powerful and will always try to expand their influence and cement their rule”.

        It’s easy to see that climate change will never be solved for as long as something big doesn’t change, wealth inequality will keep rising, it will just keep being more and more expensive to live and own things, working conditions won’t improve or may even worsen, automation will put out more and more people out of a job, creating a massive crisis, poor countries will get worse leading to wars or other crises, and ever more commercialization of everything, such as art and hobbies.

        At least, unless it collapses/a revolution happens.

        • Daft_ish@lemmy.world
          91·
          1 year ago

          This is all a bit optimistic. The collapse of society will have a measurable human toll and may seal the deal on the chance of a better future. Very optimistic to think the resulting power struggle will result in anyone other than a dictator taking power.

          • Uranium3006@kbin.social
            1·
            1 year ago

            but that’s all already happening anyways. it’s not a risk to changing things if it is a given in the status quo

      • Nonameuser678@aussie.zone
        11·
        1 year ago

        We’ve had political, social and economic revolutions before without shit collapsing. Lots of death and destruction though generally. People don’t give up power easily unfortunately.

    • Zorque@kbin.social
      313·
      1 year ago

      He’s literally complaining about capitalism while saying it might end capitalism. Fucking wild.

      • oce 🐆@jlai.lu
        12·
        1 year ago

        He’s an economist at one of the worlds top financial company, of course he considers capitalism has some good and wants to preserve it.

        • Uranium3006@kbin.social
          23·
          1 year ago

          it’s telling how capitalists are worrying they’re fucking us too hard and might blow up the whole system in the process. their own stability in massive wealth and inequality would be safer if they’d back off a little but they can’t help themselves

          • Instigate@aussie.zone
            7·
            1 year ago

            I feel as though there’s a lot of one-upmanship in the capitalist class that prevents them from working in their own long-term best interest, coupled with a sense of infallible invincibility. Many capitalists believe they have what they have because they deserve it, and any moves to redistribute wealth that would maintain the status quo become untenable because of that constant drive to have more than your neighbour.

      • psycho_driver@lemmy.world
        9·
        1 year ago

        He’s literally complaining about capitalism while saying it might end capitalism. Fucking wild.

        Capitalism could work with very strong governmental oversight. You have the hustle and means to get filthy rich? Good for you. You want to get filthy rich x 10,000? Get fucked.