Communist Party USA
“It is entirely wrong, therefore, to do as the economists do, namely, as soon as the contradictions in the monetary system emerge into view, to focus only on the end results without the process which mediates them” (The Grundrisse, “Money”). Many young people in the U.S. are hearing about inflation for the first time and wondering what it means for them. Perhaps they’ve heard about the hyperinflation in Venezuela caused by U.S. sanctions, with piles of money being used to buy a cafecito. Perhaps they’ve heard of the hyperinflationary struggles in Zimbabwe, also caused by sanctions, where bank notes were printed in denominations of trillions up until recently. The idea of watching the value of one’s money drop in value, especially to these levels, seems intimidating to those of us with not much in our bank accounts to begin with. Because we are living in exceptional times, brought on…
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Inflation: Class conflict deferred