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Scared of layoffs? Want to fight back? An Introduction To Class Warfare For The Software Engineer (medium.com)

submitted 8 months ago by posthexbearposting@hexbear.net to c/technology@hexbear.net

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Note this write up is far from perfect buts it's a pretty good article to get normie coworkers a bit more class conscious

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[–] davel@hexbear.net 10 points 8 months ago* (last edited 8 months ago)

The Federal Reserve raised rates specifically to cause layoffs and discipline labor. It wasn’t even a secret.

Jacobin: To Fight Inflation, the Fed Is Declaring a War on Workers

In fact, Powell recently screamed the quiet part out loud, making clear the largest central bank in the world is in fact an adversary to workers, when he declared that his goal is to “get wages down.”

When the Fed raises their rates, the wealthy move their capital from the economy to risk-free, high-yield US Treasury notes, which cools the economic system, which causes layoffs. It also causes loan interest rates to go up, which pops the cheap money bubble.