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"No, look, it's more complicated than that. Firstly, interest rates move inversely to bond prices. Everyone holding bonds loses money in the short term when interest rates rise. Secondly, please supply a quote where Volker (Volker!) says that he is defending the interests of "capital" at the...

"EDIT: That looks like percent: so a 50 bps move in '79 and again in '80..." I think you might be reading that chart backwards. Fed Funds rate is the left scale, unemployment is the right scale. Fed funds increased by about 5% each year to go from around 10% to around 20%. 50 basis points is...

sorry, yeah that statement isn't entirely correct, it never rose by 20% at any one meeting. I did sort of breeze by it and assume that he was talking about the Fed Funds rate starting its ascent to 20%. The transmission mechanism is obviously the strangulation of credit through punitively...

I really enjoy K-punk's blog (as well as the other 0 Books related blogs). The cultural analysis is great, but I find that the reliance on cultural studies and philosophy a little bit ineffectual as a means of mounting a serious critique of the capitalist system, or eventually providing...