Former President Obama’s top economic advisor Economist Larry Summers proves with his critiques of the Biden stimuli and solution to inflation that our economy is not designed for the working class.
This economist shows why this system is for them and not us
Larry Summers has been warning that the stimulus, supply chain issues, and tariffs would result in inflation. He has been singing this song for years. A dead clock is always right twice a day. Inflation took a while to materialize—the reason is that there were no substantial shortages. Capitalists need a plausible excuse to raise prices in a manner that prevents a call for pitchforks to get back at them.
Summers have been giving them the path to fleece Americans for years legally. Well, the pandemic, supply chain problems, the Ukraine war, and the stimulus provided many excuses for our corporatocracy to pounce. And then journalists like Andrea Mitchell can remind the audience that Obama’s economist Larry Summers has warned us for some time. The circular protection scheme is used concurrently to indoctrinate and appease the masses.
It is important to remember that Representative Katie Porter pointed out conclusively that half of our current inflation is attributed to corporate gouging. More importantly, all the other reasons are corporate failures as well. I pointed this out as follows in one of my recent Substacks.
The sole cause of inflation is corporate greed, negligence, ineptitude, and false scarcity. The war in Ukraine and COVID are convenient excuses we have been trained to accept as fact.
There was never an oil shortage; it was always a false scarcity. That is why even though we virtually kept using the same amount, there were never gasoline stations without gasoline. They knew Americans had extra savings from not spending during the pandemic and from a stimulus. They did not allow Americans to keep that money. They used inflation to steal it, and it shows up in their profit margins. I explained that in an interview on the Muslim TV Network after one of their producers read one of my bogs incredulously.
The corporate class blames the pandemic for the supply-chain component of inflation. The truth is that they chose profit over economic security with a failed model known as just-in-time-inventory, which leaves no slack for hurricanes, political upheavals, pandemics, and the like. Please read this blog post I did with Professor/Economist Dr. Richard Wolf regarding the who and blame for inflation.
Larry Summers sings the same song as most of our indoctrinated economists do. Please listen to the entire clip. Any reasonable and logical listener would conclude the following.
- The working class is not allowed to have excess cash. Prices will rise to take it all. Supply and demand no longer matter. After all, we never had a shortage of petroleum, yet the prices climbed on false premises. We had a few bucks from the stimulus and our limited pandemic spending. And they made sure to take it.
- The corporatocracy is never to be told to stop gouging. Instead, the working class must pay the price with higher interest rates on loans and credit cards to convince them to stop raising prices. In other words, we either give our money to some corporatists who make products and services or to banksters. See how it works? Ultimately, the titans of our economy get it all.
We can change this. But it starts in the primaries. We must elect progressives who have not been indoctrinated into an economic system that is vicious towards most, even if in an antiseptic manner.
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