Inflation is the major instigator of unacceptable inequality in our world system. Granted, there are no two things that are really equal, in the sense of identity, unless of course we import some kind of mathematical abstraction into the picture, like freezing time. In reality, even an individual is not equal to herself, given the elapse of time. Hence, one can conclude; in life, ‘equality’ in its absolute sense is an absurdity. Even heuristically one can see there are no two things that are equal or identical, though they can be undeniably similar. Once we clear this philosophical hurdle, we can talk about social inequality in late modernity. It is the social inequality that is not ‘deserved’ that has become unacceptable, as it is superficially and maliciously derived from the manipulation of the existing economic/financial/judiciary, etc. order!
The existing criminal inflationary regime is being called to question, in one form or another, all over the world. We say criminal, because it is done intentionally by the power that be, i.e., at the behest of the state and its collaborators in crime. We will attempt an explanation. All nation-states in the world system work on a planning model of annual budgeting, thereby dictating all economic activities of the nation, either directly or indirectly. Most importantly, the market is influenced by this government diktat, even in the most bombastically capitalist countries of the world, like the US, etc. This government budget is predicated on forecasted government revenues, (taxes, fees, duties, privatizations, etc.), which always fall short of the desired goal. How does the government fill this budgetary gap? You guessed it; the government covers this shortfall by literally printing money out of thin air. On the other hand, the sheeple (human mass) that comprises of the working stiff has to earn every penny from its labor, physical or mental, while the government takes advantage of its power and systemically dilutes the purchasing power of the currencies by irresponsible printing. It is this callus undermining of the labor value at the expense of unearned income/wealth that has caused and continues to cause unacceptable inequality all over the world!
By the same token, the global system encourages the private sector to become highly dependent on bank credit. What are bank credits? If truth be told, bank credit is money that is created, again, out of thin air, so that it can be lent out to corporations, consumers, etc. to generate interest income for banks. The deposits the bank take from depositors is a minute fraction of the money they actually lend out. This massive money that is lent out to the connected/cronies again dilutes the hard earned money of the sheeple, as the on-going credit creation is always far and beyond what the real economy requires for productive circulation. These excessive bank credits facilitate mal-investment, speculation and outright corruption. The inflation thus generated, directly leads to unacceptable inequality. We will look at a concrete example. Thirty years ago, one US dollar was equivalent to two Ethiopian Birr. Today, the largest denomination we have is the 200 birr note, which is only equivalent to about 6 US dollar. At the same time, the USD dollar itself has lost plenty of its purchasing power, compared to other non-fiat stores of values, like precious metals (silver, gold, etc.) What does this means? For someone employed, say by the government, (teachers, soldiers, nurses, etc.) or small traders/growers, etc., cost of living has become unbearable. While the bank-government connected cronies make plenty of money without lifting a finger! See the articles next page and on page 42 & 50.
There are indications to suggest that global dominant interests might be willing to yield some of their privileges to save the existing global regime from collapse. For instance, there is serious talk amongst the thinking elites of the ruling community about setting up accounts for each and every citizen with their respective central banks. This attitude sounds more like what was once called; ‘enlightened self-interest’. This will allow the government to directly deposit/subsidize the income of the working poor or the non-working poor, without going through intermediaries (read commercial banks) using digital currency. At the same time and to control inflation, bank credit might be significantly curtailed to the connected (read the parasitic class and their Corp.). After all, many of the companies/corporations operating globally are highly dependent on bank credit and the equity market. If credit is taken away from these entities or if they are delisted from the stock market, they won’t survive a day. Many companies are in fact just ‘unicorns’ or zombie companies. It is because of the abundance of easy/free money the world is saturated with overproduction and oversupply of services. If trouble is brewing in sectors mostly catering for the global elites (the luxury sector) there won’t be much of a burning on the streets. For example, the travel industry (air travel, hotels, taxis, etc.) doesn’t cater for the large majority of the world’s population on a regular basis, hence can be systemically restricted without much noise, so long as the workers are subsidized for their loss of employment by the likes of the above schema. Banks and banksters, just like the travel industry, can also be systemically undermined by regulatory legislations without much societal inconvenience; ditto other sectors catering for the parasitic class!
Perceptive observers can see the ‘No Justice No Peace’ slogan is not only for the BLM (Black Lives matter) crowd. It also appeals to most of the working/non-working poor. That is why it has managed to galvanize a significant portion of the US sheeple. The world is in visible transition, whether the transition will be chaotic or more subdued is something that remains to be seen. One way or the other, the move away from fiat currencies will be forcefully imposed on the global regime and its beneficiaries by the ongoing and impending insurrections of the global sheeple, unless new forms of equitable distribution (like the one mentioned above) is put in place ASAP! Let us hope the prediction of the late economist will not come to pass. “People of privilege will always risk their complete destruction rather than surrender any material part of their advantage.” John Kenneth Galbraith. Good Day!