They purposely are allowing it to get out of hand to discipline the labor market. That’s my belief. They can get economics to work, when it benefits the elite.
Inflation has always been “good” (i.e. for the rich) up to a point. Low interest rates with the Fed and it’s policy of quantitative easing makes it even more difficult for the working class to save money in the US - given the absolute meager state of social security and other methods in place to support the working class under capitalism - but it’s nothing but a boon for corporations as more money and higher prices means better profits.
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And up to 60% of the price of oil is due to speculation. Something like 13x of the actual existing oil production is being traded in the commodities market. Russia is a red herring, they need to stop commodity trading of basic needs.
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True, it’s all having an impact. The commodities market is something that can be changed very quickly however, if there is a willingness. There isn’t because it’s hurting the poor.
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I agree, Biden is to blame regardless… He needs to stop calling it the Putin tax and actually place some of the blame on commodities traders. I think we agree on this being biden’s fault.