Inflation is simply industry raising prices
to make more profits- they give us a list of excuses
eg supply chains (only a small amount of UK gas and oil comes from Russia, a ban simply means buying some fuel from elsewhere, there is no reason that the price should go up)
covid policies
others are doing it, our costs are going up, so we have to put our prices up too
we shouldn’t believe what they say because of their obvious self interest.
the media gives lot of attention to the excuses and never point out it’s the decision of the >1% who are simply making more profit at the expense of smaller businesses and the consumer
Agreed. One solution is to privatize key industries. Which won't happen in the USA because capitalism is in charge, and it will not accept any diminution of its control. Period. As soon as someone suggests this idea, the airwaves will fill with cries of "Communism!". Which has become America's favorite epithet. In actuality, capitalism has become fascist. Another word we are not allowed to utter.
Dr. Wolf offers an overly simplistic explanation. At some point he says that it is fair to ask why employers are doing this now, as opposed to some time ago. Presumably the profit motive does not fluctuates. He then proceeded to offer no explanation why employers chose to get away with higher profits now.
Looking at the totality of evidence, it appears to me that the West is committing a suicide on multiple fronts. Who makes such decisions and why? Inflation is both a result of misguided decisions serving ultimately serving financial elites and a deliberate destruction of real economy. The system has done everything possible to reduce capacity to deliver real products, from disrupting supply chains, sabotage of processing plants, reduction of energy flows, to reduction of key supplies like fertilizers, etc. They have also reduced the number of workers through a variety of methods, COVID jabs not excluded. Yes, there are basic capitalist contradictions at work but they simply do not begin to explain what is really happening.