Ep 354 - The Fed As a Weapon of Class Power with L. Randall Wray
Macro N Cheese
- Published
- November 15, 2025
- Duration
- 55:39
- Summary source
- description
- Last updated
- Aug 23, 2026
Discusses Randy: “We’re supposed to believe the central bank manages inflation by using interest rates?" Steve…
Summary
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 Reserv…
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Show notes
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