Edwards, the bank’s global strategist, used the following statements in the April 4 issue of his weekly market analysis:

“After working in the financial industry for over 40 years, I thought there wasn’t much left that could surprise me anymore. But I find the level of corporate greed unprecedented in this economic cycle astonishing.”

Noting that companies are using the pandemic and the Russia-Ukraine war to increase their own profits, Edwards continued as follows:

“The latest US profit data has dealt another blow to my waning confidence that the capitalist system is working as it should. Companies used the pandemic to ‘highlight’ first the pandemic and then the war in Ukraine.”

“Raising profits with inflation opportunism will harm public order in the long run”

The experienced economist also pointed out the worldwide economic problems and the related social events, and said that the increase in profits of companies by “inflation opportunism” would also harm public order in the long run.

In his article, Edwards argued that if the situation in question continues, capitalism in the known sense may collapse, and used the following statements:

“Inflation opportunism must end. Otherwise, we may face the end of capitalism. This is too big an issue for lawmakers to ignore.”

In his statement in November, US President Joe Biden also criticized the high profits of big oil companies at a time when his country was going through economic difficulties. Targeting oil giants, Biden said, “I’m a capitalist, I don’t have a problem with fair profits from companies, but that’s enough.”

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *