China's Xi Jinping asked 'What’s so bad about deflation?' amid economic slowdown, report says
China's Xi Jinping asked 'What’s so bad about deflation?' amid economic slowdown, report says
“Don’t people like it when things are cheaper?” Chinese President Xi Jinping reportedly asked his advisers.
How could we possibly have an economy that’s not based on constant growth? It’s absolutely inconceivable! I mean, what would we even do if we weren’t endlessly chasing that sweet, sweet GDP growth? Imagine a world where we actually meet everyone’s needs, live sustainably, and focus on well-being instead of mindless expansion—utter madness! Clearly, the only way to be “healthy” is to keep growing forever on a finite planet.
But that level of stability would mean no one could make themselves richer!
The thing is: nature will bring the stability anyway. It just won't include us. Sucks that we all have to die because the greediest among us cannot pull head from ass.
I don't think it's given humans will go extinct in the foreseeable future, rather the capitalist system will collapse and create room for a more sane one.
He's dead right.
Humanist economics has a central pillar: abundance. Profit maximization requires scarcity, and geopolitical or other suppression of competition. In addition, higher interest rates prevent abundance, and funding of supply increases of farming production, and increase housing costs, insurance greed, and so affordability of other stuff.
The war on Russia led to higher interest rates in order to ration oil use, and employment, again limiting production.
Deflation is not even bad for the rich. Lower interest rates stabilize housing prices, and reduce government deficits, and improve financial asset values. Wages don't generally go down, and they definitely don't go down under policies of abundance.
Abundance means more work is available. Prices are lower letting workers and others afford more stuff leading to more abundance. UBI is the most important anti-slavery (also humanist) and prosperity (also humanist) policy alternative. It is inflationary, but makes high paying work that outpaces inflation easy to find.
The key about inflation vs deflation is how balanced income growth is relative to inflation. If it is only oligarchy making income/wealth gains, then you should address your complaints to that structure instead of the inflation.
Deflation is a great thing.
The working class has been conditioned to think it's "bad" and inflation is "inevitable" because inflation is how the ruling class recoups any gains the working class has made, with interest.
Personally, I think it goes a bit deeper than this. Insecure people always want to feel they "know" everything, so they will often overreach and make claims about something they don't understand just to look smart and fit in. For example, always using the word "consumer" instead of "customer." They want to sound smart, like they went to school and learned about consumers, but they don't realize how they're acting without thinking. It's all a show to avoid admitting they don't really know what they're talking about.
Inflation is the same. Since it's almost guaranteed to happen and it benefits the ruling class, the average worker has been conditioned to see it as beneficial. They are praised for going along with the narrative that inflation is necessary and it makes them "feel smart" even if they are incorrect.
Saying "communism doesn't work" is another example.
aren't you doing the thing you are criticizing? because to me you are trying to sound like you know everything as well.
Yes that comment is 5% saying something and 95% shitting on unnamed people in an attempt to claim elite knowledge.
Nah. I'm not trying to fit in, which you seem to have conveniently ignored.
I could be wrong, but the evidence points to inflation being a result of the working class having more spending power. It means that no matter what gains the working class makes, the ruling class will take them back with interest.
If you think this is incorrect, feel free to say why.
Now he's just dabbing on us.
I bet he never has to check his bank balance before he goes to the grocery store.
Another thing he has in common with over a billion Chinese citizens
The main reason global markets aren't absorbing the demand is sanction on chinese produced goods. But anyhow it will be interesting to see how the renewable energy boom picks up steam. Jupiter 1 hydrogen gas generator engine is a pretty huge milestone.
Fuck sanctions.
If domestic producers want domestic buyers, they should lower their prices to be competitive and take less profit as a result. But they won't do that if they can have the government step in to artificially raise the prices of competitors' products.
If they can't do this while paying employees respectable wages, then it shouldn't be up to the government to step in and bail them out.
We're literally letting the government force us to have worse deals so people richer than us can be even richer at our expense.
Jupiter 1 hydrogen gas generator engine
https://newatlas.com/energy/worlds-largest-pure-hydrogen-electrical-generator/
at 15kg per kw, this is 300x less efficient than a fuel cell for just electricity output. Distributed fuel cells can use waste heat for domestic hot water needs.
A better use of combusting H2 for electrical power generation, is changing the input valves on electrical generating NG turbines. That is just 2x less efficient than a fuel cell.