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.”

  • @cheese_greater
    38•1 year ago

    Not really sure what the tenor is of your reply but I would just say they steal a lot from us (shrinkflation, price-fixing, straight up lying about amount of product in unit, etc), people steal some of that back. Sunrise, sunset

    Edit: on the retail side, a lot of those businesses are abusing the social safety net to reduce the amount they pay and socialize the losses while bitching their privatized profits would be higher if it wasn’t for all the socialized theft that was occuring on their watch!

    • @rockSlayer
      37•1 year ago

      Don’t forget that wage theft outstrips all other forms of theft combined

      • @cheese_greater
        24•1 year ago

        And its basically only ever dealt with on the dime of the victim and only civilly where it vastly exceeds the dollar value threshold required for big boy criminal charges on the part of the non-person person (person/non-corporation)

        • Instigate
          7•1 year ago

          Australia is in the process of passing a law that criminalises wage theft - very much looking forward to our government taking actual theft seriously. I’m looking forward to seeing unscrupulous bosses and CEOs in handcuffs, even though I know it’s going to be extremely rare.

          • @cheese_greater
            5•1 year ago

            Its insane its not already the case. Good on them for actually attempting to stop fucking around

      • @[email protected]
        -8•1 year ago

        I think GDP theft is the biggest form of theft. Or possibly number of atoms in the universe theft. That’s probably the biggest form of theft.

    • @[email protected]
      11•1 year ago

      straight up lying about amount of product in unit

      Just saw an article this week that shoppers in Canada were purchasing things like cereal with tens of grams less than what they were paying for.

    • @EmpathicVagrant
      7•1 year ago

      I’ve seen about four different versions of this over the last few years. It’s nothing new, much like the greedflation thing having been discussed for years.