E354 - Ep 354 - The Fed As a Weapon of Class Power with L. Randall Wray

Randy: “We’re supposed to believe the central bank manages inflation by using interest rates?" 

Steve: “It’s ridiculous.” 

L. Randall Wray, one of the original MMT economists, recently wrote a paper with Yeva Nersisyan entitled, No, the Fed is NOT Independent – It is a Creature of Congress.  Steve invited Randy for a conversation about how the Federal Reserve is, and always has been, a "creature of Congress," and its supposed independence is a smokescreen that benefits the wealthy at the expense of the rest of us.

The Fed has a dual mandate of full employment and price...