Treasury Secretary Admits She Was DEAD WRONG About Inflation (Jimmy Dore)

Former Fed Chair and current Treasury Secretary Janet Yellen has admitted that she failed to see the current inflation crisis coming and then downplayed the seriousness of the problem when prices first started to rise. And while she claims she doesn’t like to make predictions (understandably, considering her track record), she is now saying she expects the crisis to continue for some time and that the administration will do little to curb it.

In this conversation with Jimmy, The New School’s visiting economics professor Richard Wolff at least gives credit to his former graduate school classmate Yellen for her honesty, but takes away points since he knows that she is aware of what needs to be done but does not have the intestinal fortitude to push for those policies.



The guest talks about the distribution of wealth being screwed. Companies are not paying a living wage to a vast majority of people while the owners pocket the profits. The other big problem, not mentioned, is good paying industrial jobs were outsourced overseas. 

And the financial speculators are having a field day with asset prices, especially oil. I read somewhere that the legit price of oil right now, like last time, should be 70 dollars a barrel not 119 dollars. The financial markets have ramped up prices in other areas too. The low interests rates allow a lot of money to be conjured up out of nothing with little risk, unless rates rise. And so heaps of debt money is pumped into the system. It jacks up house prices, and in the markets, the prices of various commodities.

[Posted at the SpookyWeather2 blog, June 6, 2022.]