![]() ![]() I was told, by a stern voice on NPR, that the “bad economic news” is that employment is rising. The perps? According to the pundits, from The New York Times to NPR, the culprits driving inflation are the working stiffs demanding more pay-who are also selfishly clinging to their jobs. Victims? Perpetrators? But aren’t we told that inflation harms everyone? Well, what else would you expect the perps to say? So, today the Fed’s Open Market Committee applied another leech, a quarter percent hike in the federal funds rate, bleeding the victims of inflation-wage workers-rather than the perpetrators. ![]() Powell, seeing wage workers bleed, is sure he’s curing the patient. In the Dark Ages, doctors who saw a patient improving, gave the credit to the leeches–and applied more. Powell is preening, taking credit for this miracle, care of his leeches-the ever-higher interest rates bleeding wage workers. Saw the leeches? When the Federal Reserve announced another interest rate hike today, did you see the little bloodsuckers crawling out of the pockets of Chairman Jerome Powell? Because his cure for inflation has much too much in common with Medieval bloodletting, and is just as effective. Photograph Source: Federalreserve – Public Domain ![]()
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