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‘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
| The companies in last year’s Fortune 500 alone generated an all-time high $1.8 trillion in profit on $16.1 trillion in revenue. Voices largely on the left side of the political spectrum have been sounding the alarm on this but now an economist at one of the world’s oldest and greatest investment banks is singing the same tune.
https://fortune.com/2023/04/05/end-of-capitalism-inflation-greedflation-societe-generale-corporate-profits/amp/
| Non-paywalled URL: https://archive.ph/x7pZX
| Get a life, Joe.
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| Albert Edwards, an economist at the 159-year-old investment bank Société Générale, says corporate greed may call for the unthinkable: Price controls.
When costs go up, so do profits? That’s not how capitalism is supposed to work, but that is the recent trend. For over a year now, consumers and businesses, both in the U.S. and worldwide, have struggled with stubborn inflation. But the soaring costs haven’t prevented corporations from raking in record profits.