Kevin Warsh's first move as Federal Reserve Chair was to raise interest rates, and the establishment hailed it as proof of central bank independence. But what inflation is he fighting? Professor Richard Murphy, founder of the Tax Justice Network, joins me to explain why today's price rises come from war-driven shocks to energy and food, not excess demand, and why higher rates will only push us toward recession. Murphy argues that central bank independence is a sham, that NAIRU makes unemployment a deliberate tool of policy, and that 700 years of data point to a real interest rate of zero. What we are witnessing, he says, is class warfare, with inflation serving as cover to restore the return to capital.