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The Socialist Program with Brian Becker

Inflation: A Capitalist Tool of Class War Against the Working Class

The Socialist Program with Brian Becker

The Socialist Program

Politics, News

4.7587 Ratings

🗓️ 20 July 2022

⏱️ 31 minutes

🧾️ Download transcript

Summary

On today's episode, Brian Becker and Prof. Richard  Wolff break down the real cause of inflation. Inflation is  rising prices, which is something the working class doesn't control.  Businesses—and the Fed when it raises prices for borrowers by increasing  interest rates—do control prices. Why do businesses do this since  inflation is bad for the economy? Can the government change this?

Professor Richard Wolff is an author &  co-founder of the organization Democracy at Work. You can find his work  at rdwolff.com.

Please make an urgently-needed contribution to The Socialist Program by joining our Patreon community at patreon.com/thesocialistprogram.  We rely on the generous support of our listeners to keep bringing you  consistent, high-quality shows. All Patreon donors of $5 a month or more  are invited to join the monthly Q&A seminar with Brian.

Transcript

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0:00.0

The inflation crisis continues to deepen as the pace of price increases picks up,

0:07.8

and workers find it harder and harder to afford the basic necessities of life.

0:13.3

But the Federal Reserve Board remains intent on hiking interest rates further,

0:19.3

possibly to induce a recession as they seek to stabilize the economy

0:23.9

at the expense of those who have already suffered so much.

0:29.8

We need a new system. We need a new society. We need to demand that which may have sounded

0:36.0

impossible even a few weeks ago, but is not only realizable, but an imperative necessity. Andy. We are excited to have Professor Richard Wolfe join us again for our regular weekly segment

1:10.4

where we talk about

1:11.2

the biggest stories related to the economy, the state of the working class, and the crimes of

1:16.8

big business. I'm your host, Brian Becker. The Socialist Program brings you content three days a

1:22.7

week thanks to the support of our patrons at patreon.com forward slash the socialist program.

1:29.3

We appreciate everyone's support and encourage you to become a patron today if you enjoy

1:34.7

listening to this show.

1:36.9

Richard Wolfe is the co-founder of the organization, Democracy at Work.

1:40.7

He's the author of many books, the latest being, The Sickness is the System,

1:45.2

when capitalism fails to save us from pandemics or itself. There's a new hard copy edition

1:51.3

of Professor Wolfe's book Understanding Marxism that's been recently released. It features a new

1:57.2

lengthy introduction, strengthening the case for why Marxism is worth understanding.

2:03.9

You can check out all of his work at R-D-Wolf.com.

2:07.2

That's R-D-W-O-L-F-F dot com.

2:11.2

Richard Wolfe, welcome back.

2:13.0

Thank you, Brian.

...

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