Inflation in the Seventies Is Not the Union's Fault

The fed is going to tinker around with monetary policy to reduce wages and decrease the demand for jobs. The federal reserve absolutely wants to make sure that the person paying for that is you, the worker. They talk about like, the's an inflationary shock. And then they start talking, and instead of talking about that any more, they start talking about unemployment levels and the job market being what drives inflation.