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Michael Hudson — The Fed’s Austerity Program to Reduce Wages

Summary:
To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.This class-war doctrine is the prime directive of neoliberal economics.…Michael Hudson — On Finance, Real Estate And The Powers Of NeoliberalismMichael Hudson: The Fed’s Austerity Program to Reduce WagesMichael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking

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To Wall Street and its backers, the solution to any price inflation is to reduce wages and public social spending. The orthodox way to do this is to push the economy into recession in order to reduce hiring. Rising unemployment will oblige labor to compete for jobs that pay less and less as the economy slows.

This class-war doctrine is the prime directive of neoliberal economics.…

Michael Hudson — On Finance, Real Estate And The Powers Of Neoliberalism
Michael Hudson: The Fed’s Austerity Program to Reduce Wages
Michael Hudson | President of The Institute for the Study of Long-Term Economic Trends (ISLET), a Wall Street Financial Analyst, Distinguished Research Professor of Economics at the University of Missouri, Kansas City, and Guest Professor at Peking University
https://michael-hudson.com/2022/06/the-feds-austerity-program-to-reduce-wages/

See also

Naked Capitalism
Michael Hudson Talks About Almost Everything with Jonathan Brown (transcript)
https://www.nakedcapitalism.com/2022/06/michael-hudson-talks-about-almost-everything-with-jonathan-brown.html


Mike Norman
Mike Norman is an economist and veteran trader whose career has spanned over 30 years on Wall Street. He is a former member and trader on the CME, NYMEX, COMEX and NYFE and he managed money for one of the largest hedge funds and ran a prop trading desk for Credit Suisse.

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