The Fed’s 2022 rate hikes deliberately targeted working-class consumption

Evidence

Federal Reserve Chairman Jerome Powell and his colleagues have refined their technical language, but the antagonism toward the working classes is no less acute. Powell proclaims that to “restore price stability,” economic experts must use their tools “forcefully,” and this “will also bring some pain.” The pain is for the culprits of inflation, namely those who are consuming too much and working too little. — Clara E. Mattei, Escape from Capitalism, 17

Categorization

• XREF: Parallels the 1920 Brussels conference: same inflation-blame dynamic, a century later. — connects to: Experts recognized wage-cutting as the crux of class conflict over monetary policy — Clara E. Mattei, The Capital Order: How Economists…, 966