If the Fed expects prices to cool, the mechanism is familiar: punishing workers.
The so-called"independence" of central banks is much more about its freedom from democratic rule than its neutrality between capital and labor.Winter is coming and with it a very likely economic contraction in 2023. Its roots lie beyond just the pandemic’s effects on the economy.
The losers are a familiar lot: workers and the Global South. The tools through which the punishments are doled out should also be familiar to students of economic history. The dictums of"central bank independence" and of balanced budgets summarize well both the monetary and fiscal approaches acolytes of the Washington Consensus adhere to in times of economic crisis.
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