Greedflation: what's really causing inflation | Joseph Stiglitz on Q+A

It's very refreshing to hear a person tell the truth about greedflation brought about by creating an environment of monopolies. In Australia, all you read about is the Liberal press blaming Labor for inflation, totally misleading the average person, when it is long-standing Liberal policy to enable big business monopolies in return for very nice donations in brown paper bags. It's ironic that when the voters finally have enough of Liberal corruption and vote Labor back in, a world crisis pours shit on the world economy, and Labor has to work through it with sound policy. It happend in 2007/2008 after 10 years of Liberal crap (where there was absolutely zero infrastructure spending), and again this time.

Thank you for your insight 😂😂😂

We all make 30 dollars an hour
A bunch of people sitting in trading offices make 30 dollars every minute if they are bad, 30 every second if they are good.
Now you know why we have inflation.

Condescending old yank, he's just reiterating the bleeding obvious.

supply side inflation, as in greedflation. demand side not affecting prices.

Didnt one of our politicans just spend $180,000 on jet fuel in a week? We are paying $700,000k per year to a minister for woman who has a bachelor of arts.

Inflation is caused by money printing. Dont overthink it people.

No doubt that there is a lot of greedflation in Australia, particularly by established businesses that don't have to worry about competition too much. I follow motorsport, one thing I've noticed in the last few years is the rise of the racing of very expensive cars, they are everywhere.

The government created the very corporate oligopolies you complain cause the price gouging. The government created this mess and the corporations benefit from it. Why should be be surprised in this crony capitalist society we live in, that those who create the rules benefit from them the most.

Greed is not the cause. Higher energy costs (still haven’t seen any of that “cheap” renewable energy) and rampant government spending that’s devaluing our dollar.
What’s the answer from these clowns? More government intervention!😂

That would be Liberal Jane Hume sitting next to him, hating everything he is saying re neo liberalism and corporate greed.

Labor, Liberal, National, and Greens, along with the Reserve Bank are responsible for never ending depreciation of the currency.
It is garbage.
It is a debt instrument.
The government’s of Australia own their CORPORATE debt.
It’s not the free and sovereign people’s debt.

He is definitely constipated. I just found out about this guy from his recent tour in Australian Media. It looks like the corporate sent him to fix the narrative. Someone please look into if Australia Institute is receiving donations in conflict of interest. If this is true, Australia Institute's criticism of mining companies paying zero royalties in Australia will slow down following this pivot. Anyone reading this, if you wanna learn about economics, follow Richard Werner. I have listened to other so called novel prize winner Economists, none of them match the fundamental knowledge Werner possess.

The stock market. This is the cause of inflation. Every serf who has some disposable income wants to be a mover and shaker. They believe it's ok to make their money earn money. Technocally, thats true, but it happens at the expense of the customer... Themselves. And they don't see the correlation. Money represents the value of time a serf gives over to a cause greater than him/herself. It denotes the value of knowledge the individual has, not the value of products they produce, but service. There is no real world value to money , you can't mine it, it isnt edible, it doesnt grow on trees, it has no intrinsic value except as a means of corruption and disruption.

Guess pork barrelling is still a goer then.

Stieglitz is a joke. So biased.
And thinking lowering interest rates is going to help the economy?! Just madness.

We have Alboflation here in Oz

Maybe simplistic, but my understanding is: inflation is the inflating of the money supply. where does money come from? Only one entity in any society creates money = Government. Government prints more money to fund a) increasing government size b) government initiatives ie infrastructure c) welfare d) government spending...... All that money flows into the economy ( via wages to govt employees, payment for works, direct to citizens for welfare etc) and there are too few goods for that money to be absorbed into, so prices increase to absorb the money. Government is the primary cause of inflation.

This is a deception. The government, or more precisely central banks, introduce new currency into the system by reducing interest rates; although direct government spending (contracts) also contributes to this problem. During and before covid interest rates were low, therefore, the first users of this newly introduced currency (banks and corporations) were able to invest in plant, machinery or some other asset while diluting the purchasing power of existing currency. Furthermore, many of these assets do not result in an increase of employment (automated checkouts or land for air bnb for instance), if lower interest rates aren't improving the rate of employment then there is no justification for such interest rates cuts.

Its not greedflation, its bad government policy.

Well, so long as the Oligarchs control this country, we will only be going the same way as the US. The super rich vs the super poor and our democracy soon to be replaced by a Plutocracy. Welcome to a replay of Dickensian times, and we can blame the Liberals and their business buddies for this.

Absolutely bullshit.

Covid lined pockets of Medical and Financial globalists.

Now Global powers are driving poverty purposely to steal these assets from our sovereign nations.

They're creating a new tyranny and the West is under a revolutio

This guy is correct and listening to the conservatives squirming was fantastic 😂

He. Also told them that we wouldn't be having this problem if they weren't being rorted by mining companies

Why is Jane Hume looking so uncomfortable?

Oh my. The money supply in the US jumped by more than 40% from 2019 (15 tr) to 2021 (21.5). That is 6.5 trillions of newly printed money put in circulation. It would be a miracle if such a large increase in the money supply did not cause inflation. Yet he somehow omits to mention that like it is some minor fact.

Right, like the Labor lovers at the ABC wouldnt be influenced. So the RBA and all good economic people are wrong on clearly home grown inflation. The supply chain was fixed 2 years ago, Australias root cause of inflation started with a massive multilevel inflatiin caused by the muppets handling renewables and taking out cheaper power, then massive immigration, then spectating on key essential industy gorging themselves through no competition, soft government and record profits (insurance, banking, food to name a few), doing nothing on building industry and its collapse, introducing new taxes (windfall tax on land development in a housing crisis), lifting government size and spending by 25% and all this actively working against the RBA.

Amazing how you get 2 different answers to the same question based on ones politics. I would hazard a guess that aussie inflation is the result of excessive govt spending, the increase in global oil prices and impact on supply chains of the war in the ukraine, high levels of immigration, increase in energy prices and corporate profiteering. The extent to which each of these has and is contributing is where the debate is to be had. But lets not let the truth get in the way of ones politics.

You won't read this in any Murdoch media, or indeed any tycoon owned media.

Greedflation-please add 1&1/2 years of pretending to “work” at home plus a 10% pay increase. There! I fixed it.

....and he still doesn't realise that the crap he shovels down his fat gullet causes him to take all those meds......

Lucky they Made the PCR Tests , in 2018 ....... Before The Bat Got Loose

This stooge just admitted that Russia was keeping the price of oil down. Fact is there was a price surge before the sanctions on Russia ( which are a total failier by the way, Russia's economy is booming. The US blowing up Nordstream drove the price of natural gas in europe 4 fold, because now they have to by through the US, who at least in part are selling Europe Russian gas after they buy it from countries like India and Aus, whom they paid nothing to for the gas as our government (Coalition at the time but continued by Labor) agreed to give foreign gas companies a 10 year tax holiday, they also sell the gas back to us.

reserve banks cause the majority of inflation

6% inflation caused my rent to go from 380 a week to 630 a week.. somebodies maths are wrong or the calculation model is stuffed

How is gambling and alcohol advertising a more important question to cut two.. then Australia throwing away hour natural resources from the opinion of a leading Nobel peace prize economist such as Joseph Spritz..I’m increasingly frustrated with Q&A you guys never debate the serious issues. You skirt around important topics that need more insight understanding and discussion. You muzzle ever important political issues to the benefit of guest politicians. your platform is only for crooked politics to excuse themselves of poor leadership and gross incompetence.

Joseph Stiglitz is right 👍👍👍

spot on.
The Lottery Corporation is a top 50 ASX-listed company and one of the highest performing lotteries businesses globally.

What drives inflation, the greed obsessed 1%ers who control global markets, thus set prices. This bloke avoids stating this and only points to the dirty work the 1%ers have done, causing the war in Russia.

It is plain common sense/logic that where competition is low that corporations take advantage . .
HELLO this is capitalism!
The bloated ,stuffed shirt mouthpiece from the Financial Review poo pooed this defending his corporate masters!
“review” has a feeling of honest appraisal- something the Financial Review has never been!

The Australian public has been telling their government this is occurring. Our politicians are run by lobby groups. All the major parties are as bad as each other. Blame each other and never actually do anything to fix anything.

The corporate elite knows full well that they can create inflation anytime they want without fear of scrutiny from politicians or media. The media and the politicians are owned by their corporate mates. Any elected government that has any kind of policy that does not conform to the neoliberal regressive ideology that keeps this scam “respectable “ is immediately attacked economically. Usually through inflation.

Neoliberalism!!!! Wake up ordinary people. Major parties are not looking after the people but big business and they control almost everything

That stupid LNP politician Jane Hume sitting there with a dumb look on her face, thinking that the cat is out of the bag

The road to facism is paved with too small governments

MIT literally found the large part of inflation is gov spending…..

This guy is clueless

Too much focus on profit.

So, essentially, we have the warmongering United States to thank for inflation.

How's bitcoin going, Joseph? Going to zero, right?
p.s. thanks for this gobbledygook xx

💯

This economist was the economic advisor to Jeremy Corbyn . He is the economic champion of the loony Woke left !! Enough said !!!