Strawman. Nobody claimed there's only one. My explanations considered both sides while you use banalities as distractions.
> The rest is making the same mistake as you keep making here. High inflation provides a (partial) reset.
I'm not making any mistakes, I explained why the poor gain nothing from inflation - because of their high interest rates and frequent borrowing at interest rates rising with inflation. On the other hand, the rich having plenty of collateral, borrow a lot more, locking on low interest rates for long term loans which leads to them gaining significantly from the erosion of the interest they pay. Moreover, the rich have pricing power too, they increase the price of their assets output, including rent, while they suppress wages with their wage-setting power - they control the game.
So if they gain from this purely financial, zero sum scheme, somebody's got to lose and there's nobody else in it besides the the wage earning poor and middle class.
You mistake is to think that you can cure the effects of high cost of living with inflation. But the high cost of living is due to inflation... so you are trying to convince me that we can cure inflation with more inflation. In other words you're a like firefighter who puts out gasoline fires with more gasoline. Nice try.
Apparently you grok neither economics nor logic, so you have to rely on insiders to tell you truth every now and then. I quoted Trump, you skipped that. Here's another rich man who admits everything that I said, applicable to himself and others like him. Don't skip this, look at the video and the comments.
Chamath: I was wrong. The economy is broken:
Seriously? I mean first of all you must see that on a large timeframe this claim is beyond bullshit. Economists claim that essentially from the beginning of time until 1972, and for a lot of people more like 1990, wages grew faster than inflation.
Second you must understand this can be shortcut. If the government explicitly hires and raises wages, obviously it determines 100% by itself if wages trail inflation or not.
> Untrue, rich people don't have savings, they have properties and investments
No they don't. Look at some properties and check if this is true. Rich people only really directly own private houses and only a few. And the superrich ... maybe a dozen. But that's it. All properties are financial constructions because of the massive liquidity advantages that has: Let's say you're rich, and you need money. If you own a shopping mall, you're screwed. But if the shopping mall is constructed using debt and you get 8% interest on that debt. First, it can be divided amongst ... anyone you like really. Second you can sell 1%, 10%, ... whatever you want to raise money. Or you can have them buy out the debt. Or ... The ability to raise money, to control where money goes is what really makes someone rich, it's what high middle class "climbers" don't have. Most properties work like companies do, except much more debt much less equity. One superrich who (has to) be pretty public with what he owns and how it's structured is the king of England. And while due to his special tax situation it is not 100% typical, it's still very instructive. So look at how it works. He owns companies (just because it's called "duchy of ..." or something like that doesn't mean it's not a company), and they own massive debt in properties that others manage for him.
> More falsehoods from you - poor people, poor on collateral, borrow small amounts all the time ...
There are TWO sides to debt. The person who borrows, and the person who lends money and gets the interest. If you have large inflation, on BOTH sides the numbers "go down" (compared to wages, because wages go up, loan amount don't)
The rest is making the same mistake as you keep making here. High inflation provides a (partial) reset. Existing loans become much easier to pay for, and worth much less. Poor people pay. Rich people receive the interest. Both become less compared to wages. Obviously this helps the poor and fucks over the rich.