US Federal Reserve says its goal is ‘to get wages down’
multipolarista.com
US Federal Reserve chairman Jerome Powell said his goal is
  • Frank [he/him, he/him]
    ·
    3 years ago

    the lucas critique which says that you can’t predict the effects of a change in economic policy based on past conditions

    You mean economics is junk science and economists are little more than charlatan wizards prognosticating in the entrails of a goat?

    • Quimby [any, any]
      ·
      3 years ago

      yes. but actually. fuck economics. all my homies hate economics. Marx solved economics in the 19th century. everything else is wrong. 😤

    • fox [comrade/them]
      ·
      3 years ago

      Yeah but also the laissez faire system they've built has only one dial to control it labelled "$1 = $1 + X interest", and its so inherently chaotic that nobody on Earth can predict it.

      • invalidusernamelol [he/him]
        ·
        3 years ago

        1 labor hour pay = 1 labor hour work + 1 surplus labor hour work

        This is why it's so unpredictable, the current system violates conservation laws