It's Wednesday and I am flat out finishing things today as I am off to…
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Philip Loewe should resign in disgrace:
“If wage increases become common in the 4-5 per cent range, then it is going to be harder to return inflation to 2.5 per cent,” he said in a speech to the American Chamber of Commerce in Australia on Tuesday.
“I was complaining when they started with a two, I hope I don’t get into an environment where I’m complaining they have a five in front of them.”
Utterly disgraceful.
Every time there is a discussion regarding inflation and wages, there is always talk of “wages push”, whether its by government officials, bureaucrats, businessmen, economists, journalists.
Never is there any talk of “profits push”. We are all conditioned to think in terms of “wages push”.
If any conversation needs to be developed, it is one that puts “profits push” in the spotlight.
1800 or more years ago it was known that crop failures cause inflation in food prices. The effect is mentioned in the New Testament. IIRC, “50 shekles for a ____ of grain.”
IIRC and I’m sure I do, in the 70s there was also a drought in the US that increased food prices. Yet, few if any economists include this as part of the reason for the inflation of the 70s.
Today neoliberalism ignores this effect. So, today, the MSM doesn’t talk about the current drought causing food prices to increase. They talk about the war in Ukraine, but not the drought.
BTW, food riots have already started in a few nations. They will get worse and spread. This is because there is no solution. The world is populated beyond the carrying capacity of nature to absorb the negative effects of human actions. The pop. will fall a lot sometime in the next 50 years, maybe in the next 5 years.
.
Philip Loewe should resign in disgrace:
“If wage increases become common in the 4-5 per cent range, then it is going to be harder to return inflation to 2.5 per cent,” he said in a speech to the American Chamber of Commerce in Australia on Tuesday.
“I was complaining when they started with a two, I hope I don’t get into an environment where I’m complaining they have a five in front of them.”
Utterly disgraceful.
Every time there is a discussion regarding inflation and wages, there is always talk of “wages push”, whether its by government officials, bureaucrats, businessmen, economists, journalists.
Never is there any talk of “profits push”. We are all conditioned to think in terms of “wages push”.
If any conversation needs to be developed, it is one that puts “profits push” in the spotlight.
1800 or more years ago it was known that crop failures cause inflation in food prices. The effect is mentioned in the New Testament. IIRC, “50 shekles for a ____ of grain.”
IIRC and I’m sure I do, in the 70s there was also a drought in the US that increased food prices. Yet, few if any economists include this as part of the reason for the inflation of the 70s.
Today neoliberalism ignores this effect. So, today, the MSM doesn’t talk about the current drought causing food prices to increase. They talk about the war in Ukraine, but not the drought.
BTW, food riots have already started in a few nations. They will get worse and spread. This is because there is no solution. The world is populated beyond the carrying capacity of nature to absorb the negative effects of human actions. The pop. will fall a lot sometime in the next 50 years, maybe in the next 5 years.
.