,SACRIFICES >E REQUIR$ TO APPEASE ,CAPITAL1 SAYS ,BANK ( ,5GL&444 

,PEOPLE 3 

,AU?OR 3 ,IA9 ,MC,KAY 

,TEXT 3 

,S9CE ! #a#i#gS1 CAPITALI/ ECONOMIC POLICY HAS BE5 ROOT$ 9 0FI<T+ 9FLATION10 AN EUPHEMISM = 0CRU%+ ! WORK]S40 ,?IS POLICY IS ROOT$ 9 ! NOTION ( ! 0,NON-,ACCEL]AT+ ,9FLATION ,RATE ( ,UNEMPLOYM5T0 7OR ,N,A,I,R,U7 &1 LIKE MO/ ( ! SILLY &_/OR NA/Y IDEAS 9 MOD]N ECONOMICS1 HAS ITS ROOTS 9 ! WORKS ( ,MILTON ,FRI$MAN4 

,IT IS ?IS DOGMA :I* DROVE ,BR[N'S DECISION TO MAKE ! ,BANK ( ,5GL& 09DEP5D5T0 ( POLITICAL CONTROL BACK 9 #aiig & SO ALL[ IT TO MEET 9FLATION T>GETS BY ANY MEANS IT SEES FIT4 ,H[ TURN+ POLICY DECISIONS ON ! ECONOMY OV] TO UNELECT$ & UNACC\NTABLE TE*NOCRATS BAS$ ON A SPECIFIC 7RI<T-W+7 9T]PRETATION ( H[ 9FLATION IS PRODUC$ CAN NOT BE CONSID]$ 0POLITICAL0 %\LD LEAVE DISC]N+ M9DS PUZZL$4 

,! ,N,A,I,R,U IS BAS$ ON ! IDEA ?AT !RE IS SOME RATE ( UNEMPLOYM5T BEL[ :I* 9FLATIONS />TS TO RISE4 ,! PROBLEM IS1 !RE IS NO WAY ( DET]M9+ :AT ?AT RATE IS BEYOND LOOK+ AT ACTUALLY :AT HAPP5S TO 9FLATION4 ,SO ! ECONOMIC POLICY ( ! ,U,K IS BAS$ ON A GR\P ( TE*NOCRATS TRY+ TO GUESS :]E AN 9VISIBLE VALUE IS &1 TO MAKE MATT]S WORSE1 ! RATE *ANGES OV] TIME4 

,?IS IS BECAUSE ! RATE IS DEP5D5T ON MANY FACTORS1 ! KEY ONES RELAT+ TO WORK+ CLASS P[] - I4E4 !IR ABILITY TO DEM& & GA9 BETT] PAY & CONDITIONS4 ,! LOGIC IS SIMPLE4 ,AS UNEMPLOYM5T FALLS1 WORK]S FEEL MORE ABLE TO DEM& TO BETT] PAY & CONDITIONS1 =M UNIONS & SO ON4 ,?IS RAISES ! WAGE BILL1 :I* COMPANIES (F-SET BY RAIS+ PRICES4 ,?IS1 9 TURN1 GETS WORK]S TO DEM& HI<] WAGES & 9FLATIONS />TS TO ACCEL]ATE4 ,?IS WAS ! PROCESS AT WORK 9 ! #a#i#gS & WAS BROK5 BY ,?AT*]'S & ,REAGAN'S DEEP ECONOMIC CRISES BR\<T UPON BY ! APPLICATION ( ,FRI$MAN'S ,MONET>ISM NONS5SE 7?IS SILLY DOGMA WAS V]Y FA%IONABLE ) ! RI<T BACK !N BUT DID NOT SURVIVE IMPACT ) REALITY1 AS PR$ICT$ BY SU* PO/-,KEYNESIANS AS ,NI*OLAS ,KALDOR74 ,) /AGG]+ LEVELS ( UNEMPLOYM5T ?IS !ORY PRODUC$1 WORK]S C\LD NO LONG] (FSET PRICE 9CREASES & SO CO/S REQUIR$ = 0RECOV]Y0 WAS PASS$ ONTO ! WORK+ CLASS4 

,NE$LESS TO SAY1 ,$MUND ,PHELPS 7! ECONOMI/ :O =MULAT$ ! MOD]N V]SION ( ?IS !ORY7 WAS GIV5 ! 7NON-7,NOBEL PRIZE = ECONOMICS 9 ,OCTOB]4 ,9T]E/+LY1 ! BUS9ESS SECTION ( ! ,WA%+TON ,PO/ REPORT$ ?IS UND] ! SURREAL HEADL9E 0,Y\ ,MI<T ,HAVE TO ,?ANK ,HIM = ,Y\R ,JOB40 ,PHELPS1 LIKE ,FRI$MAN1 >GU$ ?AT ! /ATE HAS TO KEEP ! UNEMPLOYM5T RATE AT OR ABOVE ! 7UNKN[N & UNKN[ABLE7 0NATURAL RATE0 9 ORD] TO KEEP 9FLATION FROM ACCEL]AT+4 ,9 O!R WORDS1 Y\ HAVE TO MAKE PEOPLE UNEMPLOY$ OR FE> BE+ MADE UNEMPLOY$ 7BY RAIS+ 9T]E/ RATES & SL[+ ! ECONOMY7 = CAPITALISM TO SURVIVE4 ,GIV5 ,PHELPS' !ORY1 IT W\LD MAKE F> MORE S5SE = ! ,WA%+TON ,PO/ TO PRODUCE HEADL9ES LIKE 0,Y\ ,MI<T ,HAVE TO ,?ANK ,HIM = ,NOT ,HAV+ A ,JOB02 0,Y\ ,MI<T ,HAVE TO ,?ANK ,HIM = ,Y\R ,JOB ,9SECURITY02 0,Y\ ,MI<T ,HAVE TO ,?ANK ,HIM = ,EXPLOD+ ,9EQUALITY CAUS$ BY ,/AGNAT+ ,PAY 9 SPITE ( ,RIS+ ,PRODUCTIVITY02 OR 0,Y\ ,MI<T ,HAVE TO ,?ANK ,HIM = ! ANNUAL TRANSF] ( @s#b#c#e BILLION FROM LABOR TO CAPITAL S9CE #a#i#g#i0 7FIGURE FROM 0,! ,/ATE ( ,WORK+ ,AM]ICA #b#e_/#f0 ,BUT1 AS ) ECONOMICS1 :Y LET REALITY GET 9 ! WAY ( A SNAPPY S\ND-BITE8 

,?AT ?IS /ATE MANIPULATION IS CONSID]$ CONSI/5T ) ! 0FREE M>KET0 SAYS A LOT AB\T ! BANKRUPTCY ( ! CAPITALI/ SY/EM & ITS DEF5D]S4 ,BUT1 !N1 = DEF5D]S ( ! SY/EM /ATE 9T]V5TION ON BEHALF ( CAPITAL IS P>T ( ! NATURAL ORD]1 UNLIKE /ATE 9T]V5TION 7AT LEA/ 9 RHETORIC7 ON BEHALF ( ! WORK+ CLASS4 ,?US NEO-LIB]AL CAPITALISM IS BAS$ ON MONET>Y POLICY :I* EXPLICITLY TRIES TO WEAK5 WORK+ CLASS RESI/ANCE BY MEANS ( UNEMPLOYM5T1 BY MANIPULAT+ :AT ,M>X T]M$ 0! RES]VE >MY ( LABOR40 ,IF 09FLATION0 7I4E4 LABOR 9COME7 />TS TO 9CREASE1 9T]E/ RATES >E RAIS$ SO CAUS+ UNEMPLOYM5T &1 IT IS HOP$1 PUTT+ ! PLEBS BACK 9 !IR PLACE4 

,?IS WAS ! MESSAGE ( ,M]VYN ,K+1 ! GOV]NOR ( ! ,BANK ( ,5GL&1 ON ! #a? ( ,OCTOB] :5 HE W>N$ ,BRITA9'S PAY B>GA9]S TO ACCEPT WAGE RE/RA9TS OR 9T]E/ RATES W\LD 9CREASE4 ,?IS IS DESPITE DE>] 5]GY BILLS4 ,K+ /AT$ ?AT ! CURR5T SMALL 9CREASES 9 E>N+S W]E NOT 0SUFFICI5TLY RE/RA9$0 TO COMP5SATE = ! 9FLATION>Y EFFECTS ( HI<] 5]GY PRICES & UNFAVORABLE *ANGES 9 ! PRICES ( IMPORTS & EXPORTS4 0,ULTIMATELY1 BO? DEVELOPM5TS MU/ RESULT 9 L[] REAL 9COMES10 HE SAID 7! SIL5CE ON BOSSES EXPLOD+ PAY REMA9S1 AS ALWAYS1 DEAF5+74 ,9 O!R WORDS1 ! WORK+ CLASS MU/ PAY ! PRICE = CAPITALISM'S PROBLEMS4 ,H5CE ! NE$ TO 0TO KEEP \R EYE ON ! BALL & MONITOR CLOSELY ! EVOLUTION ( WAGE & CO/ PRESSURES40 ,AS A /ATEM5T ( CLASS W>1 IT IS H>D TO F9D A MORE SUCC9CT ONE4 

,( C\RSE1 ACCORD+ TO ! ET]NAL & SACR$ LAW ( 0SUPPLY & DEM&10 WAGE RISES >E TO BE EXPECT$ :5 UNEMPLOYM5T FALLS4 ,! LAWS ( ! M>KET >E ! JU/IFICATION = BOSSES' MASSIVE RISES1 AFT] ALL4 ,EQUALLY1 ACCORD+ TO ! 0SCI5CE0 ( NEO-CLASSICAL ECONOMICS1 FIRMS >E PRICE TAK]S & SO CANNOT 9FLU5CE M>KET PRICE ( !IR GOODS4 ,BUT ! REALITY ( CAPITALISM IS F> REMOV$ FROM NEO-CLASSICAL IDEOLOGY & ! /ATE IS ALWAYS AT H& TO GIVE CAPITAL A HELP+ H&4 ,YET EV5 9 ! UNREAL WORLD ( CAPITALI/ ECONOMICS1 WAGE RISES NE$ NOT CAUSE PRICE 9CREASES4 ,?IS IS BECAUSE WAGE 9CREASES CAN BE (FSET BY R$UCTIONS 9 PR(ITS4 

,H[EV]1 ?IS IS NOT AN OPTION 9 REALITY4 ,AS ,K+ NOTES1 :ILE 0WAGE PRESSURES HAVE SO F> BE5 SUBDU$1 IT IS /ILL NOT CLE> ?AT E>N+S HAVE BE5 SUFFICI5TLY RE/RA9$ TO ACCOMMODATE ! PA/ RISES 9 5]GY PRICES & ! FALL OV] ! PA/ YE> 9 ! PRICES ( \R EXPORTS RELATIVE TO \R IMPORTS )\T A SQUEEZE ON PR(ITS4 ,ULTIMATELY1 BO? DEVELOPM5TS MU/ RESULT 9 L[] REAL 9COMES40 ,SORRY1 BUT NO4 ,:Y %\LD !RE NOT BE A 0SQUEEZE ON PR(ITS08 ,>E PR(ITS SACR$8 ,:Y %\LD ! MAJORITY ACCEPT 0L[] REAL 9COMES0 SO ?AT ! FEW CAN GET SEE !IR 9COMES RISE8 ,& ,BLAIR DECL>$ ?AT ! CLASS W> WAS OV]4 ,SOMEONE %\LD TELL ,K+444 

,TIME = WORK]S TO WAKE UP4 ,H[ LONG >E WE DO+ TO TOL]ATE \R MA/]S PROCLAIM+ OP5LY ?AT ?AT WE MU/ PAY ! PRICE TO KEEP PR(ITS HI<8 ,IF ! PRICE ( LABOR 9CREASES1 !N SO BE IT4 ,?AT IT CAUSES 9FLATION IS ! FAULT ( CAPITALISM1 NOT ! WORK+ CLASS1 & CAN BE ADD$ TO ! LONG LI/ ( REASONS TO GET RID ( ?IS SY/EM ONCE & = ALL4 ,MEAN:ILE1 WE CAN TELL ! BOSSES TO PISS (F & />T TO FI<T = :AT WE NE$1 NOT :AT \R MA/]S DECIDE IS BE/ = US4 

,FROM 3 ,!,AN>*I/,LIBR>Y4ORG4 

,*RONOLOGY 3 
,FEBRU>Y #a#a1 #bba 3 ,SACRIFICES >E REQUIR$ TO APPEASE ,CAPITAL1 SAYS ,BANK ( ,5GL&444 -- ,ADD$4 
,JANU>Y #g1 #bbb 3 ,SACRIFICES >E REQUIR$ TO APPEASE ,CAPITAL1 SAYS ,BANK ( ,5GL&444 -- ,UPDAT$4 

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