The social system in which we live is one big machine of parasitism. Its purpose is to perpetuate profits, whether that entails allowing a pandemic to take millions of lives, destroying entire countries, or sacrificing the biosphere. The danger this system creates for itself is that because it places profit above all else, it cultivates the circumstances for its own demise. A system that can’t stop consuming, exploiting, and accumulating is one that can’t sustain a sufficient social base.
“….Profits have declined too much for the bourgeoisie to be able to afford to bring back social democracy...”
By no means.
Labour productivity has risen basically uninterrupted for like a century. What’s not rising is labour compensation. So the value generated in this economic system is growing - and being accumulated and stashed away into inter generational wealth owned and offshored by the capitalist class. Piketty’s extensive study revealed that a while back-
In fact profits and pricing strength from so many oligopolies in this corrupt economy, are rising, and it is that ability to do this that is underlying the inflation that Jerome Powell keeps referring. Problem is Powell then claims the inflation is due to “strength of the labour market” ie wages. Which it isnt. It’s due to greed companies continually jacking up pricing and profits.
There is plenty of money for the entire population to live well. Main barrier is greed.
“….Profits have declined too much for the bourgeoisie to be able to afford to bring back social democracy...”
By no means.
Labour productivity has risen basically uninterrupted for like a century. What’s not rising is labour compensation. So the value generated in this economic system is growing - and being accumulated and stashed away into inter generational wealth owned and offshored by the capitalist class. Piketty’s extensive study revealed that a while back-
In fact profits and pricing strength from so many oligopolies in this corrupt economy, are rising, and it is that ability to do this that is underlying the inflation that Jerome Powell keeps referring. Problem is Powell then claims the inflation is due to “strength of the labour market” ie wages. Which it isnt. It’s due to greed companies continually jacking up pricing and profits.
There is plenty of money for the entire population to live well. Main barrier is greed.