In persisting with its high rates policy, the Fed is acting like James Dean in the famous “chicken run” auto race in Rebel Without a Cause.
The real source of too many price hikes is concentrated market power, not macroeconomic overheating.
Leading economists' misdiagnosis of inflation in 2021-22 was the latest episode in a long-running series of failures. Either mainstream economists need to re-examine their core beliefs, or the profession needs a new mainstream.
The new term is for the megadonors who want a conservative Supreme Court to help them neuter the government regulators who hold power over their businesses.
The Fed’s pursuit of its 2% inflation target will slow economic growth, repress wage gains, make almost everyone’s job less secure, and put us at risk for a recession.
Inflation has been slowing but mainstream news reports that it is still high, and the Fed continues to talk about "high wages," and is raising interest rates to slow the economy and stop wage growth.
The government’s least democratic branches are incompetent and corrupt because they are unaccountable. James Madison would not be surprised…
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