undefined | Better HN

0 pointsdnautics8y ago0 comments

whether or not it's extremely responsible is irrelevant; while I don't think they intend it that way, their mission is to extract the wealth from the poor and give it to the rich in the name of 'growth' and 'stability'.

You do not see folks wandering around the tenderloin getting negative real interest rate loans or their businesses bailed out. The economic value to fund the fed's operations comes out of the spending power of the rest of us.

0 comments

2 comments · 1 top-level

chatmasta8y ago· 1 in thread

> their mission is to extract the wealth from the poor and give it to the rich in the name of 'growth' and 'stability'.

Citation needed. Even if you mean it as obvious hyperbole, I’d like to hear some evidence for how central banks “extract money from the poor.”

dnauticsOP8y ago

I never said extract money, I said extract wealth.

Increasing the cost of living by targetting positive inflation. If you're poor and the cost of living goes up the relative margin of survival decreases faster than for the wealthy.

Let's say you spend 98% and there's 1% inflation. Your margin of survival goes down 50%, whereas someone spending 20% barely feels it.

If you have more questions, my contact is in the profile. This is only scratching the surface.

j / k navigate · click thread line to collapse