Cenk Uygur
@TheYoungTurks·6.5M subscribers·72.8K videos
These Two Quotes From The Federal Reserve Chair Tell You All You Need To Know About The Elite
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December 3, 2022
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14:21Now PlayingJerome Powell, chairman of the US Federal Reserve, has signaled the Fed will continue to enact policies to drive down wages. John Iadarola, Cenk Uygur, and Adrienne Lawrence discuss on The Young Turks.
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"The chairman of the US Federal Reserve Jerome Powell has made his most explicit statement to date on the aim of interest rate tightening. It is to increase the supply of labour by creating unemployment to push down the wage demands that have erupted in the face of the highest inflation in 40 years.
Federal Reserve Chairman Jerome Powell testifies before the Senate Banking Committee hearing, Thursday, March 3, 2022 on Capitol Hill in Washington. [AP Photo/Tom Williams, Pool]
In a speech delivered at the Brookings Institution yesterday, entitled Inflation and the Labor Market, he made it clear that the Fed regards even the nominal wage rises of workers over the recent period—all of which fall below the inflation rate—as too high. This is because they have “been growing at a pace well above what would be consistent with 2 percent inflation over time.”
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221202__TA04FederalReserveBlamesWorkersPayForSoaringInflation
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