The Fed chairman still has cheerleaders Chief among them is Larry Summers

 “We need five years of unemployment above 5% to contain inflation—in other words, we need two years of 7.5% unemployment or five years of 6% unemployment or one year of 10% unemployment,” the former Treasury secretary recently told the London School of Economics. 

You read that correctly: 10% unemployment. 

This is the comment of someone who has never worried about where his next paycheck will come from.

Elizabeth Warren WSJ 24 July 2022

https://www.wsj.com/articles/jerome-powells-fed-pursues-a-painful-and-ineffective-inflation-cure-unemployment-recession-pandemic-paycheck-putin-supply-chain-corporations-larry-summers-interest-rates-11658657627

Ms. Warren, a Democrat, is a U.S. senator from Massachusetts.


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