IN CONFIDENTIAL MEMO, TREASURY SECRETARY JANET YELLEN CELEBRATED UNEMPLOYMENT AS A “WORKER-DISCIPLINE DEVICE” (The Intercept)

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    Washington, DC. 120-20-1996 Janet Yellen chairwoman of the council of econmic advisors. Credit: Mark Reinstein (Photo by Mark Reinstein/Corbis via Getty Images)

    IN CONFIDENTIAL MEMO, TREASURY SECRETARY JANET YELLEN CELEBRATED UNEMPLOYMENT AS A “WORKER-DISCIPLINE DEVICE” – By Jon Schwarz (The Intercept) / Jan 24, 2023

    Yellen wanted this to be the best of all possible worlds, but the best world she could conceive of was terrible.

    IN JUNE 1996, Janet Yellen — then a member of the Federal Reserve Board of Governors, later chair of the Fed herself, and currently secretary of the Treasury — wrote an extraordinary memo to then-Fed Chair Alan Greenspan. Anyone who wants to understand how the world works should read it, and thank Tim Barker, a historian who obtained it via the Freedom of Information Act.

    What makes the memo so telling is threefold.

    First, while expressed in abstruse technical language, it shares a perspective with the most radical left-wing critiques of capitalism. Yellen goes 90 percent of the way to proclaiming, “The history of all hitherto existing society is the history of class struggles.”

    CONTINUE > https://theintercept.com/2023/01/24/unemployment-inflation-janet-yellen/

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