Fed's Interest Rate Campaign Sends Shockwaves Through Global Economy
The Socialist Program with Brian Becker
The Socialist Program
4.7 • 587 Ratings
🗓️ 28 September 2022
⏱️ 30 minutes
🧾️ Download transcript
Summary
On today's episode Walter Smolarek and Prof. Richard Wolff discuss how the Federal Reserve’s relentless campaign to raise interest rates is having profound consequences not just in the United States, but around the world. As rates rise in the United States, the value of other currencies is plummeting, intensifying inflation and a whole host of other economic and social issues.
Professor Richard Wolff is an author & co-founder of the organization Democracy at Work. You can find his work at rdwolff.com.
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Transcript
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| 0:00.0 | The Federal Reserve's relentless campaign to raise interest rates is having profound consequences |
| 0:07.4 | not just in the United States, but around the world. |
| 0:11.1 | As rates rise in the United States, the value of other currencies is plummeting, |
| 0:15.9 | intensifying inflation and a whole host of other economic and social issues. |
| 0:21.7 | We need a new system. We need a new society. We need to demand that which may have sounded |
| 0:27.9 | impossible even a few weeks ago, but is not only realizable, but an imperative necessity. We are very excited to have Professor Richard Wolfe join us for a regular weekly segment, |
| 1:02.1 | where we discuss the biggest stories relating to the economy, the state of the working class, |
| 1:06.5 | and the crimes of big business. |
| 1:08.7 | I'm Walter Smolerick, filling in for Brian Becker. |
| 1:11.6 | The Socialist Program brings you content three days a week, |
| 1:14.4 | thanks to the support of our patrons |
| 1:16.0 | at patreon.com slash the Socialist Program. |
| 1:19.9 | We appreciate all of your support |
| 1:21.5 | and encourage you to become a patron today |
| 1:24.0 | if you enjoy listening to the show. |
| 1:26.6 | Richard Wolf is the co-founder of the organization Democracy at Work and the author of many |
| 1:30.9 | books, the latest being The Sickness is the System. |
| 1:34.4 | When Capitalism Fails to Save Us from Pandemics or itself, you can check out all of his |
| 1:39.7 | work at r.D.Wolf.com. |
| 1:43.9 | Well, Professor Wolf, we have talked on this show a lot in the past about the Federal Reserve |
| 1:49.4 | strategy to raise interest rates to essentially intentionally induce a recession, |
| 1:56.3 | to intentionally cause an economic crisis to rebalance the economy in favor of big business in favor of capital |
... |
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