23 sats \ 1 reply \ @k00b 12 Nov 2021 \ on: 🤡 Inflation Is Good for You bitcoin
At least they got this part right
First, inflation lessens the real value of debt.
This entirely ignores that rich people are the most credit worthy and likely hold the lion share of debt with low enough rates that are likely negative in real terms.
$850 billion has generated a big check written by the tippy-top of the income scale to everyone else. And as you’d expect, the people at the tippy-top don’t like this.
The assumption that CPI encompasses all of inflation is naive.
As prices increased 6.2 percent over the past year, wages for regular people went up 5.8 percent. In other words, inflation barely touched their purchasing power.
Kind of a weird implicit conspiracy.
That’s what all today’s inflation panic is ultimately aimed at: creating an economy with higher unemployment, lower growth, and more frightened workers.
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1 sat \ 0 replies \ @rheedi0 13 Nov 2021
Always reassuring when a writer uses words like "tippy-top" to show they respect their audience. 🤦‍♂️
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