"But inflation would help the working class by erasing a lot of private debts." As long as the interest rate is not variable. And it's often
variable on mortgages and credit cards. Overall inflation will probably help the more powerful borrowers who borrowed on more favorable terms, i.e. corporate sector, and hurt workers due to a higher rate of exploitation and people on fixed incomes. My guess is that exploitation-enhancing inflation along with a massive unemployment- generating consolidation of business is the best way to improve the balance sheets of the (surviving) corporate sector and revive accumulation. That's what the Fed will help bring about despite idle threats of inflation vigilance. Obama will monetize the deficits and scrap all kinds of anti-trust legislation.
_______________________________________________ pen-l mailing list [email protected] https://lists.csuchico.edu/mailman/listinfo/pen-l
