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>Sort of. But consider: If you wake up tomorrow and the drachma is worth half what it was, then everyone is half as rich. CEO or janitor; you're paid half what
by ginko 12y ago
>Sort of. But consider: If you wake up tomorrow and the drachma is worth half what it was, then everyone is half as rich. CEO or janitor; you're paid half what you were, you have half as much savings, and you have half as much debt.
If the CEO wakes up to find the drachma is worth half what it is, he's likely to be only slightly affected. That's because he's unlikely to have large parts of his savings in cash.
- Lazare 12y agoIf the cash is in drachmas, those savings are also worth half of what they were. (That being said, no, it's unlikely that the archetypal CEO will be hurt as badly as the archetypal janitor. On the other hand, the obvious alternatives are no better, and internal devaluation is clearly worse. One of the reasons being poor sucks so much is that it's so hard not to be hurt by every fluctuation, regardless of direction.)