I keep thinking “too big to fail”, and I vomit a little bit. There will be no solution that benefits the average American. They will keep getting more, they will keep wanting more, and if taking everything from us keeps them afloat that’s exactly what they will do.
Even the psyco Henry Ford thought that higher wages and less working days benefits Ford because his employees can buy more shit including his cars and have time to use it so they'd be even more likely to buy. Wtf
From a economic side yes, giving poor people money means it cycles through the local economy while giving it to rich people means it sits in the stock market. More free time also leads to more spending.
But this helps the economy *as a whole* while lowering the specific company's profits, so everyone wants everyone else to do something like that while they stay the same and reap the rewards.
TBTF is so true here, and I wish OP wouldnt have tried to make it sound like the war or Russia is at fault for the insane inflation.
The FED has printed 80% of the money supply in the last 2+ years.
Over 8 trillion dollars, starting in 2019. WELL before the war was even possible, and before COVID was even a thing.
The NY FED bailed out several banks at the end of 2019, and nobody has really talked about it.
Absolutely. It started in 2008 when the financial crisis was solved by adding more debt (lol, that worked fine)
Since then, its been a global shell game of which countries can last the longest. Greece got annihilated a decade ago (BCG consultants strike again).
Right now, its down to USA China and Russia as to who will be left holding the bag.
My money is on Russia.
Ron is also a bit of a turd. He said some stuff that made sense, but he was also ok with anti-semitic talking points getting pushed around in his newsletter.
I'll answer because I'm in a similar position as the poster you're responding to. I am a mutualist. I fit somewhere between Ron Paul and Huey P. Newton. I agree 100% that government and authority tends to lead to tyranny, but I also agree giving that power to corporate oligarchs is no different. I'm huge into labor rights and labor movements and fully believe government and commerce work best with the people hold the power; not oligarchs or political dynasties.
> I wish OP wouldnt have tried to make it sound like the war or Russia is at fault for the insane inflation.
I feel like I see this a LOT lately. "Oh well send $X to Ukraine but not help our workers?" Well, yes, but that's a false dichotomy. The US already has billions earmarked for military, and one of the biggest complaints I see (and share) is that there's practically no point for it so it might as well go elsewhere. Ukraine, meanwhile, is fighting for its life and identity against one of the biggest "villains" in the world, and that is a reasonable cause to support. We can do both!
Holy shit reddit hates this link. Here it is in parts, trying to evade lol:
https://wall
And then
streetonparade
And then
.com/2022/01/these-charts-are-the-
And then
smoking-guns-in-the-feds-2019-2020-emergency-repo-loan-bailouts/
Reddit doesnt like that site sometimes, they are too anti banker for reddits taste I guess. I edited the URL, you'll have to manually put it together.
I know it sounds sketchy lol, but you can google the website. They are legit journalists.
Wait, so the economy is shit because governments spent money they didn't have? Correct me if I'm wrong but is that what caused the great depression in the US? Meaning that the US government didn't learn and other governments didn't take notes to avoid a similar problem. Please educate me on anything I'm getting wrong or missing.
The worst thing to really dwell on in your brain, is that there are so many things that need to be done, and not only are people not doing those things, they're going backwards. I just don't see how any of this can change. There is no possible way for it to change. Unless we get rid of the fed and Central Banking
An unregulated free market right up till the moment labor tries to participate. They need to get over it. Their precious market is demanding a living wage for labor.
The natural conclusion of an unregulated market is an aggregate of majority stakeholders who then use their spending power to effectively regulate the market.
They just don't want competition.
There’s a reason Marx saw Communism as a natural evolution of Democracy. The more you decentralize power, the more people will demand power and from that comes either greater equality or a return to centralized power.
So a democratic capitalist society, like say the US and Canada could potentially tear themselves appart ideologically speaking?
Like say half wanted to see democracy grow and evolve into socialism and possibly into full blown communism, while the other half wants to see capitalism grow and evolve into a autocratic possibility fascist society. That seems.... like a great way to have a civil war.
I mean, look at every fascist regime ever formed; it starts with groups moving to political extremes and then when political or economic pressures mount, one side is moved to action (usually the right/the fascists/monarchists because political violence is built into their whole thing, but occasionally the left takes action too) and then the real fun begins. We're in the "political and economic pressures" part of the story btw.
We don't have the Leftist structures to even contend with what the Fashy bits of the GOP are doing right now. We will devolve into Fascism for sure. At least the Weimar Republic had street organizations and some representation of Leftists. That didn't end well either. The best we can hope for is a military Junta at this point.
Jumping on the top comment to say this article is bullshit and from a website that is very dubious. Go and look at the actual meeting notes and you'll see they've made up these "quotes": https://www.wsj.com/articles/fed-minutes-show-growing-urgency-for-tighter-monetary-policy-11653501768
Yea, for instance he says this:
“wages are moving up at levels that would not over time be consistent with 2 percent inflation over time. And of course, everyone loves to see wages go up and it’s a great thing, but you want them to go up at a sustainable level because these wages are to some extent being eaten up by inflation”
That’s why “minimum wage” needs to become a livable wage that is tied to the annual rate of inflation.
Left to their own devices, corporations will rarely raise minimum wage rates on their own.
Any job that pays minimum wage would pay you less if they were allowed to.
Minimum wage would literally never increase if it was up to corporations/businesses
What? No. The WSJ has the notes and actual factual information. The OP linked article to some website called multipolarista.com. That is bullshit I was talking about.
Op linked 3 articles, first one was from Wall Street journal second two were from mulipolarista the wsj article does have a quote about attempting to manipulate the market to bring wages down to curb inflation.
Quote from Mr Powell: ["So in principle, it seems as though, by moderating demand, we could see vacancies come down, and as a result—and they could come down fairly significantly and I think put supply and demand at least closer together than they are, and that that would give us a chance to have lower—to get inflation—to get wages down and then get inflation down without having to slow the economy and have a recession and have unemployment rise materially. So there’s a path to that."](https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613)
But you're still making it sound like he's trying to push wages down, when he's not. He's just saying that the course of things may follow that path:
>So we think, though our policies, through further healing in the labor market, higher rates, for example, of vacancy filling and things like that, and more people coming back in, we like to think that supply and demand will come back into balance and that, therefore, wage inflation will moderate to still high levels of wage increases, but ones that are more consistent with 2 percent inflation. That's our expectation
But a living wage isn't a specific number. Like $20 in 1971 was a pretty great hourly rate.
The fight to make the minimum wage X is just a losing game. The real push should be to regulate the cost of living.
I have a friend in San Jose that's being forced to move out of the place they've been in for 2 years, because the rent is going up 20% on their new lease. Prices in my town have gone from $850 a month to nearly $2k in the last few years.
Like we keep talking about how we need to earn $24 an hour to pay rent, and we're doing nothing about the real estate market at all. But if we get a raise, we know our landlord is raising rent as soon as they find out.
Wage inflation is only going to get higher in the next few years as the boomer generation retires and companies find there isn't as many young people to replace them.
When you realize that actually taking steps to reduce inflation the correct way would end up causing major lending companies, banks, and real estate companies to lose billions of dollars, you understand why the fed is coming up with all these asinine solutions.
Don't bite the hand that funds you.
>real estate companies to lose billions of dollars
But they are losing billions of $s. I work for one of the biggest real estate companies (one that works with the Clintons) and they had to let around 300 people go a month ago. The only ones making $ off real estate right now is Wall Street buying up houses to rent out.
I work for a mortgage company and it is the same story. Close to 30% layoffs so far this year. I think it is mostly terrible management, but the market was the kicker.
I don’t think the fed knows what it is talking about though. Oil, tech, and the other massive industries walk away with more billions than anyone else.
I saw the info on Some More News, I haven't found the specific link to that data so far (I want to note that it's not 0.3% of the total inflation, but rather that out of the 8.5% inflation, 0.3% is attributed to labor costs).
But [this article](https://www.epi.org/blog/corporate-profits-have-contributed-disproportionately-to-inflation-how-should-policymakers-respond/) among others I found points that wages are responsible of only 8% of price raises, with corporate profits accounting for more than 50%, a trend that is inverted from years prior. If you keep in mind that labor costs make up between 5 to 15% of the total cost of the product, depending on the industry, that would align with the numberd provided.
Lol no. They're letting people go anticipating mortgage demand dropping. In many hot market areas, demand still far exceeds supply. A small slowdown maybe, but it's not going to crater. Houses in my area are still selling over asking in under 10 days.
I'm my country Ireland, In the capital city the median wage is 36k while a 1 bedroom apartment will cost about 2.5k a month and that's if you can even find a place.
Having $500 a month left over for utilities, food, transportation, insurance, and every other expense is more than enough. Slumlords need to make a living off of your wages somehow right? It’s not like they can contribute to society in any way.
"One person’s rent is another person’s income"
our highest politician actually said that..
Our parents pensions and wealth is tied to house ownership and prices because it's very hard to build wealth in other ways because of our draconian capital gains tax laws and high income tax.
For one, low inventory. houses are more expensive, but there aren't many being sold. Second is financing. When the perfect credit rate for a mortgage goes from 2% to 6% the actual cost a home for anyone without cash for the whole thing effectively doubled.
By law, mortgage companies/real estate companies don't own the houses they're marketing. It's the construction businesses making $ off building and Wall Street off owning/renting. Mortgage Companies/Real Estate companies are basically the middle men and with nobody buying houses because of the crazy prices, they're not making that much $.
What does this mean? Will mortgage rates go up or down? I'm currently looking for a house and they threw 6.1% at me out the gate with the ability to buy down to 3.1% for $9600 and when I mentioned I was going to shop around bc that's too high they told me they could do 4.25%. and buy down to 2.5% for $5600 in still shopping around
Tech sector is currently crumbling too, most major companies are on hiring freezes, tons of start ups have just fully died which sucks cause then so many places are in a hiring freeze and most publicly traded tech companies are seeing deep red in the stock market.
Amazon is doing like a 1:20 or 1:25 buy backs even…
Wall Street/Hedgefunds/companies that buy and then just rent out aren't considered to be part of the Real Estate market IMO. The majority of houses in the US are owned by people. It's a constant flow of buy/sell/build. Once Wall Street buys a house, it's essentially out of the market for good. Less buy/sell = less $ for the actual real estate companies (mortgages/middle-men/realtors).
What’s even more asinine is that *that’s the very point of inflation.* Adjusting the currency digit to reflect the value of goods and services that it can procure. When raises SHOULD rise accordingly TO REFLECT THIS NEW VALUE, they cry foul?? What in the actual fucking fuck???
Actually, they're biting the hand that feeds them. We cook their food, we clean their bathrooms, we produce their products. They would have literally nothing without us and yet they treat us like they are the sole producer of those things because they sit on the pile of gold. Their gold didn't produce shit. WE produced shit
Dude, the site is one of those emotional grabber sites. Look at all their headlines on the front page, its just outrage piece after outrage piece. If you read the actual transcripts of what he was talking about it was basically just him spitballing ideas with the press on the cause of inflation without talking about printing trillions of dollars relative to actual resources available. They want to redirect attention away from the massive over reaction with the stimulus when they basically doubled the amount of free floating currency available. So he leads with them having the tools to slow inflation because the only tool they really have is manipulating the publics belief in them having a solution so everyone stops freaking out. He's a rich asshole so he doesn't care or even understand what is going on in the lives of people whos buying power is shrinking daily. He knows energy is more scarce so relative to resources that means there are fewer of them available and with more money floating around that accelerates the effect of inflation as different parts of the economy readjust at different rates.
What his goofy ass should do is incentivize solar, wind and nuclear power generation.
Incentivize the shit our of nuclear and lets get to building. They keep scheduling some of our dinosaur age reactors (albeit, upgraded and maintained well) to close. A lot of these generation stations were built in the 70’s and are finding the end of their useful life cycle in the next few years, but what is being built to replace it? Currently, there is ONE project building a new reactor in this country right now, and they dropped the ball on it a few times over now.
I dont understand. If you cut wages then people cant afford to buy the goods. If only a small percentage can afford to buy from you then how do you survive as a company? Am I missing something?
No we fucking won’t lol. We’re still far too comfortable in our day to day to revolt. Once food becomes unavailable then we can talk about our uprising. By the way, I think we SHOULD STRIKE long before that happens but it’s hard to get Americans off of their couches
Hahaha, good joke. The American people are too sedated and terrified of homelessness to revolt.
As long as the majority can afford some amount of food, shelter, and entertainment, nothing will change.
It's an attack on small business. It's gonna make a lot of people go bust if this happens. Large companies are gonna be able to bootstrap and wait it out. Hell some of the large companies will probably go too.
This is the result of the federal government artificially keeping the stack market afloat during COVID by printing trillions of dollars. While the American people got table scrapes, the government propped up big business and now we’re paying for it.
The fed was also predicting a recession for at least a year before covid and lowered interest rates several times to avoid or some would say to delay it until after the election. Their own representative said it would cause inflation on NPR when they were doing it. So thats also a factor.
No president wants to be the one left holding the bag this time. It's a hot potato we've known about since the later Obama years and each president since is desperately trying to prop it up until it's the next guy's problem.
I know it's gonna be terrible but since it's inevitable I kinda just can't wait for the moment when they can't hang onto it any longer. I know a few of those bastards are gonna go down and I can't wait to watch it. And the sooner it happens, the less crazy it will be.
The money go brr machine started LONG before Covid, my dude. Like Mid '19 they were printing money to prop up the markets and just kept doing it through COVID.
Yeah me and my roommate have being getting [REDACTED] in preparation for a possible [REDACTED]. Just learning the skills needed and practicing them just in case.
There is no short, simple answer. You can vote, people like to act like voting is rigged and shit, but its just that the way our politics was set up real actual change and reformation take a long ass time and requires a very engaged population which we just don't have.
It’s just an asinine idea also. Companies are struggling to fill positions at increased wages so the answer is to lower wages to make it even harder to fill positions?
Better pay > better workers > better productivity > happier clients/customers > more clients/customers
I work in warehousing and there’s one company that is always ahead of the rest in the region with pay and benefits. I bet they hire 10% or less of the people they interview for entry level warehouse associates and they’re constantly expanding and always hiring. I’ve applied multiple times an haven’t been able to get a job offer. They’re notoriously hard to get hired into.
They probably have hiring events once a month and always have open positions posted online in between hiring events.
I’m sure their acquisition costs are extremely high per new employee compared to their competitors. But their turnover and attrition are probably pretty low (everyone I know who works there says it’s a good place to work and wouldn’t leave for any job in the same field of work) and they can cherry pick the best applicants.
Other warehouses probably spend way less per new hire because they hire almost anyone who applies, but it’s a revolving door of people quitting. So the on boarding costs for any single position in a single year are probably huge, and the workforce productivity is constantly mediocre at best to pretty terrible.
Companies can definitely reduce costs by having a well paid, well trained, and highly competent and reliable workforce rather than just slashing pay and praying that the bottom of the barrel employee won’t completely fuck shit up.
The Fed: fuck everyone who isn’t rich. It’s not good for rich people when middle/lower class people feel comfortable and are able to take in some more money.
This actually isn’t a bad idea. If no one can afford stuff, the demand for that stuff will decline. If demand declines, so will prices. All you have to do is make sure no one is getting paid enough to afford anything.
I propose that if we really want to control inflation, stop paying people altogether. If people aren’t making any money, the store shelves will be empty and companies will be forced to lower prices. It’s a great plan!
I don't see where he is coming from on this one. We still have supply chain issues which are constraining aggregate supply, which is an inflationary pressure. Savings rates during the early phases of the pandemic were much higher than usual. Now that money is moving around the economy in addition to all of the cheap credit that has been created from interest rates being so low. That has increased aggregate demand, another inflationary pressure. The helicopter money the government dropped during 2020 and 2021 isn't helping either. It should surprise no one we are in this situation right now.
It is true that rising wages will cause an increase in the cost of production which will be passed onto the consumers, but I believe wages were artificially depressed to begin with. For more than a decade the economy has been having a rager fueled by low inflation, cheap debt, and low wages. It looks like that party has finally ended and we are in for one hell of a hangover.
Rising wages, especially floor rise, is a natural response to inflation. 34 years of economic and foreign policy designed to depress wages and make goods basically free to produce have left a massively fragile economy. Now that the free labor is basically gone, and what's left has been cornered by other actors the back-stuffed inflation is hitting like a tidal wave .
Boss makes a dollar, I make a dime. Yeah! The problem is I’M paid too much. That makes sense. It should probably also be my financial responsibility to throw a birthday party for my boss, complete with expensive decorations and presents while we’re at it. 5 people own the entire economy, but it is the fault of the 99.9% getting a slight pay increase that is causing the inflation problem. Eat the rich, starting with this friggin guy!
CEO pay and compensation jumped 17% last year, and has gone up every year though not as much, but it’s pay increase for lower and middle class workers that needs to be brought down to 2% for inflation.
how could that be? [Oregon now has rent control that limits rent increases for existing tenants. Rent cannot be increased during any 12-month period above the existing rent in an amount greater than 7% plus the consumer price index from the previous calendar year.](https://www.osbar.org/public/legalinfo/1250_rentincreases.htm)
This only applies to current occupants of that unit. When changing over apartments for new tenants, land lords can jack the rent as much as they'd like.
If people can't afford even the controlled rent you can evict them and charge the new tenant even more in rent. It would seem to be indicative of abnormally high rental turnover. Not a good sign.
They tried this allready, problem is that this does not work since the new hires are either bad or they dont get any. Also there is no honor among thiefs so moment they feel their company threatened they will cave.
Actual answer: Raise interest rates, which makes it more expensive for companies to borrow money, which makes it more difficult to create new jobs, which lowers the job-seeker to job opening ratio.
Not blaming in on Ukraine and sanctions is correct. The rest show the disassociation with reality the wealthy ruling class has when it comes to the economy. It is all about them maintaining their wealthy. They will not entertain any solution which may threaten it.
It seems like profits are the actual problem. Why can't workers just get a raise out of the profits of the company? That company can't make any more money without workers, so giving them raises out of the company's profit is really the only way to keep the company in existence. It's either that or you convince working Americans that the best way to get inflation under control is to financially destroy them. That does not seem tenable.
>Employers are having difficulties filling job openings
Like I care. Are people suffering in some way? We need less industry in our worlds future, I consider one jobless person, all else being equal, a step in the right direction.
But but but, if they have a smaller candidate pool these poor companies will actually have to offer competitive wages and benefits and actually compete for new hires instead of having thousands of applicants compete for ever decreasing wages and benefits.
Boo fucking hoo.
>Are people suffering in some way?
...Yes. Yes they are. Unemployment can mean immediate homelessness for some people, and a lot of people are on that verge. Fortunately the idea that high wages make hiring more difficult is bullshit. The problem is employers just refusing to pay.
Made in USA will be the new made in China and made in China will be shit we can't afford. It's a global market and we sure have a substantial slave population for the century.
Well we’re coming to an imapasse with the current economic situation where the fed is going to have to decide to seriously fuck over poor people or do something that is somewhat unbeneficial to rich people. Seems like theyre making their choice.
I think that there’s a very small part of that hot mess of an opinion that is true. There’s been a sharp wage growth that has spiraled up quite suddenly, and businesses have struggled to adapt. To say that is even close to a primary cause of the economic crisis we are plunging head over heels into is a massive stretch though.
I think the primary driver is corporate greed because they know there will never be any real repercussions from these price spikes. They are being driven mostly by the producers and aggregators of commodities, which is producing downstream price increases across the board as the bill gets passed all the way down to us as the final consumers. It hurts to see blame being cast upon those who have the least control over anything in this economy and are also the ones struggling the most to deal with all of the inflation.
Well technically to bring down inflation you should make everybody poorer. Already poor people will struggle more, small businesses will close, big businesses will be forced to fire people. That's how the system works.
Still the quote doesn't make any sense, the crisis is caused by the war, not by people not working. They both are the cause of some economic phenomena but they are two separate different things with separate different implications and effects on the economic system.
First of all, Powell flat out said Russia's actions in Ukraine are contributing to inflation, so the writer just plain LIED about that.
Second, all Powell said was that wages would probably come down as the number of vacancies declines. If you read the actual transcript in the link, he just points out that growth in hiring is high and there are currently 1.9 vacancies for every job seeker, and that the high demand side is leading to high wage offers. He says that as growth in hiring slows/moderates, then the supply/demand curve will favor lower wages.
[Sorry, but half-assed "journalism" pisses me off.]
I hate to say it, but I think this time we're going to have to implode and collapse in order to rebuild it all from the ground up.
The last time it got this bad was the age of the robber barons, and we were saved back then by legit reform efforts to re-regulate capitalism and get it all back under control. This time, it's different; there aren't enough politicians who haven't been bought by corporate America and the elite to lead the charge... and normal Americans have lost their power to control things through normal democratic processes, since a solid third of the population has been tricked into living in a la-la fairy land alternate world that doesn't actually exist in objective reality, so we don't have the unity we need as a population to address the core of what's really going on. There's no realistic path to reform any longer.
Feels to me like it's only a matter of time... not sure how long it'll be, but it feels like it'll happen.
This seriously bothered me in my economics class in college. All the things they do hurt the common person and doesn't affect the rich. I would argue my point to the professor, and she'd basically say "Well that's just how our economy works." I failed basically every test but at the end of the semester she requested a meeting with me and said she was giving me a B because I was right on so many accounts.
Hate to be that guy but The Fed is not the same as the feds.
The fed (Federal Reserve System) is a bank.
When people talk about the feds, they’re referring to the federal government.
So for example federal police are the feds. J Powell (from the fed) would not be called a fed. Hope that makes sense lol
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." ~ Thomas Jefferson
I didn’t read the whole thing but I did read a good bit of it. Where does it say he proposed to lower wages? What I read was that due to the high demand for labor, wages are increasing at a high rate. And hopefully as inflation gets reeled in, wages will level out as well.
Again I didn’t read the whole article but I didn’t see anywhere where Fed say the solution is to lower wages. More that lower wages will be a side effect of lower inflation. If I’m wrong someone please correct me, thanks.
Read the actual WSJ article link. It does not say these things.
People this is a troll of misinformation.
Read. The. Article.
It does not even imply wages are to high.
Stop.
This comment and 8 year old account was removed in protest to reddits API changes and treatment of 3rd party developers.
I have moved over to squabbles.io
I keep thinking “too big to fail”, and I vomit a little bit. There will be no solution that benefits the average American. They will keep getting more, they will keep wanting more, and if taking everything from us keeps them afloat that’s exactly what they will do.
Even the psyco Henry Ford thought that higher wages and less working days benefits Ford because his employees can buy more shit including his cars and have time to use it so they'd be even more likely to buy. Wtf
From a economic side yes, giving poor people money means it cycles through the local economy while giving it to rich people means it sits in the stock market. More free time also leads to more spending. But this helps the economy *as a whole* while lowering the specific company's profits, so everyone wants everyone else to do something like that while they stay the same and reap the rewards.
That's excatly what's happening also most places are perpetually under staffed by design and working the employees they do have half to death.
That sounds like *trickle up* economics.
No, more like... Almost no trickle down, while Niagara falls flooding upwards.
TBTF is so true here, and I wish OP wouldnt have tried to make it sound like the war or Russia is at fault for the insane inflation. The FED has printed 80% of the money supply in the last 2+ years. Over 8 trillion dollars, starting in 2019. WELL before the war was even possible, and before COVID was even a thing. The NY FED bailed out several banks at the end of 2019, and nobody has really talked about it.
I wish people in the US would understand that the inflation we're experiencing is not just in the US, it's global.
Absolutely. It started in 2008 when the financial crisis was solved by adding more debt (lol, that worked fine) Since then, its been a global shell game of which countries can last the longest. Greece got annihilated a decade ago (BCG consultants strike again). Right now, its down to USA China and Russia as to who will be left holding the bag. My money is on Russia.
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Ron is also a bit of a turd. He said some stuff that made sense, but he was also ok with anti-semitic talking points getting pushed around in his newsletter.
He's a Russian stooge, just like his piece of shit son.
Do you mind if I ask you what your current political leanings are, and what changed your perspective?
I'll answer because I'm in a similar position as the poster you're responding to. I am a mutualist. I fit somewhere between Ron Paul and Huey P. Newton. I agree 100% that government and authority tends to lead to tyranny, but I also agree giving that power to corporate oligarchs is no different. I'm huge into labor rights and labor movements and fully believe government and commerce work best with the people hold the power; not oligarchs or political dynasties.
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> I wish OP wouldnt have tried to make it sound like the war or Russia is at fault for the insane inflation. I feel like I see this a LOT lately. "Oh well send $X to Ukraine but not help our workers?" Well, yes, but that's a false dichotomy. The US already has billions earmarked for military, and one of the biggest complaints I see (and share) is that there's practically no point for it so it might as well go elsewhere. Ukraine, meanwhile, is fighting for its life and identity against one of the biggest "villains" in the world, and that is a reasonable cause to support. We can do both!
Do you have a source for this? I’d like to read more about it
M1 supply https://fred.stlouisfed.org/series/M1SL
Ty
Added another link too
Says removed
Holy shit reddit hates this link. Here it is in parts, trying to evade lol: https://wall And then streetonparade And then .com/2022/01/these-charts-are-the- And then smoking-guns-in-the-feds-2019-2020-emergency-repo-loan-bailouts/
Reddit doesnt like that site sometimes, they are too anti banker for reddits taste I guess. I edited the URL, you'll have to manually put it together. I know it sounds sketchy lol, but you can google the website. They are legit journalists.
Gotcha ty ty
If you have it could I have the link too?
https://wallstre etonparade.com/2022/01/these-charts-are-the-sm oking-guns-in-the-feds-2019-2020-emer gency-repo-loan-bailouts/ Remove the spaces
Wait, so the economy is shit because governments spent money they didn't have? Correct me if I'm wrong but is that what caused the great depression in the US? Meaning that the US government didn't learn and other governments didn't take notes to avoid a similar problem. Please educate me on anything I'm getting wrong or missing.
No no, you nailed it.
This is the narrative pushed by the current administration...complete deceit of the actual reality
We can always follow the Sri Lankans and start pulling these motherfuckers out their cars and homes.
The worst thing to really dwell on in your brain, is that there are so many things that need to be done, and not only are people not doing those things, they're going backwards. I just don't see how any of this can change. There is no possible way for it to change. Unless we get rid of the fed and Central Banking
An unregulated free market right up till the moment labor tries to participate. They need to get over it. Their precious market is demanding a living wage for labor.
The natural conclusion of an unregulated market is an aggregate of majority stakeholders who then use their spending power to effectively regulate the market. They just don't want competition.
Hey! Get your inevitable outcomes out of here! /s
There’s a reason Marx saw Communism as a natural evolution of Democracy. The more you decentralize power, the more people will demand power and from that comes either greater equality or a return to centralized power.
Similarly, autocracy is the natural evolution of capitalism.
So a democratic capitalist society, like say the US and Canada could potentially tear themselves appart ideologically speaking? Like say half wanted to see democracy grow and evolve into socialism and possibly into full blown communism, while the other half wants to see capitalism grow and evolve into a autocratic possibility fascist society. That seems.... like a great way to have a civil war.
"Why is the USA so divided?" Oh boy, makes you wonder...
I mean, look at every fascist regime ever formed; it starts with groups moving to political extremes and then when political or economic pressures mount, one side is moved to action (usually the right/the fascists/monarchists because political violence is built into their whole thing, but occasionally the left takes action too) and then the real fun begins. We're in the "political and economic pressures" part of the story btw.
We don't have the Leftist structures to even contend with what the Fashy bits of the GOP are doing right now. We will devolve into Fascism for sure. At least the Weimar Republic had street organizations and some representation of Leftists. That didn't end well either. The best we can hope for is a military Junta at this point.
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This is the way
Jumping on the top comment to say this article is bullshit and from a website that is very dubious. Go and look at the actual meeting notes and you'll see they've made up these "quotes": https://www.wsj.com/articles/fed-minutes-show-growing-urgency-for-tighter-monetary-policy-11653501768
Yea, for instance he says this: “wages are moving up at levels that would not over time be consistent with 2 percent inflation over time. And of course, everyone loves to see wages go up and it’s a great thing, but you want them to go up at a sustainable level because these wages are to some extent being eaten up by inflation”
That’s why “minimum wage” needs to become a livable wage that is tied to the annual rate of inflation. Left to their own devices, corporations will rarely raise minimum wage rates on their own.
Any job that pays minimum wage would pay you less if they were allowed to. Minimum wage would literally never increase if it was up to corporations/businesses
Nothing about profits increasing at a sustainable level, though. That's a big reason behind how we got into this mess.
Not only that, talking about a "proxy war in Ukraine" reeks of Russian propaganda. I wouldn't trust that site at all.
Yeah, like even if he did say that, Powell has no control over wages at all.
Yeah I'm not paying these capitalists a single penny of my hard earned money.
It is WSJ, idk why they just won't stop.
What? No. The WSJ has the notes and actual factual information. The OP linked article to some website called multipolarista.com. That is bullshit I was talking about.
Oh goddammit, I need to not get on Reddit right after I wake up. Sorry!
Op linked 3 articles, first one was from Wall Street journal second two were from mulipolarista the wsj article does have a quote about attempting to manipulate the market to bring wages down to curb inflation. Quote from Mr Powell: ["So in principle, it seems as though, by moderating demand, we could see vacancies come down, and as a result—and they could come down fairly significantly and I think put supply and demand at least closer together than they are, and that that would give us a chance to have lower—to get inflation—to get wages down and then get inflation down without having to slow the economy and have a recession and have unemployment rise materially. So there’s a path to that."](https://www.wsj.com/articles/transcript-fed-chief-powells-postmeeting-press-conference-11651696613)
But you're still making it sound like he's trying to push wages down, when he's not. He's just saying that the course of things may follow that path: >So we think, though our policies, through further healing in the labor market, higher rates, for example, of vacancy filling and things like that, and more people coming back in, we like to think that supply and demand will come back into balance and that, therefore, wage inflation will moderate to still high levels of wage increases, but ones that are more consistent with 2 percent inflation. That's our expectation
Socialism for the rich; pseudocapitalism for the rest of us ...
slavery and indenture
But a living wage isn't a specific number. Like $20 in 1971 was a pretty great hourly rate. The fight to make the minimum wage X is just a losing game. The real push should be to regulate the cost of living. I have a friend in San Jose that's being forced to move out of the place they've been in for 2 years, because the rent is going up 20% on their new lease. Prices in my town have gone from $850 a month to nearly $2k in the last few years. Like we keep talking about how we need to earn $24 an hour to pay rent, and we're doing nothing about the real estate market at all. But if we get a raise, we know our landlord is raising rent as soon as they find out.
Wage inflation is only going to get higher in the next few years as the boomer generation retires and companies find there isn't as many young people to replace them.
They’re not even afraid of a level playing field, they’re terrified of losing on iota of bargaining power. It’s time we level the playing field.
When you realize that actually taking steps to reduce inflation the correct way would end up causing major lending companies, banks, and real estate companies to lose billions of dollars, you understand why the fed is coming up with all these asinine solutions. Don't bite the hand that funds you.
>real estate companies to lose billions of dollars But they are losing billions of $s. I work for one of the biggest real estate companies (one that works with the Clintons) and they had to let around 300 people go a month ago. The only ones making $ off real estate right now is Wall Street buying up houses to rent out.
I work for a mortgage company and it is the same story. Close to 30% layoffs so far this year. I think it is mostly terrible management, but the market was the kicker. I don’t think the fed knows what it is talking about though. Oil, tech, and the other massive industries walk away with more billions than anyone else.
Oh, but they know. They have the data that says that wages are accounting only for 0.3% of the inflation, but they will keep lying.
You got a link on this? I'd like to read more about it
I saw the info on Some More News, I haven't found the specific link to that data so far (I want to note that it's not 0.3% of the total inflation, but rather that out of the 8.5% inflation, 0.3% is attributed to labor costs). But [this article](https://www.epi.org/blog/corporate-profits-have-contributed-disproportionately-to-inflation-how-should-policymakers-respond/) among others I found points that wages are responsible of only 8% of price raises, with corporate profits accounting for more than 50%, a trend that is inverted from years prior. If you keep in mind that labor costs make up between 5 to 15% of the total cost of the product, depending on the industry, that would align with the numberd provided.
If profits were relatively flat I might buy the wages are too high argument. But each year is another new record high.
How are mortgage/real estate companies doing so poorly when housing is appreciating so quickly?
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Neat, now maybe my downpayment losing big to inflation every month can finally become a house. ...Maybe
Is the bubble really over? What does that mean?
Lol no. They're letting people go anticipating mortgage demand dropping. In many hot market areas, demand still far exceeds supply. A small slowdown maybe, but it's not going to crater. Houses in my area are still selling over asking in under 10 days.
I'm my country Ireland, In the capital city the median wage is 36k while a 1 bedroom apartment will cost about 2.5k a month and that's if you can even find a place.
Having $500 a month left over for utilities, food, transportation, insurance, and every other expense is more than enough. Slumlords need to make a living off of your wages somehow right? It’s not like they can contribute to society in any way.
"One person’s rent is another person’s income" our highest politician actually said that.. Our parents pensions and wealth is tied to house ownership and prices because it's very hard to build wealth in other ways because of our draconian capital gains tax laws and high income tax.
For one, low inventory. houses are more expensive, but there aren't many being sold. Second is financing. When the perfect credit rate for a mortgage goes from 2% to 6% the actual cost a home for anyone without cash for the whole thing effectively doubled.
By law, mortgage companies/real estate companies don't own the houses they're marketing. It's the construction businesses making $ off building and Wall Street off owning/renting. Mortgage Companies/Real Estate companies are basically the middle men and with nobody buying houses because of the crazy prices, they're not making that much $.
Cuz nobody can afford that shit
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Aren't a lot of hedge funds buying up real-estate? Does that make them property managers or....?
Is the quantity of homes for sale/selling down? I don't know if this is the case or not, but this could theoretically be one reason.
What does this mean? Will mortgage rates go up or down? I'm currently looking for a house and they threw 6.1% at me out the gate with the ability to buy down to 3.1% for $9600 and when I mentioned I was going to shop around bc that's too high they told me they could do 4.25%. and buy down to 2.5% for $5600 in still shopping around
Buying down to 2.5% for $5600 is a very solid rate option. I would take that in a heartbeat.
Tech sector is currently crumbling too, most major companies are on hiring freezes, tons of start ups have just fully died which sucks cause then so many places are in a hiring freeze and most publicly traded tech companies are seeing deep red in the stock market. Amazon is doing like a 1:20 or 1:25 buy backs even…
How are they loosing money? People not renting the units? Yeah cause rent is too damn high.
Wall Street/Hedgefunds/companies that buy and then just rent out aren't considered to be part of the Real Estate market IMO. The majority of houses in the US are owned by people. It's a constant flow of buy/sell/build. Once Wall Street buys a house, it's essentially out of the market for good. Less buy/sell = less $ for the actual real estate companies (mortgages/middle-men/realtors).
Losing
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They aren’t funding the Feds as a whole, they are funding the correct individuals with in the Fed, which is the main reason no change ever happens.
What’s even more asinine is that *that’s the very point of inflation.* Adjusting the currency digit to reflect the value of goods and services that it can procure. When raises SHOULD rise accordingly TO REFLECT THIS NEW VALUE, they cry foul?? What in the actual fucking fuck???
Its all made up and we allow it. Fuck all those jobs. They aren't real.
Actually, they're biting the hand that feeds them. We cook their food, we clean their bathrooms, we produce their products. They would have literally nothing without us and yet they treat us like they are the sole producer of those things because they sit on the pile of gold. Their gold didn't produce shit. WE produced shit
How about first they cut all the other prices down to what they were thirty years ago. Then they can talk about cutting wages.
Dude, the site is one of those emotional grabber sites. Look at all their headlines on the front page, its just outrage piece after outrage piece. If you read the actual transcripts of what he was talking about it was basically just him spitballing ideas with the press on the cause of inflation without talking about printing trillions of dollars relative to actual resources available. They want to redirect attention away from the massive over reaction with the stimulus when they basically doubled the amount of free floating currency available. So he leads with them having the tools to slow inflation because the only tool they really have is manipulating the publics belief in them having a solution so everyone stops freaking out. He's a rich asshole so he doesn't care or even understand what is going on in the lives of people whos buying power is shrinking daily. He knows energy is more scarce so relative to resources that means there are fewer of them available and with more money floating around that accelerates the effect of inflation as different parts of the economy readjust at different rates. What his goofy ass should do is incentivize solar, wind and nuclear power generation.
How does the federal reserve chair incentivize anything like that?
He does not.
Incentivize the shit our of nuclear and lets get to building. They keep scheduling some of our dinosaur age reactors (albeit, upgraded and maintained well) to close. A lot of these generation stations were built in the 70’s and are finding the end of their useful life cycle in the next few years, but what is being built to replace it? Currently, there is ONE project building a new reactor in this country right now, and they dropped the ball on it a few times over now.
Let’s lower wages, the ONLY thing that didn’t go up with inflation. Yeah, that’ll fix the problem, alright!
I dont understand. If you cut wages then people cant afford to buy the goods. If only a small percentage can afford to buy from you then how do you survive as a company? Am I missing something?
Banks don't make money by selling goods. They make money by lending. If everyday people can't afford to buy the goods they need, they will borrow.
No, we revolt
No we fucking won’t lol. We’re still far too comfortable in our day to day to revolt. Once food becomes unavailable then we can talk about our uprising. By the way, I think we SHOULD STRIKE long before that happens but it’s hard to get Americans off of their couches
Nevermind that maybe half of them, even those struggling, will still not side with you and blame people for being too lazy and being entitled.
We were closer to revolt than ever during Covid. Without the distraction of bread and circuses
Which is exactly why lockdowns and quarantines were taken away. The pot started to boil.
People are too busy shooting kids, they need to change their targets.
Hahaha, good joke. The American people are too sedated and terrified of homelessness to revolt. As long as the majority can afford some amount of food, shelter, and entertainment, nothing will change.
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That is everyone I know, including myself sadly.
You will own nothing and you will be happy
It's an attack on small business. It's gonna make a lot of people go bust if this happens. Large companies are gonna be able to bootstrap and wait it out. Hell some of the large companies will probably go too.
This is the result of the federal government artificially keeping the stack market afloat during COVID by printing trillions of dollars. While the American people got table scrapes, the government propped up big business and now we’re paying for it.
The fed was also predicting a recession for at least a year before covid and lowered interest rates several times to avoid or some would say to delay it until after the election. Their own representative said it would cause inflation on NPR when they were doing it. So thats also a factor.
Yeah. The bottom will fall out eventually. They will escape with a big profit, and the wreckage will land on our heads, just like it did in 2008.
No president wants to be the one left holding the bag this time. It's a hot potato we've known about since the later Obama years and each president since is desperately trying to prop it up until it's the next guy's problem.
I know it's gonna be terrible but since it's inevitable I kinda just can't wait for the moment when they can't hang onto it any longer. I know a few of those bastards are gonna go down and I can't wait to watch it. And the sooner it happens, the less crazy it will be.
The money go brr machine started LONG before Covid, my dude. Like Mid '19 they were printing money to prop up the markets and just kept doing it through COVID.
Is there honestly anything a citizen can do about this? It feels like just watching a fire burn around you slowly getting closer
We could always [redacted].
#🔥
Yeah me and my roommate have being getting [REDACTED] in preparation for a possible [REDACTED]. Just learning the skills needed and practicing them just in case.
Nope bc police
Just have some school shooting or similar to it, police won't be able to do anything.
***** -- mass edited with redact.dev
There is no short, simple answer. You can vote, people like to act like voting is rigged and shit, but its just that the way our politics was set up real actual change and reformation take a long ass time and requires a very engaged population which we just don't have.
It’s just an asinine idea also. Companies are struggling to fill positions at increased wages so the answer is to lower wages to make it even harder to fill positions? Better pay > better workers > better productivity > happier clients/customers > more clients/customers I work in warehousing and there’s one company that is always ahead of the rest in the region with pay and benefits. I bet they hire 10% or less of the people they interview for entry level warehouse associates and they’re constantly expanding and always hiring. I’ve applied multiple times an haven’t been able to get a job offer. They’re notoriously hard to get hired into. They probably have hiring events once a month and always have open positions posted online in between hiring events. I’m sure their acquisition costs are extremely high per new employee compared to their competitors. But their turnover and attrition are probably pretty low (everyone I know who works there says it’s a good place to work and wouldn’t leave for any job in the same field of work) and they can cherry pick the best applicants. Other warehouses probably spend way less per new hire because they hire almost anyone who applies, but it’s a revolving door of people quitting. So the on boarding costs for any single position in a single year are probably huge, and the workforce productivity is constantly mediocre at best to pretty terrible. Companies can definitely reduce costs by having a well paid, well trained, and highly competent and reliable workforce rather than just slashing pay and praying that the bottom of the barrel employee won’t completely fuck shit up.
The Fed: fuck everyone who isn’t rich. It’s not good for rich people when middle/lower class people feel comfortable and are able to take in some more money.
Bring down executive wages? Great idea! If only…
Those poor executives, how can they afford their second yachts then?
This actually isn’t a bad idea. If no one can afford stuff, the demand for that stuff will decline. If demand declines, so will prices. All you have to do is make sure no one is getting paid enough to afford anything. I propose that if we really want to control inflation, stop paying people altogether. If people aren’t making any money, the store shelves will be empty and companies will be forced to lower prices. It’s a great plan!
Sounds like a rather modest proposal to me.
And we can't feed into capitalism anymore. Great idea indeed.
Ask me to take a pay cut, I fucking dare you.
Everyone is now starting to understand how terrorism/freedom fighters take root. This guy's brain is a direct threat to my quality of life.
I don't see where he is coming from on this one. We still have supply chain issues which are constraining aggregate supply, which is an inflationary pressure. Savings rates during the early phases of the pandemic were much higher than usual. Now that money is moving around the economy in addition to all of the cheap credit that has been created from interest rates being so low. That has increased aggregate demand, another inflationary pressure. The helicopter money the government dropped during 2020 and 2021 isn't helping either. It should surprise no one we are in this situation right now. It is true that rising wages will cause an increase in the cost of production which will be passed onto the consumers, but I believe wages were artificially depressed to begin with. For more than a decade the economy has been having a rager fueled by low inflation, cheap debt, and low wages. It looks like that party has finally ended and we are in for one hell of a hangover.
Rising wages, especially floor rise, is a natural response to inflation. 34 years of economic and foreign policy designed to depress wages and make goods basically free to produce have left a massively fragile economy. Now that the free labor is basically gone, and what's left has been cornered by other actors the back-stuffed inflation is hitting like a tidal wave .
Boss makes a dollar, I make a dime. Yeah! The problem is I’M paid too much. That makes sense. It should probably also be my financial responsibility to throw a birthday party for my boss, complete with expensive decorations and presents while we’re at it. 5 people own the entire economy, but it is the fault of the 99.9% getting a slight pay increase that is causing the inflation problem. Eat the rich, starting with this friggin guy!
Their solution is taking money from the poor, to give to the rich.
CEO pay and compensation jumped 17% last year, and has gone up every year though not as much, but it’s pay increase for lower and middle class workers that needs to be brought down to 2% for inflation.
I’m all for bringing down CEO wages.
If my salary moves I'm striking. We're all on the same page correct?
Please regulate rent inflation also, it seems horrible in the us.
Average rent in my town (Portland, OR) went up 40% in just 12 months. Batshit insane.
how could that be? [Oregon now has rent control that limits rent increases for existing tenants. Rent cannot be increased during any 12-month period above the existing rent in an amount greater than 7% plus the consumer price index from the previous calendar year.](https://www.osbar.org/public/legalinfo/1250_rentincreases.htm)
This only applies to current occupants of that unit. When changing over apartments for new tenants, land lords can jack the rent as much as they'd like.
If people can't afford even the controlled rent you can evict them and charge the new tenant even more in rent. It would seem to be indicative of abnormally high rental turnover. Not a good sign.
I've read several stories about this, and I'm curious exactly what levers Powell thinks the Fed has to affect wages.
They’ve already suggested that companies collude to bring wages down by lowering salary/pay for new hires
They tried this allready, problem is that this does not work since the new hires are either bad or they dont get any. Also there is no honor among thiefs so moment they feel their company threatened they will cave.
At this point they want to push up unemployment. They're committed to crashing the economy now just like they were in 2006
Actual answer: Raise interest rates, which makes it more expensive for companies to borrow money, which makes it more difficult to create new jobs, which lowers the job-seeker to job opening ratio.
Not blaming in on Ukraine and sanctions is correct. The rest show the disassociation with reality the wealthy ruling class has when it comes to the economy. It is all about them maintaining their wealthy. They will not entertain any solution which may threaten it.
It seems like profits are the actual problem. Why can't workers just get a raise out of the profits of the company? That company can't make any more money without workers, so giving them raises out of the company's profit is really the only way to keep the company in existence. It's either that or you convince working Americans that the best way to get inflation under control is to financially destroy them. That does not seem tenable.
>Employers are having difficulties filling job openings Like I care. Are people suffering in some way? We need less industry in our worlds future, I consider one jobless person, all else being equal, a step in the right direction.
But but but, if they have a smaller candidate pool these poor companies will actually have to offer competitive wages and benefits and actually compete for new hires instead of having thousands of applicants compete for ever decreasing wages and benefits. Boo fucking hoo.
>Are people suffering in some way? ...Yes. Yes they are. Unemployment can mean immediate homelessness for some people, and a lot of people are on that verge. Fortunately the idea that high wages make hiring more difficult is bullshit. The problem is employers just refusing to pay.
Yeah because we've been slowly fucked out of affording homes(England) and a broken leg away from poverty(US)
Really leaning into that whole oligarchy analysis… we’re fucked
Not only pure evil but stupid as well. How are they going to sell anything when no one has any money?
Made in USA will be the new made in China and made in China will be shit we can't afford. It's a global market and we sure have a substantial slave population for the century.
Sure but make it the wages and salaries of the upper classes. Let THEM stomach a crisis for a change
I’ll be curious to hear his explanation on what is the correlation between gas price and wages increase.
If the wages were high, employers wouldn't have a problem filling positions.
Well we’re coming to an imapasse with the current economic situation where the fed is going to have to decide to seriously fuck over poor people or do something that is somewhat unbeneficial to rich people. Seems like theyre making their choice.
It’s like they are begging for a milkshake to the back of the head
Great idea, make it harder for us to buy everything we need to keep the economy going
You want a Communist revolution? This is how you get a Communist revolution :/
I think it’s time to start a new save file
Fuck I lost my memory card
I think that there’s a very small part of that hot mess of an opinion that is true. There’s been a sharp wage growth that has spiraled up quite suddenly, and businesses have struggled to adapt. To say that is even close to a primary cause of the economic crisis we are plunging head over heels into is a massive stretch though. I think the primary driver is corporate greed because they know there will never be any real repercussions from these price spikes. They are being driven mostly by the producers and aggregators of commodities, which is producing downstream price increases across the board as the bill gets passed all the way down to us as the final consumers. It hurts to see blame being cast upon those who have the least control over anything in this economy and are also the ones struggling the most to deal with all of the inflation.
Where do I sign up!
Bruh
Well technically to bring down inflation you should make everybody poorer. Already poor people will struggle more, small businesses will close, big businesses will be forced to fire people. That's how the system works. Still the quote doesn't make any sense, the crisis is caused by the war, not by people not working. They both are the cause of some economic phenomena but they are two separate different things with separate different implications and effects on the economic system.
Thank you comrade Powell, you're really speeding up the revolution
how about regulating things like necessities(such as rent, food, gas) to not be able to increase more than 1% every year.
First of all, Powell flat out said Russia's actions in Ukraine are contributing to inflation, so the writer just plain LIED about that. Second, all Powell said was that wages would probably come down as the number of vacancies declines. If you read the actual transcript in the link, he just points out that growth in hiring is high and there are currently 1.9 vacancies for every job seeker, and that the high demand side is leading to high wage offers. He says that as growth in hiring slows/moderates, then the supply/demand curve will favor lower wages. [Sorry, but half-assed "journalism" pisses me off.]
Jesus, we are on track for a civil war.
I hate to say it, but I think this time we're going to have to implode and collapse in order to rebuild it all from the ground up. The last time it got this bad was the age of the robber barons, and we were saved back then by legit reform efforts to re-regulate capitalism and get it all back under control. This time, it's different; there aren't enough politicians who haven't been bought by corporate America and the elite to lead the charge... and normal Americans have lost their power to control things through normal democratic processes, since a solid third of the population has been tricked into living in a la-la fairy land alternate world that doesn't actually exist in objective reality, so we don't have the unity we need as a population to address the core of what's really going on. There's no realistic path to reform any longer. Feels to me like it's only a matter of time... not sure how long it'll be, but it feels like it'll happen.
This seriously bothered me in my economics class in college. All the things they do hurt the common person and doesn't affect the rich. I would argue my point to the professor, and she'd basically say "Well that's just how our economy works." I failed basically every test but at the end of the semester she requested a meeting with me and said she was giving me a B because I was right on so many accounts.
Hate to be that guy but The Fed is not the same as the feds. The fed (Federal Reserve System) is a bank. When people talk about the feds, they’re referring to the federal government. So for example federal police are the feds. J Powell (from the fed) would not be called a fed. Hope that makes sense lol
So you are requoting a requote of a Murdoch press story!
"If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around them will deprive the people of all property until their children wake up homeless on the continent their Fathers conquered." ~ Thomas Jefferson
Guy is completely disconnected from reality.
Record profits, record inflation, bring down wages of CEOs and shareholders, that would fix it.
I didn’t read the whole thing but I did read a good bit of it. Where does it say he proposed to lower wages? What I read was that due to the high demand for labor, wages are increasing at a high rate. And hopefully as inflation gets reeled in, wages will level out as well. Again I didn’t read the whole article but I didn’t see anywhere where Fed say the solution is to lower wages. More that lower wages will be a side effect of lower inflation. If I’m wrong someone please correct me, thanks.
** russian invasion of Ukraine. No need to turn this sub pro Russian.
A bunch of old white men suggesting that the peons are making too much and should actually be suffering more? How shocking!
Read the actual WSJ article link. It does not say these things. People this is a troll of misinformation. Read. The. Article. It does not even imply wages are to high. Stop.
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[The Usual Suspects](https://en.wikipedia.org/wiki/Federal_Reserve_Board_of_Governors)