‘We may be looking at the end of capitalism’: One of the world’s oldest and largest investment banks warns ‘Greedflation’ has gone too far
"Albert Edwards, a global strategist at the 159-year-old bank Société Générale, just released a blistering note on the phenomenon that has come to be called Greedflation.... [He] wrote... after four decades of working in finance, he’s never seen anything like the 'unprecedented' and 'astonishing' levels of corporate Greedflation in this economic cycle.... Edwards added that he fears the 'super-normal profit margins' of corporations in the U.S. and abroad could eventually 'inflame social unrest' if consumers continue to struggle with inflation. 'The end of Greedflation must surely come. Otherwise, we may be looking at the end of capitalism,' he warned. 'This is a big issue for policymakers that simply cannot be ignored any longer.'"
"Edwards proposed a controversial solution to fix the rise of Greedflation, which he said reflects his “weakening confidence” in the capitalist system itself. In a once unthinkable twist to “those of us who lived through the failed prices and incomes policies of the 1970s,” Edwards said there is a tool for this kind of problem, and it’s from that same decade: price controls."
Société Générale is a bank and investment firm with €1.5 trillion in assets and last reported €26 billion in annual revenues. It's safe to say that Albert Edwards' comments on "Greedflation" and his thoughts on how "...we may be looking at the end of capitalism" are known by his employer, and at least privately are partially endorsed by them. When a bank this size fears that "...we may be looking at the end of capitalism" we may be looking at the end of capitalism.
I, for one, welcome the death of the neoliberal order and am hoping for a better system to replace it.
Investment Bank Says Capitalism Is COLLAPSING | The Kyle Kulinski Show
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