The Wall Street Journal recently ran an article telling us that it’s somehow a good thing that unemployment is rising, because more joblessness is part of the Fed's plan to fight inflation. 

Nonsense! 

Only a Keynesian would think that too many people working and providing goods and services causes inflation. Unfortunately, the Fed and most of the financial press which covers it is made up of Keynesians. Government always tries to blame the people for the problems it creates. 

The problem isn't too many people at work producing too much wealth. 

The problem is too many dollars in circulation. Inflation is debasement of currency and there is no such thing as an economy which is too productive. The Fed’s policy of hiking interest rates to slow the economy to put people out of work is not only ineffective, but also cruel.