"In his inaugural press conference as Federal Reserve chairman, Kevin Warsh said something shocking. I don't believe that we have a cruel choice. I don't share the view that was expressed a few generations ago that Federal Reserve chairmen show up at a podium like this and say, you got to choose. You're going to have to decide whether you're willing to tolerate higher inflation to put more people at work. I don't believe in that. What I believe is if we do our job, we can make strong growth, low prices, and strong employment mutually compatible. Did you catch that? The new chairman of the Federal Reserve does not believe in cruel choices. This is not the normal language of a central banker. When Warsh rejected the cruel choice, he was rejecting the Phillips curve. For 60 years, every economist agreed on this iron rule. To stop inflation, you have to throw Americans out of work or suppress their wages. Last week, Kevin Warsh said that that rule is a lie, and almost everybody missed it because they were busy trying to read the tea leaves on interest rates. Well, they're wrong. I'm Susan Kokinda, and I've tracked the Federal Reserve and the British liberal financial system for decades. Here's what I'm going to cover today. How Warsh just killed the cruelty doctrine that said Americans must suffer to fight inflation. Second, how the Trump administration is outflanking the money masters by unleashing new credit institutions. And finally, the part nobody is connecting, the real engine of American wealth, the secret weapon the empire cannot compete with. So this rule has a name, and it's called the Phillips curve. In plain English, it says job growth and economic expansion cause inflation. There is a fixed trade-off between inflation and employment, and you've got to trade one against the other. That's the cruel choice. But ask yourself, when has real progress ever made things more expensive? Every time we've built something, a better machine, a faster process, the cost of everything affected by that falls. Now the Phillips curve insists on the opposite. So which one is lying, the rule or your own eyes? But they want you to think that that rule is a law of economics, and that's the lie. Because all it is is a description of the British liberal system where you're just a cog in a fixed economic model and where everything is driven by money and demand. And in that model, the people who have the money call the shots. Now Warsh used his concluding remarks at that inaugural press conference to hammer the final nail in the Phillips curve coffin. If I heard one other thing around that subject over the course of the last couple of days, what I heard was that strong productivity-led growth is not something that we fear, but something we embrace. He's echoing something."