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A comment on Banks as Collateral Damage in a Class War. Parent comment

Re:Banks as Collateral Damage in a Class War by TheOtherHobbes on Wednesday March 22, 2023 @11:12AM (#35262246)
You mean more inflationary than an economy based on extraction and profiteering which has increasingly impoverished more and more of the population?

What's the difference between money suddenly being worth far less [1] and real income dropping so individuals have much less spending power - which is something that has been happening for most of the population since the late 70s?

[1] Assuming inflation would be the result, which is debatable.

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Re:Banks as Collateral Damage in a Class War by jefftk on Wednesday March 22, 2023 @11:42AM (#35262823)
> real income dropping so individuals have much less spending power - which is something that has been happening for most of the population since the late 70s?

This isn't true, though, even if you restrict to the US? Here's inflation-adjusted median individual income: https://fred.stlouisfed.org/series/MEPAINUSA672N It's up 40% since the late 70s.

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Re:Banks as Collateral Damage in a Class War by rybosworld on Wednesday March 22, 2023 @01:15PM (#35264133)
The problem with the Fred reports is that CPI is grossly undercalculated.
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Re:Banks as Collateral Damage in a Class War by jefftk on Wednesday March 22, 2023 @02:22PM (#35265103)
How much do think, say, a 1978 dollar is worth in 2021 dollars? Why?
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Re:Banks as Collateral Damage in a Class War by logicchains on Wednesday March 22, 2023 @11:44AM (#35262847)
>which is something that has been happening for most of the population since the late 70s

This started happening as soon as the US dollar was completely unpegged from gold, allowing unlimited seigniorage to banks (the first spenders of newly printed money) via the Cantillon effect.

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Re:Banks as Collateral Damage in a Class War by fundad on Wednesday March 22, 2023 @11:49AM (#35262923)
Funding the DOD is inflationary but creates jobs (in a tight labor market oops)
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Re:Banks as Collateral Damage in a Class War by shjake on Wednesday March 22, 2023 @11:52AM (#35262972)
> You mean more inflationary than an economy based on extraction and profiteering which has increasingly impoverished more and more of the population?

Yes?

I mean that’s sort of what happened during Covid (savings rates increased dramatically in the short term)…

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