Former Treasury Secretary Larry Summers is a fucking ghoul. Workers are not the cause of inflation and mass unemployment is not a solution.

#ghoulsofcapitalism #inflation #inflationhawks

https://theintercept.com/2023/01/12/inflation-cpi-report-larry-summers/

Let's start with the case against bloodletting. #InflationHawks warn us of the #WagePriceSpiral, which is when inflation goes up and powerful workers bargain for higher wages, which drives up costs, and thus prices, and thus wages. This is the fairy-tale version of what happened in the 1970s and it's entirely true except for the fact that it was #OPEC's #embargo driving up oil prices that caused inflation, a fact that makes it entirely false, but oh well.

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