of too many central banks raising interest rates. we are not in a period where we can discount the fact that if you have growth way below profits and inflation, then you are, in fact, facing grim economic circumstances. and unless we share prosperity, workers are the victims. but aren t you trying to reinvent economics if you argue that workers pushing for massive pay rises right now is not going to be inflationary? all the evidence over many years suggests that once you get into that wage price spiral, it s very hard to get out of it. well, first of all, look at the wage claims. they re hardly massive demands, given the profits that, as i said, are really driving inflation. that s the key we see. with price rises in energy, with price gouging, with governments who are failing to regulate energy markets, failing to put the windfall tax on profits that we need, and to share that prosperity, then you re creating a low growth future against an inflationary spiral from prices and
well, my guest is long time boss of the international trade union confederation, sharan burrow. do workers have problems that unions cannot fix? sharan burrow in brussels, welcome to hardtalk. good evening. good to have you on the show. let s look at what is happening in the world right now. we have a spike in energy costs right around the world. we have rising inflation in many countries and a squeeze on the cost of living. how grim do you think the prospects for your members, for workers around the world are right now? well, i think you have to take note of workers. they re on strike all around the world. they can t live on the wages that they re being paid. they know that this is a huge injustice when it s profits that are driving inflation. in fact, the union movement has a new term. it s called pro flation , because it s a myth to say that wages are driving inflation. even the eu confirmed just this week that there is no feedback loop between wages and inflation, and it
Of inflation right now. so let s be realistic and say to central banks, manage the economy for people, not for those continuing to make outrageous profits while other people risk starvation. you talk about the outrageous profits, but then you acknowledge that actually part of the inflationary spiral right now is caused by the russia invasion of ukraine, what that s done to food, energy prices, so that s hardly all about profiteering, is it? no, no, i absolutely dispute that, because the governments have failed to regulate the market, failed to do what they claim they don t like, which is indeed monopoly or oligopoly power. we have around four major companies right now controlling both the production and the distribution of food globally. and i can tell you the top company in this regard, cargill, actually has more than ten billionaires in its family alone.
Are running at about less than a third of inflation right now. so, let s be realistic and say to central banks, manage the economy for people, not for those continuing to make outrageous profits while other people risk starvation. you talk about the outrageous profits, but then you acknowledge that, actually, part of the inflationary spiral right now is caused by the russia invasion of ukraine, what that s done to food and energy prices. so that s hardly all about profiteering, is it? no, no, i absolutely dispute that, because the governments have failed to regulate the market, failed to do what they claim they don t like, which is indeed monopoly or oligopoly power. we have around four major companies right now controlling both the production and the distribution of food globally. and i can tell you the top company in this regard, carhill, actually has more than ten billionaires in its family alone.
Of growth. and in fact, when you look at growth versus wages and inflation, wages are running at about less than a third of inflation right now. so, let s be realistic and say to central banks, manage the economy for people, not for those continuing to make outrageous profits while other people risk starvation. you talk about the outrageous profits, but then you acknowledge that, actually, part of the inflationary spiral right now is caused by the russia invasion of ukraine, what that s done to food and energy prices. so that s hardly all about profiteering, is it? no, no, i absolutely dispute that, because the governments have failed to regulate the market, failed to do what they claim they don t like, which is indeed monopoly or oligopoly power. we have around four major companies right now controlling both the production