Re:What the world will be like in a hundred years (1922)
by imtringued on Friday January 07, 2022 @04:10PM
(#29844864)
That's not really correct. What's correct through is that the bottom 80% don't receive enough interest to break even on interest expenses. I.e. they pay more interest than they receive back. This is the primary driver of inequality.
And this is true for everything. For housing, for stocks, for lent out money.
You know that the arguments about poor grandma with $500 life savings are bullshit, because everyone making them would happily let grandma die for a buck.
The only reason resource extraction types care about inflation is that most use debt to avoid taxation, and increase interest rates hurt their return on assets. Because the perversion of the US Senate has happened, we care more about corn companies, oil drillers, etc than anyone else.