A leaked memo written by a top Bank of America economist has revealed in explicit terms the strategy of the capitalist class.

Cause as much suffering among workers as possible to rebalance the economy in favor of the rich.

As the U.S. begins to experience an intentionally caused recession, it is now even clearer

that this is a matter of class struggle. We need a new system. We need a new society. We need to

demand that which may have sounded impossible even a few weeks ago, but is not only realizable, but an imperative necessity. The We are very excited to have Professor Richard Wolfe join us for a regular weekly segment where we discuss the biggest stories relating to the economy, the state of the

working class, and the crimes of big business. I'm Walter Smolerick, filling in for Brian Becker.

The Socialist Program brings you content three days a week thanks to the support of our patrons

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enjoy listening to the show. Richard Wolfe is the co-founder of the organization Democracy at Work

and the author of many books, the latest being The Sickness is the System, When Capitalism

Fails to Save Us from Pandemics or itself. You can check out all of his work at R.D.Wolf.com.

Well, Professor Wolfe, a few days ago, the Intercept published a leak memo.

It was written by Ethan Harris.

He's the head of Global Economics Research for the investing arm of Bank of America, Bank of America's securities.

And he laid out in pretty explicit terms that they hope, Bank of America hopes, and I think we can infer by extension, the capitalist class hopes, that as much economic suffering as possible is inflicted on the working

class by the policies of the Federal Reserve, essentially. Tell us a little bit more about

this memo and what it means. Yes, it's one of those wonderful moments when the people who run

this economic system, like Mr. Harris at Bank of America, and he's not

so much a runner as a top servant of the runners. He does analysis. He doesn't make the big decisions.

But it's wonderful when they get caught up in their own small circle of people, analysts like themselves and their bosses who do make the decisions, the CEO at Bank of America, the major shareholders of stock in Bank of America, and all of them.

It's just wonderful when they forget that economics

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