i spoke to ben bernancke at his home in washington, d.c.about the great inflation comparison in the '70s to where we are today. i asked him about it if he were in the seat now. >> there are big differences with the '70s and today. one is the inflation in the '70s lasted more than a decade and it was higher than now. it was a worse episode i think the most important things, first of all, that the federal reserve has to take the lead arthur burns, share of the fed in the '70s felt other parts of the government should take the lead secondly, worry about credit built. the fed credibility was shattered. when paul volcker did -- he had a lot of credibility it wasn't enough that is why the recession followed his tightening and it was so much greater. the third lesson from the '70s is that political interference with fed policy can be very dangerous. in the '70s, arthur burns, again, acted as a member of the nixon administration nixon wanted to be reelected in 1 1972 arthur burns said we won't tighten monetary policy. that led to inflation. we have

. >>> plus, former fed chair ben bernancke will weigh in on how the fed handled the inflation crisis agree it was a mistake. >> more of that interview throughout the morning it is monday, may 16th, 2022 "squawk box" begins right now. >>> good morning welcome to "squawk box" here on cnbc live from the nasdaq market site in times square. i'm rebecca quick along with andrew ross sorkin and brian sullivan joe is off today >> good to be here >> i read through the beginning parts of this, andrew. you don't want to miss this. there are substantial things ben bernancke has to say you want to stick raaround >> thank you for that. he takes on all questions and provides clearances. >> very thoughtful maybe some more pointed comments than you anticipate. you have to stick around for

colleagues will talk to ben bernancke.ou don't want to miss that conversation ahead at 12:00 cet. >>> we have analysis after the break on what the issues have become with the wheat wars >>> welcome back to "street signs. i'm julianna tatelbaum these are your headlines sweden and finland are making the bid to join nato the swedish prime minister said the move is the right one. >> we think this is best for sweden and swedish security. it is not something against russia, but what is best for us. what kind of retaliation there could be is up to russia and president putin. >>> european markets pare back earlier losses to start the week on a mixed note. sovereign bond yields rise amid the warning of weakweakness. >>> china's disappointing data with covid taking a bite out of industrials. >>> and accusing russia of the wheat war. and u.s. trade representative tells cnbc food is the topic in international talks. >> international food security beyond prices and the availability and flow of agriculture trade is something we have bee

these two groups have essentially been battered by the ben bernancke policies in 2008 and janet yelleny powell is doing it you have a situation where you create wealth for the wealthy and at the same time, it comes at the cost of the majority of the population which is low and middle-class income earners. >> on top of everything else what they did hang on to now doesn't buy anything. >> exactly the reason why you didn't have inflation for ten years is because we impoverished the poor and middle class they are the ones who are spending they couldn't spend. you have less inflation. with the fiscal stimulus, you have money in the hands of the lower income dprgroups, inflati came in january 6th, i switched my projections from higher interest rate to lower interest rate. the stimulus was going to be given to lower income groups and that was going to push up inflation. that's what we see happening it's a very clear picture. that's why i worry, joe, that my 350 expectation for the ten-year yield may be on the loet w side you talk about volcker i watched it it was the beginning of my career i

you can tune in for the interview i had with former fed chair ben bernancke.ascinating views on what is actually happening in our economy what jay powell is doing right and wrong and what is happening at the white house and so much more we dive into all of that and that starts on monday at 6:00 a.m. >> i will say he looks pretty tan, calm and rested probably happy to not be in that job. >> he looks pretty short compared to andrew. >> andrew is tall. >> exactly. >> he does look calm, cool and collected. probably happy to not be in the job going through the difficult time >> no kidding. >> joe, you asked why i was in washington yesterday i know i was meeting with backers and supporters considering my run >> i don't know if i could say it i was like feeling you out i got nothing back from you. i figured i better not saying anything yeah i guess we could not say anything i didn't want to screw it up if we talked about it, maybe he would have bailed. i don't know then there would have been hell to pay. >> it he criticize jay powell? >> they don't usually say anythi