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Cory DoctorowA succession of doctors attended Washington, each one bleeding him, until *more than half* of Washington's blood had been extracted, whereupon the country's father died:<a href="https://timharford.com/2023/11/cautionary-tales-george-washingtons-beard-of-beetles-with-the-dollop/" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://timharford.com/2023/11/cautionary-tales-george-washingtons-beard-of-beetles-with-the-dollop/</a>Today, a different kind of quack is given free rein to bleed another Washington: central bankers like <a href="https://mamot.fr/tags/JeromePowell" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#JeromePowell</a> sit in DC, bleeding the economy with <a href="https://mamot.fr/tags/InterestRateHikes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#InterestRateHikes</a>, in the name of preventing <a href="https://mamot.fr/tags/inflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#inflation</a>:<a href="https://pluralistic.net/2022/12/14/medieval-bloodletters/#its-the-stupid-economy" rel="nofollow noopener noreferrer" translate="no" target="_blank">https://pluralistic.net/2022/12/14/medieval-bloodletters/#its-the-stupid-economy</a>5/

Ian Stuart<a href="https://mstdn.social/@kevinrns" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@kevinrns</a> Let’s fix it! We need both demand higher wages AND make sure excessive inflation is discouraged by using <a href="https://mastodon.social/tags/antiTrust" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#antiTrust</a> laws to break up <a href="https://mastodon.social/tags/MonopoliesAndCartels" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#MonopoliesAndCartels</a> (so that there is price competition - I strongly believe this is a more ethical solution for inflation compared to excessive <a href="https://mastodon.social/tags/InterestRateHikes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#InterestRateHikes</a> ). <a href="https://mastodon.social/tags/Unions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Unions</a> <a href="https://mastodon.social/tags/SupportUnions" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#SupportUnions</a> <a href="https://mastodon.social/tags/RaiseTheWage" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#RaiseTheWage</a> <a href="https://mastodon.social/tags/FightFor15" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#FightFor15</a> <a href="https://mastodon.social/tags/FightFor18" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#FightFor18</a> <a href="https://mastodon.social/tags/FightFor20" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#FightFor20</a> <a href="https://mastodon.social/tags/RaiseTheMinimumWage" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#RaiseTheMinimumWage</a> <a href="https://mastodon.social/tags/USPolitics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#USPolitics</a> <a href="https://mastodon.social/tags/BreakUpMonopoliesAndCartels" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#BreakUpMonopoliesAndCartels</a> <a href="https://mastodon.social/tags/FightInflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#FightInflation</a> <a href="https://mastodon.social/tags/inequality" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#inequality</a> <a href="https://mastodon.social/tags/economics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#economics</a>

Cory DoctorowNone of these problems can be addressed with <a href="https://mamot.fr/tags/InterestRateHikes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#InterestRateHikes</a>, and many of them get worse when interest rates go up. But as Stiglitz and Ira write, monetary policy is like medieval bloodletting: if the patient gets worse, it's because you didn't do enough bloodletting. If the patient recovers, it's because the bloodletting worked.27/

Ian Stuart<a href="https://progressivecafe.social/@TonyStark" class="u-url mention" rel="nofollow noopener noreferrer" target="_blank">@TonyStark</a> While we might (hopefully) be seeing the beginning of the end of <a href="https://mastodon.social/tags/Reaganomics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#Reaganomics</a> , it is hardly defeated. While <a href="https://mastodon.social/tags/JeromePowell" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#JeromePowell</a> is still chair of the <a href="https://mastodon.social/tags/FederalReserve" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#FederalReserve</a> and we are still seeing <a href="https://mastodon.social/tags/InterestRateHikes" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#InterestRateHikes</a> that may swipe the floor out from hard working Americans, <a href="https://mastodon.social/tags/1980sEcomonics" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#1980sEcomonics</a> is still very much alive. Laws and policies still favor the <a href="https://mastodon.social/tags/UltraWealthy" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#UltraWealthy</a> over everyone else. <a href="https://mastodon.social/tags/useAntiTrustLawsToFightInflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#useAntiTrustLawsToFightInflation</a> <a href="https://mastodon.social/tags/inflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#inflation</a> <a href="https://mastodon.social/tags/breakUpMonopoliesAndCartelsToFightInflation" class="mention hashtag" rel="nofollow noopener noreferrer" target="_blank">#breakUpMonopoliesAndCartelsToFightInflation</a>

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