Inflation

‘World’s First Library Farm:’ Home To Gardens And Community Innovations

July 15, 2022 Chad Small, Resilience. Create! Community, Food and Agriculture, Food Sovereignty, Inflation, Innovation, Library

With food costs at near-record prices, the idea of growing your own food has never been so attractive. But food production requires space, and space can be a precious commodity — even a rarity — for people who live in urban areas. For decades, communities in cities around the U.S. have created urban farms and gardens. These spaces make use of empty lots to grow low-cost produce or flowers for communities. These urban farms are not always in high-profile or easily accessible places, however. But, what if your urban farm was in a central location? Perhaps your local library? The Cicero Branch of the Northern Onondaga Public Library (NOPL) in Upstate New York has explored precisely this question. In 2011, they created the Library Farm — partly the brainchild of Meg Backus, then the adult programming director and public relations coordinator.

Real Debt Trap: Sri Lanka Owes Vast Majority To West, Not China

July 14, 2022 Ben Norton, Multipolarista. Educate! China, Debt, Inflation, Sri Lanka

This July, Sri Lanka’s government was forced to resign, after hundreds of thousands of protesters stormed public buildings, setting some on fire, while also occupying the homes of the country’s leaders. The protests were driven by skyrocketing rates of inflation, as well as rampant corruption and widespread shortages of fuel, food, and medicine – a product of the country’s inability to pay for imports. In May, Sri Lanka defaulted on its debt. In June, it tried to negotiate another structural adjustment program with the US-dominated International Monetary Fund (IMF). This would have been Sri Lanka’s 17th IMF bailout, but the talks ended without a deal. By July, Sri Lankan Prime Minister Ranil Wickremesinghe publicly admitted that his government was “bankrupt.”

After Ecuadorians, Panamanians Say No More Pillaging

July 11, 2022 Gustavo A. Maranges, Resumen English. Resist! Inflation, Mass Action, Neoliberalism, Panama

The situation in Panama is becoming increasingly tense as more people join in what has become a permanent strike expressed in street protests. During the last few weeks, there have been several strikes in the transportation sector, especially in agricultural transportation, but the government has not offered any solutions to the demands so far. The lack of response has generated growing discontent, and since last Thursday, teachers have joined the transport workers declaring a permanent strike, paralyzing a large part of the country’s economic activity.

Thousands Of Portuguese Workers Rally Against Inflation

July 11, 2022 Fight Back News. Resist! Inflation, Mass Action, Portugal, Worker Rights and Jobs

Lisbon, Portugal - Thousands of Portuguese workers marched July 7 to condemn inflation and stagnant wages. People traveled from across the country to gather in Lisbon, the capital city of Portugal. Many traveled by train from Porto, the biggest city in the northern region of Portugal, where the train departed from Campanhã Train Station with around 800 protesters aboard. The thousands converged on Marqués de Pombal Park in Lisbon then marched to the Portuguese parliament.

Inflation And Your Next Union Contract

July 10, 2022 Samir Sonti, Select. Organize! Finance and the Economy, Inflation, Unions, Worker Rights and Jobs

We can’t predict what is to come, but the evidence from the past year hasn’t been good for workers. The Consumer Price Index rose by more than 8 percent, its fastest pace in 40 years. Essential expenses like housing, food, and gas have climbed especially fast. Despite all the talk of labor shortages and a tight job market, wages have not kept pace with the cost of living. Since April 2021, inflation-adjusted hourly earnings have fallen by more than 2 percent. Any stimulus savings that people had accrued have largely dried up by now, and there is currently no plan for federal relief for working people facing the affordability crisis posed by historic inflation rates.

Dutch Farmer Protests Inspire More Actions Amid Food Shortages

July 8, 2022 Margaret Flowers, Popular Resistance. Resist! climate crisis, Farmers, Food and Agriculture, Inflation

Dutch farmers are blocking roads, airports and food distribution centers in an effort to shut their country down. These actions are in response to climate laws designed to lower nitrogen levels that will result in putting farms out of business and underscore why addressing the climate crisis requires a just transition for displaced workers. Farmers want the government to know that without farmers, there won't be food. The protests are now spreading to more countries. They are occurring as inflation hit double digits in June, especially for food and fuel, and food shortages are expected this fall.

Spanish Lawmaker: NATO Subordinates Europe To US

July 5, 2022 Benjamin Norton, Multipolarista. Educate! Austerity, China, Inflation, NATO, Spain, Wars and Militarism

A Spanish lawmaker has condemned the NATO summit that was held in Madrid this June, denouncing the US-led military alliance for advocating for more war and pushing to enrich the weapons industry while Europeans suffer from inflation and an energy crisis. On the floor of Spain’s parliament, leftist Deputy Gerardo Pisarello argued that “the NATO summit was not organized to strengthen the cause of peace,” but rather “was organized basically to reinforce the geostrategic priorities of the United States… above all to weaken China.”

Economist Michael Hudson On Inflation And Fed Plan To Cut Wages

July 1, 2022 Ben Norton, Multipolarista. Resistance Report Class Struggle, Depression, Finance and the Economy, Inflation

Hey, everyone, this is Ben Norton, and you are watching or listening to the Multipolarista podcast. I am always privileged to be joined by one of my favorite guests, Michael Hudson, one of the greatest economists living today. We’re going to be talking about the inflation crisis. This is a crisis around the world, but especially in the United States, where inflation has been at over 8%. And it has caused a lot of political problems. It’s very likely going to cause the defeat, among other factors, of the Democrats in the mid-term elections in November. And we’ve seen that the response of the US government and top economists in the United States is basically to blame inflation on wages, on low levels of unemployment and on working people.

Ecuador: Indigenous Groups Lead National Rebellion Over Inflation

June 30, 2022 Abayomi Azikiwe, Popular Resistance. Resist! Colombia, Ecuador, Inflation, Neoliberalism

An alliance of Indigenous organizations in Ecuador have held daily demonstrations after sharp increases in the costs for fuel and food. The Confederation of Indigenous Nationalities of Ecuador (CONAIE) began their general strike actions on June 13 after huge price hikes crippled the capacity of rural and urban communities to access transportation and food for their households. In response to the demonstrations and an assortment of other forms of resistance, President Guillermo Lasso has declared a state of emergency in several provinces of the South American state. The order reads in part that: "To declare a state of exception due to serious internal commotion in the provinces of Azuay (south), Imbabura (north), Sucumbios (east) and Orellana (east).”

British Rail Workers Lead Fight Against Cost Of Living Crisis

June 26, 2022 People's Dispatch. Resist! Inflation, United Kingdom (UK), Worker Rights, Working Class

As working class sections and low income households in the UK are suffering from the ongoing cost of living crisis, rail workers are organizing a massive mobilization against proposed austerity measures and job cuts. Over 50,000 rail workers of 13 train operating companies and the London Tube began a strike action on Tuesday, June 21, under the leadership of the National Union of Rail, Maritime and Transport Workers (RMT) demanding higher wages at par with the soaring inflation and protesting against the job cuts that will result from the austerity policies proposed by the authorities. The strike continued on Thursday, June 23, and the workers will again go on strike on Saturday, June 25.

We Need To Build The Architecture Of Our Future

June 24, 2022 Vijay Prashad, Tricontinental: Institute for Social Research. Educate! Enregy, Food and Agriculture, Global Economy, Inflation

In April 2022, the United Nations established the Global Crisis Response Group on Food, Energy, and Finance. This group is tracking the three major crises of food inflation, fuel inflation, and financial distress. Their second briefing, released on 8 June 2022, noted that, after two years of the COVID-19 pandemic: the world economy has been left in a fragile state. Today, 60 per cent of workers have lower real incomes than before the pandemic; 60 per cent of the poorest countries are in debt distress or at high risk of it; developing countries miss $1.2 trillion per year to fill the social protection gap; and $4.3 trillion is needed per year – more money than ever before – to meet the Sustainable Development Goals (SDGs). This is a perfectly reasonable description of the distressing global situation, and things are likely to get worse.

Brussels At Near-Standstill As Cost-Of-Living March Draws 70,000

June 21, 2022 Reuters. Resist! Austerity, Belgium, Brussels, Inflation

Around 70,000 Belgian workers marched through Brussels on Monday demanding government action to tackle sharply rising living costs, as one-day strikes at Brussels Airport and on local transport networks nationwide brought public travel to a near-halt. Protesters carried flags and banners reading "More respect, higher wages" and "End excise duty", while some set off flares. Some demanded the government do more, others said employers needed to improve pay and working conditions. Unions said about 80,000 were present. Police put the figure at 70,000. Brussels Airport said it could not allow passenger flights to depart because the industrial action extended to security personnel, and most arrivals were also cancelled.

Three Anti-Inflation Alternatives To Raising Interest Rates

June 16, 2022 Richard D. Wolff, In These Times. Create! Capitalism, Finance and the Economy, Inflation, Socialization

A deafening silence defines “debates” among U.S. leaders about stopping or slowing today’s inflation. Alternatives to the Federal Reserve’s raising of interest rates and curtailing money supply growth are ignored. It’s as if there were no other ways to rein in price increases except to add more interest costs to the already excess debts of workers and small and medium businesses. Were the last two and a half years of the deadly Covid-19 pandemic, plus the economic crash of 2020, not sufficient enough burdens on Americans without piling on the additional burden of inflation that has been imposed by U.S. capitalism? As usual, the profit-driven concerns of big business and their result — a remarkably selective historical amnesia — fuel the silence about alternative anti-inflation policies.

Prices For Workers Rise By More Than 9%

June 13, 2022 Masao Suzuki, Fight Back News. Educate! Finance and the Economy, Inflation, Wages, Worker Rights and Jobs

San José, California - On Friday, June 10, the Bureau of Labor Statistics reported that prices for workers’ families, the so-called Consumer Price Index-Wage or CPI-W rose by 9.3% as compared to prices a year ago. This rate of inflation is near a 40-year high, only exceeded by the 9.4% increase in March. The last time that prices rose so quickly was in November of 1981. The headline number that the corporate media reported was a smaller 8.6%. This was the number for the CPI-Urban or CPI-U that includes households with managers and professionals as well as wage workers. The CPI-W inflation is higher than the CPI-U because the CPI-W puts more weight on the prices of food and transportation that have been bedeviling working families. Food prices are up more than 10% over the past year while gasoline is up almost 50%.

Ominous Economic Distress In India: No Buying Power, No Jobs, Rising Prices

June 8, 2022 Subodh Varma, People's Dispatch. Educate! India, Inflation, Jobs, Neoliberalism

Recently released estimates of India’s economic output show that people are not spending enough. The only reason this can be is because they do not have sufficient income, and their buying power is limited. On the other hand, prices of all essential commodities are increasing at a disturbingly high rate. This will further restrict spending. Industrial production has grown at snail’s pace, and with people not having enough to spend, demand will continue to be low and industrial output too will languish. Bank credit for large industries is growing very slowly. So, prospects of any check on raging unemployment continue to be bleak because there is unlikely to be a fresh investment that would create jobs.

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