- cross-posted to:
- news@lemmy.world
- cross-posted to:
- news@lemmy.world
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.”
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Otherwise, we may be looking at the end of capitalism.
Don’t threaten me with a good time.
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.
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.
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.
but that’s all already happening anyways. it’s not a risk to changing things if it is a given in the status quo
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.
He’s literally complaining about capitalism while saying it might end capitalism. Fucking wild.
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.
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
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.
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.
I can’t wait for capitalism to end. Here’s a good video explaining it…
‘Why it’s a hard time imagine life after capitalism’ https://youtu.be/PaASqPnpq5Y
Next thing we know it they’ll be lying about shoplifting or something else that sends a little of they pain they’re causing us back home.
The shoplifting lie was posted yesterday I believe. Both are repeated articles that have just constantly been found to be true, but nobody has the energy to even be mad because we’re so busy trying to survive.
Not really sure what the tenor is of your reply but I would just say they steal a lot from us (shrinkflation, price-fixing, straight up lying about amount of product in unit, etc), people steal some of that back. Sunrise, sunset
straight up lying about amount of product in unit
Just saw an article this week that shoppers in Canada were purchasing things like cereal with tens of grams less than what they were paying for.
This has been public knowledge since the very first quarterly earnings call in the greedflation era.
No surprise there, really. Those corporations were posting record high profits… In an environment of “real” high inflation those companies don’t get to increase their profits and their margins like that. Yet most news publications lend then a microphone for them to spread their lies instead of calling their bullshit. It’s not inflation, it’s greed. Why would they want you to pay less instead of more? It’s not like capitalism was invented yesterday. It shouldn’t be a surprise to anyone.
economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed
An economist worth his salt should be considering. “Why didn’t this happen earlier?” Instead of being “shocked”.
We actually already know the answer to that. In a normal environment raising prices is something consumers are very sensitive to. But when there’s already inflation consumers are very bad at gauging what the new price should be. The corporations know this and have for some time. They were just waiting for a good moment to raise their prices.
They absolutely do get to increase their profits and margins like that. They did, and they will again.
Welcome to c a p i t a l i s m
Well, no shit. You don’t need a study to know a case of water going from $2 to $5 is greed, not inflation. People who made $70k a couple of years ago were considered “living a comfortable life” in a lot of parts of the country. Not anymore. It’s just ridiculous how we have to fight tooth and nail with these assholes who want to drain every last fucking penny we have for their fucking quarterly fucking profits.
Oh no, I’m so surprised. Such an unexpected turn of events. Flabbergasted I tell you.
Yea, this happens every single time there is any excuse to raise prices. My first time was when my country switched our currency from Kroon to Euro and everyone said that will not cause an increase in prices. About a year later everything was about 30% more expensive.
This is not new and nothing will be done to fix it would be my prediction from like the last 10 times this has happened.
Same in Portugal. A 100 escudo coin was actually quite similar to the 1 euro coin but it was worth half. In one year what costed 100 escudos was now 1 euro. A 100% price increase.
And so people say we gotta tighten our belts and work just a little harder. Like in the good old days. We don’t want any handouts, do we? Do it for our country.
I literally saw someone quote JFKs “ask not what your country can do for you” yesterday, opposing a raise of social security payouts here in Germany. A raise that was necessitated by the galloping inflation which is hitting poor families the hardest. Coupled with an unwillingness of corporate management to adequately pay their workers, i.e. pay the very people who are making stock indices rise to record heights.
People are stupid. Mark my words, we will have a fascist government again soon. Because it’s all the brown people’s fault, so they say. And the queers and the trannies and the intellectuals, so they must all be purged.
Never again, we used to say here. Well, we’re almost there.
I wish I lived in a country that raised social security payments to lift people out of poverty. Sadly, I live in the U.S. where, apparently, if you’re poor, it’s your fault.
May I offer a solution?
I prefer fire. I just want to start burning things.
Deep fryer.
The billionaires yearn for it!
We know, just goes to show how out of control these capitalist pigs truly are
No, but workers getting a $2 raise because unemployment rate is not high enough is the problem. /s
If this surprises you, you’re an idiot.
Perhaps, although a little harsh. Most people just don’t think that deeply about things.
The accepted narrative is that inflation happens when poor people get too much money.
Yes it’s obvious that there’s more going on if you think about it for a few moments, but no one does.
I guess one way it’s surprising is that, it takes a degree of coordination for this to happen. I mean you have some major international event that can trigger international economic consequences like some degree of inflation and then some genius thinks that since the public have been forced to swallow price rises across the board because of this, what if we just raise our prices some more and it will be assumed it’s for the same unavoidable cause. Okay, I get the scam, great. But, whether consumers believe the pretense or not and have sympathy or not, wouldn’t stop them going elsewhere if someone else didn’t come up with the same clever scheme or hasn’t launched it yet, and still has higher, but not extra high prices. Or maybe they do all see a great caper and jack up the prices at the same time, eventually, for the same greedy reasons, those businesses would want to take the other’s lunch if they could and would see the benefit of being at least just a little bit cheaper which is supposed to create a cycle that is the way capitalism supposedly works.
This doesn’t happen when you see monopolies or near monopolies. Supermarkets in Australia are in particular being talked about for price gouging and there’s an associated near duopoly between 2 dominant chains. In that context it’s definitely not very surprising. I’d bet that this particularly recent example of price spikes without adequate explanation are associated particularly with sectors where there is very little competition. The article was pay walled so I can’t tell if they’re referring specifically to prices for groceries or economy wide problems.
When 6 corporations owns 90% of the market it dosen’t require a great deal of coordination.
Exactly. The article is pay walled so I couldn’t get too specific since I don’t known it’s scope but my suggestion here is that it’s not complete naïveté not to have automatically assumed the war in Ukraine would lead to both actual inflationary pressure as well as cover for just plain old price gouging because that price gouging behavior on its own doesn’t make good business sense even hard nosed and cynically motivated, it requires both greed and concentrated ownership in cartels. Presumably we should see this greedflation happening unevenly in particular sectors where cartels or cartel like conditions have flourished.
Then that should lower the bar to prove collusion
I thought having a society was to avoid this kind of mad max landscape of unchecked greed. Evidently capitalism gets a pass to ruin even that idea.
Many companies are lying, period
Now that there’s a study that proves what we all already knew, there’s going to be real change
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