Richard Murphy:
“Let’s be blunt in that case about what they’re doing. In the face of a crisis that is massively beneficial to energy companies and which will richly reward banks, in both cases for doing nothing of any additional social value whatsoever, the central banks are trying to suck demand for goods and services, employment and so wage rises out of the economy. They will, in the process, harm those businesses that do actually employ people and add real value in the economy, into which category banks and profiteering energy supply companies conveniently do not fall.
In other words central bankers are intent on changing the allocation of reward in society, yet again. The shift will be away from workers and away from those employing people towards those who simply make gains on the basis of exploitation by sucking dry those who actually add value in the world in which we live.
This is rentier capitalism writ large in that case..” and “class warfare”.
Today inflation hit 11.7%.
— Zarah Sultana MP (@zarahsultana) June 22, 2022
Wages falling behind inflation means huge profits for the super-rich and a squeeze on ordinary people.
Workers are striking to protect the livelihoods of the vast majority. Labour's leadership should stand with them.
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