Why Are Interest Rates Important?

On today's episode Walter Smolarek and Prof. Richard Wolff discuss how the Federal Reserve raised interest rates at the highest rate in over 20 years, signaling a major shift in policy as it attempts to tackle the spiraling inflation crisis. But will this maneuver work? Or is it likely to instead spark a new recession?

Professor Richard Wolff is an author & co-founder of the organization Democracy at Work. You can find his work at rdwolff.com.

Please make an urgently-needed contribution to The Socialist Program by joining our Patreon community at patreon.com/thesocialistprogram.  We rely on the generous support of our listeners to keep bringing you  consistent, high-quality shows. All Patreon donors of $5 a month or more  are invited to join the monthly Q&A seminar with Brian.