4.8 • 3.4K Ratings
🗓️ 29 July 2022
⏱️ 27 minutes
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Listen to the entire interview with Prof. Richard Wolff by subscribing to Guerrilla History on your preferred podcast app -- or find it here: https://guerrillahistory.libsyn.com/
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0:00.0 | So I'm really interested in helping people understand the current situation with inflation, |
0:04.8 | something you hear a lot, especially from conservative corners. This is all a product of |
0:09.8 | giving the pearls too much money during the pandemic and now they're spending lavishly and |
0:16.3 | that's causing inflation or whatever. They want to put the onus on the people. Can you tell us |
0:21.4 | what's really causing inflation and how corporations who aren't directly impacted by inflation |
0:26.4 | are using this as an opportunity to price gouge the American consumer? I want to jump in with |
0:32.2 | a follow up on that if we have time for this. So as you finish talking about inflation, |
0:38.9 | I'm going to again cite the Pat Nikes and they state that once you get hit a certain level of |
0:45.2 | inflation, the people will actually want to carry their form of wealth in commodities rather than |
0:51.2 | money and that this carrying of wealth and commodities rather than money is perhaps the biggest |
0:58.0 | risk to capitalism as a system in the short term. So as you finish up answering Brett's question, |
1:03.6 | I would just be curious as to your thoughts on that theory that's put forth by the Pat Nikes. |
1:08.8 | All right, let me do it this way. Let's assume for the moment that we have a government that |
1:17.1 | has given the working class a lot of money, the way the United States government boosted on |
1:22.4 | employment payments for a bunch of months during the worst of the pandemic, which is what a lot of |
1:28.4 | these conservative sites and the checks that were mailed out to Americans etc. So now we have a |
1:36.2 | public with much more money in their pocket than they had before because the government gave it to |
1:44.4 | okay. Now these people, everybody knows that this is going on, now these people put on their shirts |
1:52.8 | and pants and march directly to the nearest mall, they're going to spend the extra money that they |
2:03.6 | got. Now let's follow. What is the storekeeper, the owner operator, the employer of the |
2:12.7 | personnel at the store, what is his or her situation? I'm going to use the pronoun, |
2:19.2 | the male pronoun, but I understand the problems with doing so just for speed of communication. |
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