US Federal Reserve chairman Jerome Powell said his goal is “to get wages down,” complaining workers have too much power. Michael Hudson says it's “junk economics,” and monopolies are driving inflation
They don't call it "irrational exuberance" these days because with government support, it's somewhat rational to crank up financial markets. Still the markets crash, and while the rulers sort that out, they want to spread as much of the paper losses as they can onto the entire population in the form of material losses. As long as the layer is spread thin enough, there won't be a revolt.
Of course, Powell has a degree in politics and a Juris Doctor so he's not an economist. He is obviously out of his depth but, then, the Federal Reserve has become increasingly political in recent decades. So, his position as chair of today's Fed may not too far out of Powell's league.
He bankrupted the country by counterfitting USD with banks and of course them f-ers wanna break the backs of the labor force to take it all back! Watch what they do to seniors on social security.
If you don't know that this is a class war then you ain't paying attention! Just saying..
I'm not trying to be obtuse and I don't comment to denigrate anything Mr Norton writes. To be clear, anyone following Ben Norton is fully aware of class warfare. including but not limited to illegal wars of aggression, psy-ops / stratcom, the surveillance state, MIC, nuclear proliferation, crony capitalism, Powell (not the same one) memorandum, etc. and so on for over half a century. My point was Hudson is an economist. Powell is not an economist. Powell is more of a low-key politician/lawyer type. So, junk economics coming from Powell makes sense in almost any context. And it was Volcker who initially intended to "break the backs of labor." They continue the same policies in support of the status quo. Yes. I am aware.
They don't call it "irrational exuberance" these days because with government support, it's somewhat rational to crank up financial markets. Still the markets crash, and while the rulers sort that out, they want to spread as much of the paper losses as they can onto the entire population in the form of material losses. As long as the layer is spread thin enough, there won't be a revolt.
Of course, Powell has a degree in politics and a Juris Doctor so he's not an economist. He is obviously out of his depth but, then, the Federal Reserve has become increasingly political in recent decades. So, his position as chair of today's Fed may not too far out of Powell's league.
He bankrupted the country by counterfitting USD with banks and of course them f-ers wanna break the backs of the labor force to take it all back! Watch what they do to seniors on social security.
If you don't know that this is a class war then you ain't paying attention! Just saying..
I'm not trying to be obtuse and I don't comment to denigrate anything Mr Norton writes. To be clear, anyone following Ben Norton is fully aware of class warfare. including but not limited to illegal wars of aggression, psy-ops / stratcom, the surveillance state, MIC, nuclear proliferation, crony capitalism, Powell (not the same one) memorandum, etc. and so on for over half a century. My point was Hudson is an economist. Powell is not an economist. Powell is more of a low-key politician/lawyer type. So, junk economics coming from Powell makes sense in almost any context. And it was Volcker who initially intended to "break the backs of labor." They continue the same policies in support of the status quo. Yes. I am aware.
Wtf?!