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Corporate profits were biggest driver of inflation in Europe, IMF admits
Rising corporate profits have caused 45% of inflation in Europe, compared to 40% for rising import prices and just 15% for workers’ wages, according to research by IMF economists.
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U.S. Federal Reserve says its goal is ‘to get wages down’
U.S. Federal Reserve chairman Jerome Powell said his goal is “to get wages down,” complaining workers have too much power in the labor market. Economist Michael Hudson says this is “junk economics,” and corporate monopolies are driving inflation, not wages.
