So that was a load of crap that doesn’t go into the causes of inflation. Here’s a brief summary of how inflation actually works:
Inflation is when the value of a good grows IN PROPORTION to the value of money. Yes, both things have value independent of each other, and as such, we can see supply driven inflation if a country’s currency is devalued with respect to other countries, as it makes it difficult to import feedstock.
There are two primary causes of inflation: supply driven inflation, and demand driven inflation. Supply driven inflation is when not enough goods are produced, as with covid supply chain disruptions. Demand driven inflation is when demand grows with respect to supply, as with using graphics cards to mine bitcoin.
It should be noted that even these are market forces caused by suppliers and consumers, suppliers and consumers themselves don’t directly set prices. The people who own the suppliers do. They must read and manipulate market conditions in order to get the most profit out of their product.
During covid, we have had supply driven inflation due to supply chain disruptions, and hoarding to a lesser degree. However, when these issues have been resolved, we haven’t witnessed prices going back to normal. This is because the bourgeois have successfully read and manipulated market conditions.
In a way, what the bourge has done is a variant of the application of the mass line. They saw that material conditions had forced consumers to acclimate to higher prices, making the conditions ripe for another price increase. So that’s what they did, then they sold it as the new normal.
TBC
I found a YouTube link in your post. Here are links to the same video on alternative frontends that protect your privacy:
This is brilliant! So few people get that. Also, polititians love to claim than public investments lead to inflation because of increasing state “dept”. This has been disproven and you’ll hardly find a serious economist claiming it since it’s much more complex than that and depends on the kind of investment and political rules of course. But by claiming this, the public seems even more dependant on the extremely rich, because they are the only ones capable of investing (and thus earning). And it’s a great argument for cutting any kind of social service. I think biden is a positive exception at the moment when it comes to this principle, but here in germany it is disastrous what the government does (and especially doesn’t do) because of austerity that is proven to be harmful so many times just to keep up this lie about inflation and public dept that our children would have to pay back (bullshit!).
