The Federal Reserve has raised interest rates five times in the last year and is committed to raising them twice more to slow the economy and bring today’s inflation down. It says it will continue down this path even though the International Monetary Fund (IMF), JP Morgan Chase and others are warning that these policies are likely to cause a recession in the U.S. and chaos overseas. Sadly, Americans have been won over many times in our history to versions of the Fed’s “tight money” narrative although tight money never comes out well for ordinary people. The power of this slow-growth narrative, like those of a TV serial, is that the episodes are based on familiar themes. The F
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