Why are the media, banks and government lying to us about inflation?

Houses for sale: their prices spiral upwards at ever-increasing speeds, putting them out of reach of ordinary working people, because the extra costs are never included in inflation figures and are therefore never considered to be part of the calculation of what wages ought to be.

The latest clip from Gary Stevenson exposes a new layer of dishonesty in the information we are provided by the news media.

It concerns inflation – the rate at which the cost of living is increasing.

This is quite an important part of life for most people but many of us do our level best to ignore it because it is either hard for us to understand or we don’t want to think about what we need to do to improve our situation.

I mean, how many people do you think decided not to read this article when they saw the word “inflation” in the headline?

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Here’s Gary. You need to watch his clip before going further:

So the message is that when the media talk about CPI (or sometimes RPI), the rate of inflation they mention is always wrong – because it does not include asset price inflation, for example the increasing cost of housing.

Asset costs have been running out of control, which is great for the very rich because it means they can buy such things from the rest of us, thereby gaining control of the levers with which our society is run; they get to own all the elements of industry and have a cheap workforce – because wages are being kept down by bank demands for low inflation based on a false measure.

You see, because the Bank of England has an aim to keep inflation down to two per cent, we are told that wages cannot rise beyond that level.

But because asset price inflation – including the cost of housing – is much higher than two per cent, the Bank of England’s demand for low wage increases means those of us who work for a living are facing an ever-increasing gap between the cost of the things we need and what we can afford to pay.

This is impossible to fix in the current economic situation. The Bank won’t allow wages to rise to meet the actual costs, and asset prices can’t fall because this would automatically bankrupt people who have bought them – suddenly the thing they had for half a million pounds is now worth only £300.

Gary’s answer is to increase wage inflation – so working people will be paid more – alongside his established demand that the rich should be taxed much more in order to force them to sell back the assets they have taken from us, with all the benefits to society that will come with that change.

The problem with that is the same as always: neither the government nor the media want you even to know that this is a possibility because the current situation is wonderful for people who already happen to be very rich.

And because most people believe anything they are spoonfed by the mass media, they probably won’t even believe that those media are lying to them.

You have been well and truly stitched up – by the very people you have been conditioned to trust. What are you going to do about it?

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