all 11 comments

[–]magnora7 5 insightful - 1 fun5 insightful - 0 fun6 insightful - 1 fun -  (7 children)

When hyperinflation happens, the hyperwealthy just change currencies, or buy valuable assets like gold and silver (and aluminum, and oil, and so on).

Meanwhile the middle class are stuck in dollars, so they get screwed. It would make a lot of existing debts easier to pay off. But it would also make existing salaries worth less. So it's hard to say it'd be a net positive against the richest 0.1%, and in fact probably the opposite.

[–]Teak[S] 2 insightful - 3 fun2 insightful - 2 fun3 insightful - 3 fun -  (3 children)

Good point. I'm wrong on this one.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (2 children)

Ha, glad to see you open to having your mind changed, I like you already. Also this quote comes to mind, a great quote from Jefferson that's exactly about this: https://pics.me.me/quote-i-believe-that-banking-institutions-are-more-dangerous-to-45530107.png

[–]Teak[S] 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (1 child)

Thank you dude. I didn't know Jefferson was calling it out. These dude must have been "woke as fuck" as they say, nothing but life, no online.

[–]magnora7 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

Yeah they were really quite wise for their time, no doubt about it

[–]Stoner 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (2 children)

When hyperinflation happens, the hyperwealthy just change currencies, or buy valuable assets like gold and silver (and aluminum, and oil, and so on).

A bit of solidarity and people won't work for low grade currency. There's a reason ultracapitalistic nations abhors workers unions. Imagine a lower and middle class union, a sort of soft revolution.

Edit For the inflation, try imagining time limited money. A 100 dollar bill with a printed on mini calendar is worth 99 next month, 98 in two etc.

Invest or lose, sitting on it will not deflate the value of money like rich people hoarding money usually tend to lead to.

[–]magnora7 1 insightful - 2 fun1 insightful - 1 fun2 insightful - 2 fun -  (1 child)

Edit For the inflation, try imagining time limited money. A 100 dollar bill with a printed on mini calendar is worth 99 next month, 98 in two etc.

That's what the federal reserve does with it's 2% target inflation interest rate. You just literally described status quo federal reserve policy, heh

I agree with what you said about having better currencies though. I think cryptocurrencies might help with that.

[–]Stoner 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

No, inflation doesn't expire the money on time. Does the federal reserver invalidate the money in the bank after a time period?

I'm not sure you understand the concept if you argue thats what the FR is doing.

Edit Heh

[–]t7hV33MZCOcjPOST 3 insightful - 1 fun3 insightful - 0 fun4 insightful - 1 fun -  (0 children)

The ultra Rich have different lines of income, not so much money in the bank. You can hyper inflate all you want, you will only make them more powerful.

[–]Tom_Bombadil 2 insightful - 1 fun2 insightful - 0 fun3 insightful - 1 fun -  (0 children)

They mega wealthy are planning to do exactly as you've stated to the West.

China's industrialization isn't an accident.

[–]sawboss 1 insightful - 1 fun1 insightful - 0 fun2 insightful - 1 fun -  (0 children)

Yeah that's really not how money works. It is possible to hack the currency though. The Federal Reserve does it all the time.