Thread by @TristamPratori1

Why do asset owners / conservatives complain about inflation?

I had a lightbulb moment when writing a Medium article.

You have to look at the ancient origin of inequality and where money itself comes from.

Read this paper and the parts about the Asiatic mode of production too:

Classes originate from ancient agriculture, when humanity first produced a surplus of crops.

Since the output of crops is difficult (natural disasters, weather, available labor, effort), a hierarchical system emerges to keep everyone in society disciplined as such.

A class system emerges where the upper-class appropriates the surplus by owning the farms and livestock as private property, while the lower-class produces the crops.

weforum.org/agenda/2018/10…

So in order to legitimize the class hierarchy, you need to create a money system.

Money quantifies the limited availability of crops and reproduces it as exchangeable value (status), while also defining the subordinate role of the worker with a wage denominated in money.

His material needs are dependent on the employer who distributes the money!

The ''surplus'' today is no longer cabbages and cows, but the original intent of money remains in a vestigial form.

When the consuming masses buy more things than anticipated (such as by government stimulus), this comes into conflict with enforced scarcity (even if minimally)

Indeed, the ''market'' raises the price because too much money is chasing too few goods.

And what is ''too much money?'' Beyond the limits of what the upper-class is comfortable distributing to the working-class in wages and incomes.

And what is ''too few goods?''

Pushing against the ''natural'' availability of physical goods (or crops) as defined by the need for the upper-class to convert scarcities into exchangeable value, which is what money quantifies.

So the price rises and money falls in value because previous prices fail to defend this particular availability of resources.

Since the upper-class quantifies exploitation of surplus in exchangeable units (property is valued in money), a fall in the value of money is disturbing.

Supply and demand (and demand-push inflation) is really just the millennia-old relationship between the upper-class and lower-class disguised in a modern form.

In every economic occurrence (price, money, value, wages etc.), are embedded the prevailing social relations.