Companies like Exxon Mobil, Shell, and Kraft Heinz enjoyed bumper profits as consumers struggled with historic inflation.

In April, Société Générale economist Albert Edwards released a scathing note saying he hadn’t seen anything like the current levels of corporate greed in his four decades working in finance. He said companies were using the war in Ukraine as an excuse to hike prices in search of profits.

“The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,” Edwards wrote. “This is a big issue for policymakers that simply cannot be ignored any longer.”

    • @AllonzeeLV
      89•1 year ago

      Seriously, promise?

      I and my family will take the painful collapse and rebuild, because at least that provides hope for a better future, unlike today’s path, further enriching a few thousand sociopath’s ego scores in their race to see who can burn up the the planet for private profit the fastest.

      Living under the tyranny of the greed class is just pain by design. Pain in generational perpetuity.

      • @[email protected]
        17•1 year ago

        Yeah, seriously. The path is so obvious and linear for society today due to that. I feel like it just gets easier to predict the future, from axioms such as “the rich are powerful and will always try to expand their influence and cement their rule”.

        It’s easy to see that climate change will never be solved for as long as something big doesn’t change, wealth inequality will keep rising, it will just keep being more and more expensive to live and own things, working conditions won’t improve or may even worsen, automation will put out more and more people out of a job, creating a massive crisis, poor countries will get worse leading to wars or other crises, and ever more commercialization of everything, such as art and hobbies.

        At least, unless it collapses/a revolution happens.

        • @Daft_ish
          8•1 year ago

          This is all a bit optimistic. The collapse of society will have a measurable human toll and may seal the deal on the chance of a better future. Very optimistic to think the resulting power struggle will result in anyone other than a dictator taking power.

          • Uranium3006
            2•1 year ago

            but that’s all already happening anyways. it’s not a risk to changing things if it is a given in the status quo

            • @Daft_ish
              2•1 year ago

              Happening, hasn’t happened. Op is suggesting we just succumb. If I have to explain why that is a stupid notion I’m not even going to start with you.

      • @[email protected]
        11•1 year ago

        We’ve had political, social and economic revolutions before without shit collapsing. Lots of death and destruction though generally. People don’t give up power easily unfortunately.

    • Zorque
      32•1 year ago

      He’s literally complaining about capitalism while saying it might end capitalism. Fucking wild.

      • @rockSlayer
        12•1 year ago

        Accelerationism is a fucking dogshit ideology, but just like all dogshit ideologies, there’s an element of truth to it. Shit like this could literally end capitalism.

        • Uranium3006
          15•1 year ago

          if you literally break the economy to the point where average people can’t afford necessities, it’s over. people won’t work if there isn’t food and a roof as rewards. they’ll be forced to seek those needs outside the system. many will die in this process but none will work for capitalist profit

        • Zorque
          11•1 year ago

          The thing is, it’s an inevitability of capitalism. When you have a system who’s measurement of success is how much material wealth you can accumulate, people are going to do their best to accumulate as much wealth as possible. Which means putting basic needs on the back burner if they don’t make you enough money.

          • Cylusthevirus
            0•1 year ago

            I think people wanting stuff is pretty much endemic to people, whatever economic system happens to be in place.

            • Instigate
              8•1 year ago

              True, but capitalism incentivises wanting beyond what you can possibly use. Billionaires could never genuinely spend all of their money on themselves. It’s human to want what you don’t have; it’s inhuman to want to amass more than you could use by taking it from the mouths of others.

      • oce 🐆
        12•1 year ago

        He’s an economist at one of the worlds top financial company, of course he considers capitalism has some good and wants to preserve it.

        • Uranium3006
          24•1 year ago

          it’s telling how capitalists are worrying they’re fucking us too hard and might blow up the whole system in the process. their own stability in massive wealth and inequality would be safer if they’d back off a little but they can’t help themselves

          • Instigate
            7•1 year ago

            I feel as though there’s a lot of one-upmanship in the capitalist class that prevents them from working in their own long-term best interest, coupled with a sense of infallible invincibility. Many capitalists believe they have what they have because they deserve it, and any moves to redistribute wealth that would maintain the status quo become untenable because of that constant drive to have more than your neighbour.

      • @psycho_driver
        10•1 year ago

        He’s literally complaining about capitalism while saying it might end capitalism. Fucking wild.

        Capitalism could work with very strong governmental oversight. You have the hustle and means to get filthy rich? Good for you. You want to get filthy rich x 10,000? Get fucked.