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The Misery of Austerity with David Fields

Macro N Cheese

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Is the Interest Rate a Distributive Variable?

The long debunked quantity theory of money from Milton Friedman is still in everyone's head. When you raise interest rates for the benefit of those who have well, because they have wealth, you extract surplus based on the interest rate, that ultimately goes up to the top. If workers generally understood that what is happening is an all-out class war to undermine their potential, we would have revolution in the streets. The point is concepts, terms, economic principles that we take for granted are not value neutral. They're just standard orthodox scientific concepts that we should hold and use and practice wisely.

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