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Welcome to the Dig, a podcast from Jacobin Magazine. My name is Daniel Denver,

and I'm broadcasting from Providence, Rhode Island. This episode is part one of a two-part series

on monetary politics with his story in Tim Barker. I first interviewed Tim about the politics of

inflation, what feels like ages ago, all the way back in July 2021. Okay, not that long ago,

but much has changed in the year and a half since we first talked. At the time,

a prevailing judgment was that the Federal Reserve had become dovish on inflation,

and so loathe to raise interest rates to combat it. Tim argued that this assessment was premature.

The Fed had hoped that inflation would be transitory. In part, that's because they didn't

...