Professor Richard Wolff suggests that the Fed’s actions to control inflation are misguided, ignore the influence of monopoly, and may be leading us down a road to stagflation. An excerpt from Professor Wolff’s comments:
Prices in this economy are set in this economy by employers. Less than one percent of the American people are employers. All their basic decisions . . . are to be governed by how that action impacts the bottom line. Why do what imflation? Because employers raise the prices.