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‘High inflation and falling incomes are a particularly noxious combination’
The law matters but it does not matter as much as organised power on the shopfloor, writes ANDREW MURRAY
UNION POWER: Protest outside Maritime House, Dover, after P&O Ferries sacked 800 workers

INFLATION is today what it has always been – a device for attacking the living standards of working people, ensuring that real incomes fail to keep up with the impact of a depreciating currency. 

Wage earners and retired workers, whose income depends entirely on monetary values, are always the hardest hit by this depreciation. Workers cannot transfer their wealth into more stable stores of value, whether it be gold, works of art or landed property. 

Inflation is therefore a front in the class struggle. It is a means of transferring wealth from the working class to the employing class, by creating a disjuncture between nominal and real currency values. 

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