Powell's education left him (like all of his peers) unable to comprehend an economy that is not in labor surplus. His one thought is to get back to the familiar ground that was tacitly assumed in all of his textbooks. The known methods of causing a labor surplus will no longer work, but he knows nothing else, and neither does anyone who might be a candidate to replace him.
At this point, techies should look for opportunities to eliminate jobs if we want to keep our own.<p>Inflation only ends when unemployment rises.<p>I have no idea how to do this, but we are currently some of the easier jobs to crush with rate hikes. We need to make sure someone else’s job is easier to eliminate.