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this post was submitted on 14 Jan 2024
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The Federal Reserve raised rates specifically to cause layoffs and discipline labor. It wasn’t even a secret.
Jacobin: To Fight Inflation, the Fed Is Declaring a War on Workers
When the Fed raises their rates, the wealthy move their capital from the economy to risk-free, high-yield US Treasury notes, which cools the economic system, which causes layoffs. It also causes loan interest rates to go up, which pops the cheap money bubble.