Thursday, October 14, 2021


Summers is who "we've" always said he is and shame on all the people who buttressed his reputation year after year.
Former Treasury Secretary Lawrence Summers castigated monetary policy makers in the U.S. and elsewhere for paying too much attention to social issues and not enough to the biggest risk to inflation since the 1970s.


Fed policy makers last year adopted a more inclusive approach toward their goal of achieving maximum employment, going well beyond the headline unemployment rate. They have pledged to keep their benchmark interest rate near zero even as inflation surges, committing to ensure greater progress in the job market.

The specific issue is that in their target for "full employment" or whatever we're calling it this year, the Fed long separated out black unemployment from white unemployment, targeting a higher level of unemployment for black workers which supposedly reflected "full unemployment" and if you're not a racist monster you can see the problem with that.

White people might be able to get a raise occasionally, but not black people.