4 ms·
That doesn't mean the new money doesn't have value, just has a small percentage less value. It's a wealth transfer from people who currently have money to the n
by Schiendelman 2y ago
That doesn't mean the new money doesn't have value, just has a small percentage less value. It's a wealth transfer from people who currently have money to the new money. It works out well for people who have a negative net worth, as well!
- kreetx 2y agoYeah, the salaried folk who find out in hindsight will be really happy as well. /s
- Schiendelman 2y agoI don't think sarcastic comments really help, people who aren't capable of having real conversations about this already bring enough of that. It is definitely worth talking openly about whether it's worth trading short term inflationary pain for long-term climate pain.
- kreetx 2y agoI guess you're right. The parent speaks of inflation as if printing money is the new norm. If you are going to take money from your citizens then be upfront about it!
- Schiendelman 2y agoAll the money we have was printed. Printing money has always been the norm, it's just a matter of how much - at what rate.
- kreetx 2y agoYou can print but still have a cap, see Bitcoin.
- Schiendelman 2y agoWe do have a cap. It's not even clear to me that the federal government prints more slowly than bitcoin as a percentage of issued currency.
- lotsofpulp 2y agoIt is a wealth transfer from people who currently have cash and earn cash (workers, since increases in pay lag the rate at which currency loses purchasing power) to people who have assets and COLA adjusted annuities (wealthy people and old people).
- Schiendelman 2y agoAssets and cola adjusted annuities also lag. They may lag less, but that's a discussion to have. Real median wages have gone up more than inflation has over the last few years. It's just not evenly distributed.