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This piece was jointly written with a working group on inflation of "Groups against Capital and Nation" (@gegner_in).
Version: 2023-02-05
In this piece, "Critisticuffs" aim to explain what #Inflation is. To do that, we need to explain #Credit, #CreditMoney and #SovereignDebt. As a consequence, this piece has gotten rather long. We start by criticising popular explanations of inflation as given by central bankers and financial journalists. This section concludes by formulating the question that we aim to answer in the remainder of this piece: how is it that the participants of a capitalist #Economy devalue the very thing around which their activities revolve: #Money? The answer has two parts. In Section 2 we explain how inflation of, say, 2%, 5%, 10% is a by-product of successful capitalist #Accumulation. In Section 3 we explain how runaway or #Hyperinflation is a product of the State’s reaction to an #EconomicCrisis. That is, the different quantitative rates of inflation correspond to qualitatively different causes.
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Full text:
https://critisticuffs.org/texts/inflation
As PDF:
https://critisticuffs.org/texts/inflation.pdf
#PoliticalEconomy #Capitalism #MonetaryDevaluation
Version: 2023-02-05
In this piece, "Critisticuffs" aim to explain what #Inflation is. To do that, we need to explain #Credit, #CreditMoney and #SovereignDebt. As a consequence, this piece has gotten rather long. We start by criticising popular explanations of inflation as given by central bankers and financial journalists. This section concludes by formulating the question that we aim to answer in the remainder of this piece: how is it that the participants of a capitalist #Economy devalue the very thing around which their activities revolve: #Money? The answer has two parts. In Section 2 we explain how inflation of, say, 2%, 5%, 10% is a by-product of successful capitalist #Accumulation. In Section 3 we explain how runaway or #Hyperinflation is a product of the State’s reaction to an #EconomicCrisis. That is, the different quantitative rates of inflation correspond to qualitatively different causes.
(...)
Full text:
https://critisticuffs.org/texts/inflation
As PDF:
https://critisticuffs.org/texts/inflation.pdf
#PoliticalEconomy #Capitalism #MonetaryDevaluation
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