Naked capitalism has the article The Fed Tackles Kalecki.
Given the nature of the current supply shocks affecting our weak Covid-battered economies, orchestrating another Volcker-style scenario by creating yet another deep recession is chilling. Besides, it would appear to be somewhat in conflict with the above assessment of former US Fed Chair Janet Yellen in 2019 as well as with the research of these two US Fed economists, Ratner and Sim, who suggest that the slope of the Phillips Curve is actually relatively flat and it has remained so for decades, for reasons that have little to do directly with the Volcker shock of the early 1980s.
Does anybody factor in the de-industrialization of the USA economy which is facilitated by China’s ability to substitute its industry for the industry the USA is giving up? How long can this substitution continue to increase? As long as it is more profitable to let China do all the manufacturing, why should the USA capitalists put their money into less profitable increases in domestic capacity? Leaving out de-industrialization and de-dollarization is leaving out the main factors influencing our economy. How can you have a good analysis and prediction when you leave out the most important factors in your models.