Re: [Marxism] The danger of inflation in the COVID-19

[John A Imani via Marxism]

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Why must revolutionaries worry about inflation? That cannot be answered
without a simultaneous worry about wages. Even in a capitalist system, if
wages rise with inflation then that is of benefit to borrowers as they pay
back the advance with ‘cheaper’ dollars. The key is the ratio of inflation
to the wage. Indexing the wage to the rate of inflation, i.e. say a wage of
$20 per hour is increased 100%, to match the 100% rate of inflation, leaves
the real purchasing power of the wage the same but devalues debt by 50%. But
more to the point here is that inflation, properly used, deliberately
induced inflation, can be a monetary tool that we can use as one method of
aiding the transition from a capitalist system to a socialist system--
which itself ought be transitioning in its role as a precursor of a
communistic economy and society.

Inflation. Inflation as a transitional device. Deliberately induced
inflation. Created by a printing press ‘bazooka’, initially, to give to all
a *GAI (UBI)
*. And,
after an initial pre-inflation wage boost (most important are a rise in the
minimum and the guarantee of employment), the creation of new currency
a la *nuevo
peso *in 1993, and at the same time an indexing to the rate of inflation of
wages, pensions, welfare, bank accounts (up to a limit of say the FDIC
limit of $100,000), even shareholdings and bonds (to that limit) held by
individuals, perhaps in 401Ks, all these would again be protected by being
indexed to the rate of inflation. Limits for housing ownership, subject to
socially set limits. Savings, incomes, capital gains above that limit (or
any limit that society sets) would be subject to being devalued by the
deliberately induced inflation. Expropriation through inflation.
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[Marxism] The danger of inflation in the COVID-19 recession/depression: pandemic profiteering

[Anthony Boynton via Marxism]

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With money being pumped into the economy, but many goods becoming scarce,
profiteering and inflation will be the order of the day.

Comparisons with WWII measures in the NYT and elsewhere consistently leave
out war time rationing and price controls.

Aside from the issues of how much money is needed, and how it should be
distributed, the issue of inflation is now clearly on the agenda.

Anthony
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