JJ: It seems to me that unemployment should not be a factor in defeating inflation; better that jobs (good paying jobs with benefits) be created by the government than having the Fed always afraid of inflation and therefore increasing the interest rate. Inflation includes giving better wages for workers who have had wage stagnation for years. Why shouldn’t workers be able to increase their incomes just as those CEOs in the 1% do (and outrageously at that)? There certainly is a huge inequality at play here.
Me: Or implementing price deflation into profit making systems with a high percentage discount/rebate policy at the point of consumption where all costs, prices and the terminal expression point of inflation end for every consumer product and service.
With such an abundant increase in potential business revenue….I’m sure there would be a lot more employment as a result.
E: In Chapter 9 of his book, The End of Normal, Jamie Galbraith uses four words to discuss the Big Crash of 2007: counterfeit, laundering, fencing and mark. These words are commonly used together to describe crimes. Galbraith, artfully as ever, takes his colleagues to task for ignoring the fact that, in the run-up to the Big Crash, much specific crime was committed by the financial world and its government handmaidens. He points out that thousands of people were convicted of similar crimes in the savings-and-loan scandals of the 80s, but not much conviction in the wake of the Big Crash. And here again an article by a prominent economist that ignores the criminal aspect.
Me: Indeed. The elite Bankers benefit from the same kind of blindness, unconsciousness and lack of ethical sensitivity of old paradigms as Trump does from his cult of personality base.
Ah, there is a crying need for the science of wisdom to bring clarity, efficacy and the natural philosophical concept of grace….in order to sort it all out…and rejuvenate the several systems that are currently stymied.