How does inflation work? I think we all know the answer to that question because we’ve internalized Monetary Theory as babies internalize breast milk. “Too many dollars chasing too few goods.” When the demand in an economy strongly outweighs the money supply, prices go up. Therefor money supply must be tight or we’ll have a nightmarish Weimar Republic situation
In order to avoid a loaf of bread costing a wheelbarrow full of Deutschmarks we’ve adopted a program of endless governmental “austerity” marked by pursuing low public “debt” and a dependably high rate of unemployment. When governments cut services and “debt” goes down it is “good news” for the “economy”.
But To paraphrase Malcom X, good news for the wolf, is bad news for the sheep.
Modern Monetary Theory is a better way to think about money. Listen to this Highlands Bunker Podcast and and read this Vox Explainer and start thinking about money, taxation and inflation in a whole new way.
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BUSINESS
On this date in 1958 United Auto Workers had some juice
The United Auto Workers (UAW) were prepared to vote on a new profit-sharing plan. This particular proposal was made by Walter P. Reuther. If this new profit-sharing plan were to take affect, workers would receive 25% of any profits over 10 percent above what companies make (net capital before taxes).