Jonathan FeldmanGood read by @doctorow @pluralistic “The Causes of and Responses to Today’s Inflation,"…by Nobel-winning economist Joseph Stiglitz and macroeconomist Regmi Ira…compare[s] monetary policy inflation remedies to medieval bloodletting, where "doctors" did "more of the same when their therapy failed until the patient either had a miraculous recovery (for which the bloodletters took credit) or died (which was more likely)."
MechanїcalTurk@_jfeldman @doctorow @pluralistic good read even if the problems with housing could be updated to the current situation (which is upside down): right now housing prices are dropping, but rental costs are based on existing rental contracts that take a long time to roll over. So no CPI is underestimating how big an effect the rate hikes has had.