Inflation is at its highest level in decades and so are corporate profits as shown above. Corporate profit margins are at their highest since the 1950's. Perhaps motivated by the extra chump change given to consumers during the pandemic, corporations have raised their prices and successfully passed on the increased costs of production to consumers, a variation of the old "bait and switch'. Proof that smart shoppers shop at Target Corp., the company saw inventories swell, so prices were discounted to clear the shelves.
Meanwhile™the climate continues to get weirder. China is in the middle of the worst drought recorded in global history (red represent areas of extreme temperatures during a 70 day heatwave). In Somalia it has not rained in more than two years.
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| via Counterpunch.org |