*Businesses are fuelling inflation with unnecessary price hikes — and
struggling Australians are paying for it*
/The Drum, By David Taylor, ABC News, Australia/
<https://www.abc.net.au/news/2023-02-11/inflation-price-gauging-are-busiesses-fuelling-inflation/101958480?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web>

"We cop them. Higher prices, that is.
Inflation is soaring and, at last check, was hovering just below 8 per cent.
We know the pandemic and the choking of supply chains sent business
costs skyrocketing in late 2021 and 2022.
We also know the war in Ukraine put upwards pressure on gas, petrol and
food prices, as did natural disasters here in Australia.
But it's us too — we're causing inflation.

Economists call that consumer "demand". The more we demand goods and
services, the more their prices rise.
The Reserve Bank summed this up in this week's Monetary Policy Decision:

"Global factors explain much of this high inflation, but strong
domestic demand is adding to the inflationary pressures in a number of
areas of the economy."

But what if I told you companies pushing up their prices over and above
their costs, price gouging and profiteering were also driving inflation?
That'd be hard to swallow — especially when families on tight budgets
are now paying for these essentially unnecessary price hikes from
corporations with higher mortgage and rent payments.
Let's get to the bottom line (pun intended) of this.
...

*The big picture*

"It's worth taking a look at the wider picture of Australia's inflation
story. The pandemic led to an economy-wide shutdown, which brought
demand-pull inflation to a standstill.

Australia briefly experienced deflation, where prices fell.
The Reserve Bank said it wanted to see higher wages growth before
lifting interest rates, should inflation take off.

While wages growth remains stubbornly low, inflation is now soaring,
thanks to higher business costs and increased demand in the economy.
A graph showing changes to the inflation rate over time.
Changes to the inflation rate over time. (Source: ABS)
Interestingly, demand-pull inflation seems to be falling.
According to the ABS, we bought less stuff late last year. Retail sales
volumes fell 0.2 per cent in the December quarter. And demand is
expected to slow further.

"The effects of higher interest rates, the rapidly increasing cost of
living and declining real wealth are all expected to weigh on demand in
the period ahead," the RBA noted this week.

It means supply-side inflation is now contributing to the bulk of price
growth throughout the economy."

~~~~~~~

Well, who would not have thought that greedy capitalists do what greedy
capitalists always do:
...using any possible or impossible excuse to scoop up more and more
wealth from those worthless low life subhuman working slaves one way or
another.

~Did wages go up enough to justify this manufactured inflation? ...NOPE.

~Are we really lacking sufficient supplies?... NOT really.

~Are higher interest rates achieving anything but creating unnecessary
hardship for society? ... apparently NOT! At least not yet!

~Are our overlord corporate billionaires suffering as much as us
puny humans...absolutely NOT at all

Neo-liberal/libertarian corporate capitalism sucks big time as it
creates crisis after crisis in a regular boom-bust cycle forever.
We surely could do better, if only the will was there!

--
The ever present and ever vigilant newsgroup devil at your service.

On Sat, 11 Feb 2023 09:10:16 +1100, Ördög
<newsgroup.devil@Hell.Incorporated.biz> wrote:

>*Businesses are fuelling inflation with unnecessary price hikes — and
>struggling Australians are paying for it*
>/The Drum, By David Taylor, ABC News, Australia/
><https://www.abc.net.au/news/2023-02-11/inflation-price-gauging-are-busiesses-fuelling-inflation/101958480?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web>
>
>"We cop them. Higher prices, that is.
>Inflation is soaring and, at last check, was hovering just below 8 per cent.
>We know the pandemic and the choking of supply chains sent business
>costs skyrocketing in late 2021 and 2022.

Usury is the ultimate cause.

>We also know the war in Ukraine put upwards pressure on gas, petrol and
>food prices, as did natural disasters here in Australia.
>But it's us too — we're causing inflation.

The culprit is POPULISM, that which gets Govmts elected.
That vile heresiarch JM Keynes, who murdered the concept of thrift, is
the cause of all our woes, like the almost zero interest rates of the
past 10 years, which "stimulated" that orgy of speculation we have now
to deal with. I've heard they're still teaching this heresy and
apostasy in economic classes!

>
>Economists call that consumer "demand". The more we demand goods and
>services, the more their prices rise.
>The Reserve Bank summed this up in this week's Monetary Policy Decision:
>
> "Global factors explain much of this high inflation, but strong
>domestic demand is adding to the inflationary pressures in a number of
>areas of the economy."

BAH..! The Govt copies Wall St, and that fool in the USA reserve
bank.
It has been ever thus!

>But what if I told you companies pushing up their prices over and above
>their costs, price gouging and profiteering were also driving inflation?
>That'd be hard to swallow — especially when families on tight budgets
>are now paying for these essentially unnecessary price hikes from
>corporations with higher mortgage and rent payments.
>Let's get to the bottom line (pun intended) of this.
>...
>
>*The big picture*

Yep, those wide-screen TVs raise the expectations of the Great
Unwashed to impossible levels. And those travelogues in which the sun
always shines, the gypsies always smile and the gouging costs are well
hidden. Tax the wastrels with a $2000 departure tax.
>
>"It's worth taking a look at the wider picture of Australia's inflation
>story. The pandemic led to an economy-wide shutdown, which brought
>demand-pull inflation to a standstill.
>
>Australia briefly experienced deflation, where prices fell.
>The Reserve Bank said it wanted to see higher wages growth before
>lifting interest rates, should inflation take off.

Have you noticed how most politicians were/are lawyers, a sobering
fact about which no more need be said!
>
>While wages growth remains stubbornly low, inflation is now soaring,
>thanks to higher business costs and increased demand in the economy.
>A graph showing changes to the inflation rate over time.
>Changes to the inflation rate over time. (Source: ABS)
>Interestingly, demand-pull inflation seems to be falling.
>According to the ABS, we bought less stuff late last year. Retail sales
>volumes fell 0.2 per cent in the December quarter. And demand is
>expected to slow further.

Phooey! As soon as it slows, they'll print more money. Have you been
asleep for the past 15 years?

>
>"The effects of higher interest rates, the rapidly increasing cost of
>living and declining real wealth are all expected to weigh on demand in
>the period ahead," the RBA noted this week.

The RBA is a pawn of the interregnum of the day. Who are we to know
the true level of back-scratching, crotch grinding, and
pocket-pissing?

>
>It means supply-side inflation is now contributing to the bulk of price
>growth throughout the economy."

Supply side? Tell the Dear People to invest in commodities that LAST.
Do they need a new TV & Auto every 5 years?
>
>~~~~~~~
>
>Well, who would not have thought that greedy capitalists do what greedy
>capitalists always do:
> ...using any possible or impossible excuse to scoop up more and more
>wealth from those worthless low life subhuman working slaves one way or
>another.

The rich are always with us; there's some good in them. As is so for
the hard-working poor.
But the Middle Class is rotten to the core!

>
>~Did wages go up enough to justify this manufactured inflation? ...NOPE.

>
>~Are we really lacking sufficient supplies?... NOT really.
>
>~Are higher interest rates achieving anything but creating unnecessary
> hardship for society? ... apparently NOT! At least not yet!
>
>~Are our overlord corporate billionaires suffering as much as us
> puny humans...absolutely NOT at all

O My Sweet Lord! You're a COMMUNIST!!
>
>Neo-liberal/libertarian corporate capitalism sucks big time as it
>creates crisis after crisis in a regular boom-bust cycle forever.
>We surely could do better, if only the will was there!

That is the problem. There is no more "bust cycle". How else will
the Madding Crowd engage in thrift? Always there is the expectation
that some economist will "tug some lever" to fix problems. But we
cognoscenti know which lever they're REALLY tugging.

On Sat, 11 Feb 2023 12:46:03 +1100, Peter Jason <pj@jostle.com> wrote:

> On Sat, 11 Feb 2023 09:10:16 +1100, Ördög
> <newsgroup.devil@Hell.Incorporated.biz> wrote:
>
>> *Businesses are fuelling inflation with unnecessary price hikes — and
>> struggling Australians are paying for it*
>> /The Drum, By David Taylor, ABC News, Australia/
>> <https://www.abc.net.au/news/2023-02-11/inflation-price-gauging-are-busiesses-fuelling-inflation/101958480?utm_campaign=abc_news_web&utm_content=link&utm_medium=content_shared&utm_source=abc_news_web>
>>
>> "We cop them. Higher prices, that is.

>> Inflation is soaring and, at last check, was hovering just below 8 per
>> cent.

Bullshit.

>> We know the pandemic and the choking of supply chains sent business
>> costs skyrocketing in late 2021 and 2022.

Nothing even remotely like skyrocketing, you stupid hysteric.

> Usury is the ultimate cause.

Nope, the pandemic and now Putin invading the Ukraine.

>> We also know the war in Ukraine put upwards pressure on gas, petrol and
>> food prices, as did natural disasters here in Australia.

>> But it's us too — we're causing inflation.

Nope, dope.

> The culprit is POPULISM, that which gets Govmts elected.

How odd that the current inflation is recent.

> That vile heresiarch JM Keynes, who murdered the concept of thrift,

BULLSHIT.

> is
> the cause of all our woes,

BULLSHIT.

> like the almost zero interest rates of the
> past 10 years,

Not due to Keynes.

> which "stimulated" that orgy of speculation

More mindless hyperventilating.

> we have now
> to deal with.

Not anymore.

> I've heard they're still teaching this heresy and
> apostasy in economic classes!

>> Economists call that consumer "demand". The more we demand goods and
>> services, the more their prices rise.
>> The Reserve Bank summed this up in this week's Monetary Policy Decision:
>>
>> "Global factors explain much of this high inflation, but strong
>> domestic demand is adding to the inflationary pressures in a number of
>> areas of the economy."
>
> BAH..! The Govt copies Wall St, and that fool in the USA reserve
> bank.

Bullshit. We started hiking interest rates well before they did.

> It has been ever thus!

Fantasy.

>> But what if I told you companies pushing up their prices over and above
>> their costs, price gouging and profiteering were also driving inflation?
>> That'd be hard to swallow — especially when families on tight budgets
>> are now paying for these essentially unnecessary price hikes from
>> corporations with higher mortgage and rent payments.

More mindless pig ignorant bullshit.

>> Let's get to the bottom line (pun intended) of this.
>> ...
>>
>> *The big picture*

> Yep, those wide-screen TVs raise the expectations of the Great
> Unwashed to impossible levels.

More mindless pig ignorant bullshit.

> And those travelogues in which the sun
> always shines, the gypsies always smile and the gouging costs are well
> hidden. Tax the wastrels with a $2000 departure tax.

Fat lot of difference that would make.

>> "It's worth taking a look at the wider picture of Australia's inflation
>> story. The pandemic led to an economy-wide shutdown, which brought
>> demand-pull inflation to a standstill.
>>
>> Australia briefly experienced deflation, where prices fell.
>> The Reserve Bank said it wanted to see higher wages growth before
>> lifting interest rates, should inflation take off.

> Have you noticed how most politicians were/are lawyers, a sobering
> fact about which no more need be said!

Neither Dutton, Albo, or Andrews were.

>> While wages growth remains stubbornly low, inflation is now soaring,

Nope, just increasing, hysteric.

>> thanks to higher business costs and increased demand in the economy.
>> A graph showing changes to the inflation rate over time.
>> Changes to the inflation rate over time. (Source: ABS)
>> Interestingly, demand-pull inflation seems to be falling.
>> According to the ABS, we bought less stuff late last year. Retail sales
>> volumes fell 0.2 per cent in the December quarter. And demand is
>> expected to slow further.

> Phooey! As soon as it slows, they'll print more money.

How odd that they didnt.

> Have you been
> asleep for the past 15 years?

You have obviously been asleep for the last 5

>> "The effects of higher interest rates, the rapidly increasing cost of
>> living and declining real wealth are all expected to weigh on demand in
>> the period ahead," the RBA noted this week.
>
> The RBA is a pawn of the interregnum of the day. Who are we to know
> the true level of back-scratching, crotch grinding, and
> pocket-pissing?

Mindless conspiracy theory.

>> It means supply-side inflation is now contributing to the bulk of price
>> growth throughout the economy."
>
> Supply side? Tell the Dear People to invest in commodities that LAST.
> Do they need a new TV & Auto every 5 years?

Thats not the reason for the current inflation.

>> ~~~~~~~

>> Well, who would not have thought that greedy capitalists do what greedy
>> capitalists always do:
>> ...using any possible or impossible excuse to scoop up more and more
>> wealth from those worthless low life subhuman working slaves one way or
>> another.

Just another fuckwit lefty journo.

> The rich are always with us; there's some good in them. As is so for
> the hard-working poor.
> But the Middle Class is rotten to the core!

Even sillier than you usually manage and that's saying something.

>> ~Did wages go up enough to justify this manufactured inflation? ...NOPE.
>
>>
>> ~Are we really lacking sufficient supplies?... NOT really.
>>
>> ~Are higher interest rates achieving anything but creating unnecessary
>> hardship for society? ... apparently NOT! At least not yet!
>>
>> ~Are our overlord corporate billionaires suffering as much as us
>> puny humans...absolutely NOT at all
>
> O My Sweet Lord! You're a COMMUNIST!!

Nope, just another florid lefty.

>> Neo-liberal/libertarian corporate capitalism sucks big time as it
>> creates crisis after crisis in a regular boom-bust cycle forever.
>> We surely could do better, if only the will was there!

How odd that no one has ever managed that, world wide.

> That is the problem. There is no more "bust cycle".

Bullshit.

> How else will
> the Madding Crowd engage in thrift? Always there is the expectation
> that some economist will "tug some lever" to fix problems. But we
> cognoscenti know which lever they're REALLY tugging.

You in spades.

On 2/11/23 12:46, Peter Jason wrote:

>> Economists call that consumer "demand". The more we demand goods and
>> services, the more their prices rise.
>> The Reserve Bank summed this up in this week's Monetary Policy Decision:
>>
>> "Global factors explain much of this high inflation, but strong
>> domestic demand is adding to the inflationary pressures in a number of
>> areas of the economy."
>
> BAH..! The Govt copies Wall St, and that fool in the USA reserve
> bank.
> It has been ever thus!

Michael Hudson discusses two different types of inflation, consumer
price inflation vs asset price inflation.

https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/

What I am unclear about is, if the US Fed raises interest rates, why
exactly does Australia have to follow suit?

On Sun, 12 Feb 2023 11:05:18 +1100, abc <automatic440@gmail.com> wrote:

> On 2/11/23 12:46, Peter Jason wrote:
>
>>> Economists call that consumer "demand". The more we demand goods and
>>> services, the more their prices rise.
>>> The Reserve Bank summed this up in this week's Monetary Policy
>>> Decision:
>>>
>>> "Global factors explain much of this high inflation, but strong
>>> domestic demand is adding to the inflationary pressures in a number of
>>> areas of the economy."
>> BAH..! The Govt copies Wall St, and that fool in the USA reserve
>> bank.
>> It has been ever thus!
>
> Michael Hudson discusses two different types of inflation, consumer
> price inflation vs asset price inflation.
>
> https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/
>
> What I am unclear about is, if the US Fed raises interest rates, why
> exactly does Australia have to follow suit?

It doesn't and in fact we raised ours before they did this time.

On Sun, 12 Feb 2023 11:13:21 +1100, Rod Speed <rod.speed.aaa@gmail.com>
wrote:

> On Sun, 12 Feb 2023 11:05:18 +1100, abc <automatic440@gmail.com> wrote:
>
>> On 2/11/23 12:46, Peter Jason wrote:
>>
>>>> Economists call that consumer "demand". The more we demand goods and
>>>> services, the more their prices rise.
>>>> The Reserve Bank summed this up in this week's Monetary Policy
>>>> Decision:
>>>>
>>>> "Global factors explain much of this high inflation, but strong
>>>> domestic demand is adding to the inflationary pressures in a number of
>>>> areas of the economy."
>>> BAH..! The Govt copies Wall St, and that fool in the USA reserve
>>> bank.
>>> It has been ever thus!
>>
>> Michael Hudson discusses two different types of inflation, consumer
>> price inflation vs asset price inflation.
>>
>> https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/
>>
>> What I am unclear about is, if the US Fed raises interest rates, why
>> exactly does Australia have to follow suit?
>
> It doesn't and in fact we raised ours before they did this time.

In the past at some times we chose to have higher interest rates
than they did, essentially because so much of the money that our
banks lend out comes from overseas and overseas lenders to
banks need higher rates to encourage those to lend to our banks.

On Sun, 12 Feb 2023 11:05:18 +1100, abc <automatic440@gmail.com>
wrote:

>On 2/11/23 12:46, Peter Jason wrote:
>
>>> Economists call that consumer "demand". The more we demand goods and
>>> services, the more their prices rise.
>>> The Reserve Bank summed this up in this week's Monetary Policy Decision:
>>>
>>> "Global factors explain much of this high inflation, but strong
>>> domestic demand is adding to the inflationary pressures in a number of
>>> areas of the economy."
>>
>> BAH..! The Govt copies Wall St, and that fool in the USA reserve
>> bank.
>> It has been ever thus!
>
>Michael Hudson discusses two different types of inflation, consumer
>price inflation vs asset price inflation.
>
>https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/
>
>What I am unclear about is, if the US Fed raises interest rates, why
>exactly does Australia have to follow suit?
>
If you follow economics it's always the Dow Jones Index which the
world follows
https://tinyurl.com/yxovfk4w
DJI
--
Petzl
A nation can survive its fools, and even the ambitious. But it cannot
survive treason from within. An enemy at the gates is less formidable,
for he is known and carries his banner openly. But the traitor moves
amongst those within the gate freely, his sly whispers rustling
through all the alleys, heard in the very halls of government itself
For the traitor appears not a traitor; he speaks in accents familiar
to his victims, and he wears their face and their arguments, he
appeals to the baseness that lies deep in the hearts of all men. He
rots the soul of a nation, he works secretly and unknown in the night
to undermine the pillars of the city, he infects the body politic so
that it can no longer resist. A murderer is less to fear.

- Marcus Tullius Cicero

On Sun, 12 Feb 2023 19:16:11 +1100, Petzl <petzlx@gmail.com> wrote:

> On Sun, 12 Feb 2023 11:05:18 +1100, abc <automatic440@gmail.com>
> wrote:
>
>> On 2/11/23 12:46, Peter Jason wrote:
>>
>>>> Economists call that consumer "demand". The more we demand goods and
>>>> services, the more their prices rise.
>>>> The Reserve Bank summed this up in this week's Monetary Policy
>>>> Decision:
>>>>
>>>> "Global factors explain much of this high inflation, but strong
>>>> domestic demand is adding to the inflationary pressures in a number of
>>>> areas of the economy."
>>>
>>> BAH..! The Govt copies Wall St, and that fool in the USA reserve
>>> bank.
>>> It has been ever thus!
>>
>> Michael Hudson discusses two different types of inflation, consumer
>> price inflation vs asset price inflation.
>>
>> https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/
>>
>> What I am unclear about is, if the US Fed raises interest rates, why
>> exactly does Australia have to follow suit?
>>
> If you follow economics it's always the Dow Jones Index which the
> world follows
> https://tinyurl.com/yxovfk4w
> DJI

BULLSHIT.

On 2/12/23 11:17, Rod Speed wrote:

>>> https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/
>>>
>>> What I am unclear about is, if the US Fed raises interest rates, why
>>> exactly does Australia have to follow suit?
>>
>> It doesn't and in fact we raised ours before they did this time.
>
> In the past at some times we chose to have higher interest rates
> than they did, essentially because so much of the money that our
> banks lend out comes from overseas and overseas lenders to
> banks need higher rates to encourage those to lend to our banks.

Since when did banks have to borrow from overseas to lend in Oz? Dont
they just create money at a stroke of a key?

abc <automatic440@gmail.com> wrote
> Rod Speed wrote

>>>> https://michael-hudson.com/2023/01/inflations-drivers-on-the-geopolitical-hour/

>>>> What I am unclear about is, if the US Fed raises interest rates, why
>>>> exactly does Australia have to follow suit?

>>> It doesn't and in fact we raised ours before they did this time.

>> In the past at some times we chose to have higher interest rates
>> than they did, essentially because so much of the money that our
>> banks lend out comes from overseas and overseas lenders to
>> banks need higher rates to encourage those to lend to our banks.

> Since when did banks have to borrow from overseas to lend in Oz?

Essentially since federation and before. That was a hell of a problem
during the great depression when foreign banks kept demanding their
pound of flesh until Jack Lang told them to go and fuck themselves.
https://en.wikipedia.org/wiki/1932_New_South_Wales_constitutional_crisis

> Dont they just create money at a stroke of a key?

Nope.