Financial times and workers' power
The FT has published an excellent article Class war > rate hikes – which concludes with:
In other words, inflation will subside, not because it’s necessarily transitory, but because workers don’t have the power to make it stick around.
What surprises me is how openly this is discussed. Instead of the “the euthanasia of the rentier”, we got the death of labour – see the massive losses predicted by OECD below:
"The surge in commodity prices & possible disruptions to production will have significant consequences. The sharp rise in prices is already undermining purchasing power, which will force lower #income households to cut back on other items to pay for basic energy and food needs" pic.twitter.com/RLkT1UL9OT— Gregory Daco (@GregDaco) June 8, 2022