chris hedges report Economy Richard Wolff

The Chris Hedges Report: The Fed’s Response to Inflation Is Another Upward Transfer of Wealth (With Richard Wolff )

Capitalist profiteering is the real driver of the inflation crisis, and raising interest rates only passes the costs onto workers already overwhelmed by personal debt and stagnant wages.

By Chris Hedges / The Real News Network

The Federal Reserve has responded to runaway inflation by hiking up interest rates at the same time that Americans are drowning in historic levels of personal debt. With interest rates up, prices will only rise faster than wages, hitting the vast majority of people with stagnant or declining wages in real terms. The result is yet another upward transfer of wealth to the minority of capitalists responsible for the crisis in the first place. Economist Richard Wolff joins The Chris Hedges Report to discuss the origins of the inflation crisis, the Fed’s response, and what this all means for working people.

Richard D. Wolff is Professor of Economics Emeritus at the University of Massachusetts, Amherst and a Visiting Professor in the Graduate Program in International Affairs at the New School. He is the host of the weekly program Economic Update, and the author of several books, including his most recent title, The Sickness in the System: When Capitalism Fails To Save Us From Pandemics or Itself.

Studio: Adam Coley, Cameron Granadino
Post-Production: Adam Coley


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Chris Hedges
Chris Hedges

Chris Hedges is a Pulitzer Prize–winning journalist who was a foreign correspondent for fifteen years for The New York Times, where he served as the Middle East Bureau Chief and Balkan Bureau Chief for the paper. He previously worked overseas for The Dallas Morning NewsThe Christian Science Monitor, and NPR. He is the host of show The Chris Hedges Report.

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