Inflation is not Biden’s fault and I’d argue what my wife threatens to put on my tombstone: that “it all started with Reagan.”
It all started in 1947 with the enactment of the Taft-Hartley anti-union legislation. The first of many successful efforts to roll back the New Deal for workers and their families. Anti anarchist and anti communist were covers for anti collective bargaining by workers. Labor organizers have been vilified for more than 200 years with these labels. Reagan only responded to the Powell memo in facilitating the movement of manufacturing out of the United States by making it official policy for the U.S. Commerce Department.
What has been different in Germany is that with the understanding that the Nazi rose to power in large part thanks to the support of the top industrialists and the Catholic Pope, enacted legislation referred to as co-determination which mandated works on the boards of companies. Workers are in it for the long run unlike the American CEO's and board members that only care about the next 90-days and how much loot they can take from worker pension funds.
As we are seeing with Kellogs the objective of the upper management is to give as little of the profits generated by the workers back to them in pay. There is the myth that the owners risk their capital and so are entitled to 90% of the income but the reality is that the funding is from hedge funds and banks that use the retirement and savings of workers to finance new factories and tooling.
If we lose the House, Senate or both (and I'm not so sure that's going to happen), I don't think corporate America is going to like all the time people will have to pursue other subjects. President Biden will be able to turn his focus to this subject instead of trying to woo the "yacht-meister" and the "fashionista". There's a thought, no one will even CARE about them for a while.
I have always said for a nation that grew-up playing Monopoly, it's apparent many of us failed to get the point. And on the subject of paper money, it's all Monopoly money with a little bluff thrown in.
I agree with YOU and Louise, because you know history and she knows you.
Not saying this well and with minimal financial understanding, don’t we have a debt based economy, and doesn’t that have us forever chasing profit in the first place? If that is true, I’m sure you have already written about it.