TST 5/9/23 - Fed up with Greed: A New Red Scarcity

Inflation is blamed on everything from foreign countries and corporate greed to wage increases. Others blame billionaires for not paying their fair share. Consider what would happen though if all of Bill Gate’s money - $114 billion - was taken away… this would NOT even pay for the Ukrainian price tag, and its ridiculous. Few mention or realize though that since 2020 more than $6.5 trillion has been injected into the economy. From pandemic stimulus ($5 trillion) to the Inflation Reduction Act ($1.2), and hundreds of billions to Ukraine alone, these are the real cause of inflation. Then there is lack of faith in U.S. investments and currency, not to mention years of forced business closures and government handouts. Despite 40-year-high-inflation, the Bureau of Economic Analysis found that Corporate profits for 2021 were 37% higher with taxes factored in than at any point since those numbers were first tracked in 1948. Profits remained as high in 2022. Oil companies in particular made record profits in 2022 and in 2023 egg producers are also making record profits. Meanwhile, members of Congress constantly talk about ‘raising the debt ceiling’ to pay for the functioning of government. What they don’t say or don’t understand is that with the creation of even more money to pay these bills, i.e. inflation, will force the average person to pay a tax through higher prices, since the value/purchasing power of the current declines. All the calls for Billionaire to pay more neglect to take the Federal Reserve Act model into consideration; it was actually Bill Gates who lobbied Congress to pass the IRA, even though it was billed as making the wealthy pay more. It’s no different than bankers opposing the FRA. These talking points, as with ESG scores for corporations, provide the ultra-wealthy and powerful with moral licensing to continue real exploitation in the name of fairness and equality. In essence, businesses and banks are colluding with government - fascism - to create artificial and organic scarcity in order to consolidate wealth and power. Real capitalism apparently has never been tried.Become a supporter of this podcast: https://www.spreaker.com/podcast/tst-radio--5328407/support.