The article confuses cause and effect. Stratospheric corporate profits are the result of too much money chasing too few goods and services, the same as it’s always been. The culprits are not corporations but rather profligate spending by rich world governments.
During the pandemic central banks reacted by opening up the money spigots, injecting vast amounts of cash into economies trying to keep them afloat. It was the right thing to do. The problem was that they never turned off the taps, nor did they raise interest rates or taxes to try to balance the books.
The fact that companies raise prices in response to shortages is not only natural it’s also desirable. There is no other way to align supply and demand short of rationing.
So if corporate greed is responsible for things like high oil prices what happened on April 20, 2020 when oil prices touched 0.01 per barrel? Do you think the oil companies were suddenly overcome with a spirit of charity?
It’s true there may be some profiteering during times of economic instability but those are exceptions and they certainly don’t account for the high profits experienced after the pandemic…those were a result of supply chain bottlenecks and a release of pent up demand. Corporate profits are now trending back down, at least in the US. Do you think the companies there have suddenly become less greedy?
corporate greed is responsible for things like high oil prices what happened on April 20, 2020 when oil prices touched 0.01 per barrel
…yes? Both expected demand and actual demand were down significantly, leading to shocks in the market. Speculation was a significant part of the reason the prices went negative.
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