It's taboo in the media to say the economy is in #recession.
The reality is that Federal Reserve has deliberately triggered a recession, with the aim of increasing unemployment and lowering wages.
This is to counterbalance bank bailouts + war spending. 1/
The reality is that Federal Reserve has deliberately triggered a recession, with the aim of increasing unemployment and lowering wages.
This is to counterbalance bank bailouts + war spending. 1/
Whenever @LHSummers opens his mouth, it's to rail against the supposed terrestrial paradise for workers created by government spending.
But combining Fed money printing + Cares act spending 9/10 of emergency money went to companies or the markets, not workers. 2/
But combining Fed money printing + Cares act spending 9/10 of emergency money went to companies or the markets, not workers. 2/
Jerome Powell says unemployment must rise to correct what he called the "imbalance" in the labor market caused by the pandemic.
Which is a strange way of saying that a million workers are dead and the rest have to be whipped harder to make up for the work of dead and maimed. 3/
Which is a strange way of saying that a million workers are dead and the rest have to be whipped harder to make up for the work of dead and maimed. 3/
Summers is right that the government is spending like a drunken sailor, but he's lying about what it's doing with the money.
The military budget is surging, and every single week there is a new arms shipment to Ukraine, each bigger than the last.
4/
The military budget is surging, and every single week there is a new arms shipment to Ukraine, each bigger than the last.
4/
Somebody's got to pick up the tab, and the Fed is making clear that the working class will pay for perpetual war and corporate handouts. This is the "Volcker shock" on an even bigger scale.
5/5
5/5
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