Inflation

The Truth About Cargill, The World’s Most Evil Company

November 3, 2022 Lee Camp, Mintpress News. Resistance Report Cargill, Corporatism, Food and Agriculture, Inflation

The biggest supervillains in the world are not human: they’re corporations. And one of those corporations owns nearly our entire food system. This year, food prices have soared and Americans are feeling it. For example, egg prices have doubled since last year to nearly $3 a dozen, which is especially difficult if you make your living as an egg-juggling busker down by the condemned jungle gym. But the supervillain companies that set those prices aren’t struggling at all. The largest one is Cargill. And this year, Cargill’s revenue jumped to a record $165 billion. That’s $30 billion more than the year before. Let’s learn a little more about Cargill. Known to friends as the evilest company in the world – and to enemies as even worse than that – Cargill Inc. is the biggest privately owned company in the U.S., and they own a large chunk of every portion of the food that ends up on your plate.

One In Three Americans Are Struggling: What If We United?

October 23, 2022 Lee Camp, Mintpress News. Resistance Report Class Struggle, Economic insecurity, Finance and the Economy, Inflation

If you’re having trouble making ends meet right now, you’re not alone. Nearly 52 million adults – about 1 in 4 – are having difficulty paying for usual household expenses, according to the most recent Census data, and, according to Monmouth polling, more than 4 in 10 Americans, 42 percent, “say they are struggling to remain where they are financially.” So let’s split the difference between those numbers and say one in three American adults say they’ve found it difficult to cover expenses or pay bills. Does that sound like a system that’s working well? Does that sound like a machine that is just humming along beautifully? Does that sound like citizens are living the American dream? This system is clearly not working for everyone and this is happening while rich-ass Congresspeople do next to nothing to help Americans.

The Fight Against Inflation Doesn’t Have To Be Rich-People Friendly

October 22, 2022 Sam Pizzigati, Inequality.org. Create! Class Struggle, Finance and the Economy, Inflation, Taxes

The world’s central bankers, almost without exception, are now busy swinging sledgehammers. Only whopping interest-rate hikes, they’re preaching, can pound down inflation’s rising prices. In the United States, the Federal Reserve has so far this year raised the nation’s benchmark interest rate by three points, something that hasn’t happened since the 1980s, and still more rate hikes, the Fed pledges, are coming. These interest-rate boosts, the central banker reasoning goes, will slow the economy, deflate consumer demand, and get prices shrinking. The downside? Federal Reserve chair Jerome Powell is readily acknowledging the hardships rate hikes are provoking. The slower growth and softer labor market rising rates make inevitable, Powell conceded this past August, “will also bring some pain to households and businesses.”

Thousands Protest Climate And Cost of Living Crises In The UK

October 5, 2022 Olivia Rosane, EcoWatch. Resist! climate crisis, Inflation, Protests, United Kingdom (UK)

Thousands of people across the UK took to the streets Saturday and Sunday to protest the climate and cost-of-living crises, which demonstrators linked to the country’s dependence on fossil fuels. Saturday’s protests were joined by thousands of people in major cities from London to Glasgow to Belfast, as the Press Association reported. On Sunday, 250 demonstrators from the group Just Stop Oil marched through London and blocked its Waterloo Bridge for the second day in a row, the group said. “I’m doing this for my son,” one demonstrator said as she was arrested Sunday. “The government’s inaction on climate change is a death sentence to us all. The United Nations has said we should have no new oil. Liz Truss wants to open 130 new oil licenses. That’s a death sentence to this planet.”

Belgian Left Launches ‘Fridays Of Rage’ Against Cost Of Living Crisis

October 4, 2022 People's Dispatch. Resist! Belgium, Inflation, Mass Action, Trade Union

Belgium - On Friday, September 30, the Workers Party of Belgium (PTB/PVDA) launched weekly protests called ‘Fridays of Rage’ (Vendredis de la Colère) against the government’s failure to tackle the ongoing cost of living crisis. Protests were held on Friday in the cities of Kortrijk and La Louvière with the call to bring down the prices of food, energy, and other essentials. Along with activists of the PTB/PVDA, cadres of youth and student groups like COMAC and RedFox took part in the protests. The protesters also demanded that the government tax the energy multinational that they say is benefiting from the crisis. More protests have been scheduled for October 7 in Liege, Saint Nicolas, and Genk, in Gare du Nord and Ghent on October 14, and in Namur and Antwerp on October 21.

Protests Erupt In Tunisia Over Rise In Prices Of Essential Commodities

September 29, 2022 People's Dispatch. Resist! Elections, Inflation, Mass Action, Tunisia

Hundreds of Tunisians marched on the streets of capital Tunis on Sunday, September 25, protesting against the rise in the prices of essential commodities in the country. Sporadic protests broke out in the evening in different parts of the city, as protesters criticized the failure of President Kais Saied’s government to address their economic hardships. The protesters carried loaves of bread and shouted slogans such as “where is sugar?” and “we can’t support crazy price rise!” They demanded improvements in living conditions and “jobs, freedom, and national dignity!” Some protesters, for example those in Mornag on the outskirts of the city, blocked roads and burnt tires in response to claims that one person had committed suicide due to state repression and economic concerns.

‘We’ve Incentivized Corporations To Go After This Price-Gouging Strategy’

September 27, 2022 Janine Jackson, Fairness and Accuracy in Reporting. Educate! Corporatism, Employment, Inflation, Wages

Janine Jackson: In a section labeled “Core of the matter,” the Economist declared: “Despite rosier figures, America still has an inflation problem. Is higher unemployment the only cure?” I guess we’re meant to find solace in the idea that the magazine thinks there might conceivably be other responses, in addition to what we are to understand is the proven one: purposely throwing people out of work, with all of the life-changing harms that come with that. CNBC‘s story, “Inflation Fears Spur Shoppers to Get an Early Jump on the Year-End Holidays,” encouraged us to think that “inflation is a Scrooge.” So—an abstraction that is somehow stealing Christmas, to which the healthy response is to make more people jobless while corporate profits soar. It makes sense to corporate media, but if it doesn’t make sense to you, you are far from alone.

The Good, the Bad, and the Ugly: The Inflation Reduction Act’s Effects on US Agriculture

September 20, 2022 NFFC. Educate! Finance and the Economy, Inflation, Inflation Reduction Act

The 2022 Inflation Reduction Act, passed on August 11, 2022, includes more than $370 billion in investments towards conservation, environmental, and agricultural programs. This landmark bill was heralded by President Joe Biden as “the most aggressive action ever…in confronting the climate crisis.” In a letter to House colleagues, Congresswoman Nancy Pelosi even proclaimed that the bill is “life-changing legislation”. The Inflation Reduction Act is certainly an important piece of legislation, with many far-reaching impacts on the US food and agriculture sector. Not all of these impacts are good, however, and some are downright ugly.

Protests Across Austria Demand Solution To Cost Of Living Crisis

September 19, 2022 People's Dispatch. Resist! Austria, Energy, Housing, Inflation, Unions

On Saturday, September 17, trade unions and other working class sections hit the streets across Austria protesting the government’s inefficiency in tackling the ongoing cost of living crisis. The protests called by the Austrian Trade Union Federation (OGB) saw the participation of various groups including the Party of Labor of Austria (PdA), Youth Front, Communist Youth of Austria (KJO), Communist Party of Austria (KPO), and Links, among others. Marches were held in cities in all federal States including Vienna, Eisenstadt, Bruck an der Mur, Salzburg, Innsbruck, Bregenz, Lower Austria, and Upper Austria. According to the organizers, over 30,000 people participated in the protests, with 20,000 people having marched in Vienna alone. The protesters called on the politicians to take concrete actions to tackle the current crisis.

The Fed’s Secret Plan To Suck Workers Dry

September 18, 2022 Lee Camp, Mintpress News. Resistance Report Capitalism, Federal Reserve, Finance and the Economy, Health Care, Inflation, Worker Rights and Jobs

We’re still getting over a pandemic. Healthcare costs are totally out of control. Everyone’s in debt and hates their job. The insects are disappearing, which feels like a bad sign. I have to watch a Jeff Bezos interview just to see bug eyes anymore. On top of all that, the bankers at the Federal Reserve have decided they’re going to make things way worse. As reported in Common Dreams, “Federal Reserve Chair Jerome Powell said… that the U.S. central bank is ready to inflict ‘pain’ on households as it continues to fight inflation, remarks that drew widespread backlash from experts who warned the Fed appears poised to spark a devastating recession and mass layoffs.” The Federal Reserve – the privately owned central bank of the U.S. – wants to screw us all some more. So the Fed claims it’s raising interest rates to fight inflation, but that isn’t why they’re doing it.

Economist Richard Wolff: Sanctions Against Russia, Inflation

September 14, 2022 Lowkey, Mintpress News. Resistance Report Finance and the Economy, Inflation, Russia, Sanctions

European countries, as well as the United States, continue to be imperiled by an economic crisis following the imposition of sanctions on Russia. The policy has backfired spectacularly and has had worse economic ramifications on those levying the sanctions, than those being sanctioned. In this week’s episode, Lowkey speaks to respected U.S. economist Dr. Richard Wolff, discussing the links between the war in Ukraine, inflation, and the class war at home. Before exploring the people’s definition of inflation, Dr. Wolff contextualizes the economic crisis currently unfolding across the West. In the conversation, Lowkey and Dr. Richard Wolff expose ways economic policy can be a code term for class war. They delve into the way the cost of enmity towards Russia is being placed on the shoulders of the working class in the West, which recently experienced one of the worst crashes of capitalism in its history.

Michael Hudson On Debt Relief, Inflation, Ukraine And More

September 11, 2022 Ben Norton, Multipolarista. Resistance Report China, Energy, Finance and the Economy, Inflation, Ukraine

This is Ben Norton of Multipolarista. I’m joined by one of my favorite guests today, the brilliant economist Michael Hudson. And there are a lot of things that we plan on talking about today. We’re going to address the partial student debt relief in the United States, and the problem of debt, which is something that Professor Hudson has written a lot about. We’re going to talk about the inflation crisis, and some of the history of responses to the inflation that we’ve seen in the US. For instance, I’m going to pick Professor Hudson’s brain about Richard Nixon’s response. Nixon imposed price controls and froze wages for the first time since World War Two. We’re also going to talk about the history of the Volcker shock, when Paul Volcker, who was the head of the Fed, raised interest rates to a level never seen before.

We In Appalachia Are Done With Being A Sacrifice Zone

September 9, 2022 Crystal Mello, Equation Campaign. Resist! Appalachia, Inflation, Inflation Reduction Act, Joe Manchin, Mountain Valley Pipeline

Appalachia won’t be thrown under the bus in a side deal to climate legislation. That’s why we’re going to the capital this week, for the “Appalachian Resistance Comes to DC“ rally, on September 8. Our message: we’re done with being a sacrifice zone. If you care about climate, you’ve got to care about us too. It’s the right thing to do. And it’s also the only way we can get better climate policies going forward. The wheelers and dealers who negotiated the Inflation Reduction Act need to work with those of us on the ground who lead this fight, rather than against us. The side deal proposed by Senator Joe Manchin includes the undermining of laws that protect us from the fossil fuel industry.

We’ve Effectively Taken A Pay Cut’: How Inflation Is Impacting Retail Workers

September 6, 2022 Anna Hensel, Modern Retail. Educate! Finance and the Economy, Inflation, Retail, Worker Rights and Jobs

At the beginning of the year, a West Coast Target-based worker was excited to hear they would be getting a raise. The worker — – who uses they/them pronouns — has worked in retail for about five years, and couldn’t recall getting a raise at any of the other companies they’ve worked at. Their excitement evaporated, however, when they learned the raise was only $0.15. Thanks to decades-high inflation, the worker is finding it harder and harder to get by on Target wages, even with a small raise. But they are no longer able to afford all of their groceries on EBT, as they previously were able to. Inflation is crushing workers across all industries.

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