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This was originally published on May 25, 2020 by the founder of [[InfraWiki]], originally on [[ProleWiki]]. | This was originally published on May 25, 2020 by the founder of [[InfraWiki]], originally on [[ProleWiki]]. | ||
During the 1929 Great Depression, the elites sought to rescue their plummeting profits by outright destroying usable inventory, such as livestock and grain. | During the 1929 Great Depression, the [[Bourgeoisie|elites]] sought to rescue their [[Tendency of the Rate of Profit to Fall|plummeting profits]] by outright destroying usable inventory, such as livestock and grain. Aggregate demand fell because the [[Proletariat|commoners]] had less money to spend, so the only way to salvage profitability was to reduce supply, thus increasing prices.<ref>[https://time.com/5843136/covid-19-food-destruction/ 'The Saddest, Bitterest Thing of All.’ From the Great Depression to Today, a Long History of Food Destruction in the Face of Hunger]</ref> | ||
Aggregate demand fell because the commoners had less money to spend, so the only way to salvage profitability was to reduce supply, thus increasing prices.<ref>[https://time.com/5843136/covid-19-food-destruction/ 'The Saddest, Bitterest Thing of All.’ From the Great Depression to Today, a Long History of Food Destruction in the Face of Hunger]</ref> | |||
The same is true of the current crisis. So far in 2022, 16 major food industry facilities in the U.S. have mysteriously caught fire. In Canada, 43 train cars of potash, an important input material for feritlizer, mysteriously derailed.<ref>[https://www.zerohedge.com/commodities/stunning-images-show-potash-train-derailed-canada-amid-fertilizer-crunch Stunning Images Show Potash Train Derailed In Canada Amid Fertilizer Crunch]</ref> And more.<ref>[https://www.zerohedge.com/commodities/massive-fire-strikes-huge-poultry-farm-supplies-eggs-major-supermarkets Massive Fire Breaks Out At Poultry Farm That Supplies Eggs To Major Supermarkets]</ref> | The same is true of the current crisis. So far in 2022, 16 major food industry facilities in the U.S. have mysteriously caught fire. In Canada, 43 train cars of potash, an important input material for feritlizer, mysteriously derailed.<ref>[https://www.zerohedge.com/commodities/stunning-images-show-potash-train-derailed-canada-amid-fertilizer-crunch Stunning Images Show Potash Train Derailed In Canada Amid Fertilizer Crunch]</ref> And more.<ref>[https://www.zerohedge.com/commodities/massive-fire-strikes-huge-poultry-farm-supplies-eggs-major-supermarkets Massive Fire Breaks Out At Poultry Farm That Supplies Eggs To Major Supermarkets]</ref> | ||
Revision as of 20:34, 3 April 2023
This was originally published on May 25, 2020 by the founder of InfraWiki, originally on ProleWiki.
During the 1929 Great Depression, the elites sought to rescue their plummeting profits by outright destroying usable inventory, such as livestock and grain. Aggregate demand fell because the commoners had less money to spend, so the only way to salvage profitability was to reduce supply, thus increasing prices.[1]
The same is true of the current crisis. So far in 2022, 16 major food industry facilities in the U.S. have mysteriously caught fire. In Canada, 43 train cars of potash, an important input material for feritlizer, mysteriously derailed.[2] And more.[3]
It sounds a lot like the capitalist system is trying to again reign in the productive forces in a dying last-ditch effort to push back against the Tendency of the Rate of Profit to Fall.