I’m getting the vibe that MMT is falling out of vogue in Sweden and that interest rates are gonna be jacked up. Maybe we’ll know for sure in three weeks after the next Riksbank meeting. But they’re giving up on trying to stem inflation.
I’m not sure they’re making the right call. I’d have more trust in them if they could demonstrate awareness about market capitalism’s “memory leak”. They’re blaming the inevitability of inflation on internationally increased prices for plastics and shipping.
But… wasn’t that kind of the point?
The global community is slowly regulating fossils more, to try to make the external (climate change!) costs of those transactions at least somewhat accounted for, after being nonchalantly hoisted onto the environment and the global poor for the last few centuries.
Yay, we’ll make fossils more expensive to save the Earth! Whoops, turns out everything is based on fossils and everything increased in price so it all got lost in the wash of numbers-go-up across the board. Government gonna fund electricity bills and gas cans so we can keep on mining and driving on the cinder.
Of course, since capitalism is so messed up, inflation is still quite capable of creating working class poverty since consumer prices are rising faster than wages.
We need to consider alternatives to this coked out mess of a system.