Capitalism vs Socialism is NOT Markets vs Planning
Economic Update with Richard D. Wolff
00:00
Why Is the Federal Reserve Pumping Money Into the Economy?
When the government pumps money into the economy, well then we get an inflation like we've had for the last year. The Federal Reserve doesn't raise or lower prices. It's excluded from that activity. Somebody else does. Who? The employers of America. So if there's an inflation, there have to be at least two acts. And number two, the decision to raise prices undertaken by a tiny minority of the people. Less than 1% of our people are employers. The other 99% are not.
Play episode from 03:06
Transcript
