The Federal Reserve has responded to runaway inflation with a spike in interest rates. The real cost of such measures is primarily paid by the working class, who are caught in a double-bind of rising prices of goods and falling wages. As TRNN has covered extensively in the past, the real culprits of rising inflation are multinational corporations and financial institutions, who have opportunistically raised prices, recycled billions of dollars in stock buybacks, and benefited from massive federal bailout packages. Why is the Federal Reserve squeezing workers, and how should the inflation crisis really be solved? Anders Lee interviews CUNY School of Labor and Urban Studies Assistant Professor Samir Sonti on behalf of The Real News to discuss how historical examples like the 1979 Volcker Shock can help us understand how the Federal Reserve will respond to our contemporary situation.

Anders Lee is a writer, podcaster, comedian and organizer. He is a co-host of Pod Damn America and was previously a correspondent on Redacted Tonight.

Samir Sonti is an assistant professor at CUNY School of Labor and Urban Studies. He previously served as a special advisor for the presidential campaign of Senator Bernie Sanders.

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