> You claim that central banks depreciate the currency because they "think wages among the working class are too high." But rhetorically, you are doing more than just referring to the explanation I gave above. You are implying that central banks "think" working class wages are too high, and want to lower them to hurt working class people.
Oh I know it does seem like the banks “want to hurt working class people” when you look at what they are doing and why. But thats an unnecessary hypothesis. They don’t need to care about working class people at all, just the financial interests of the oligarchs.
> Which is the opposite of the standard explanation - the purpose of inflation in that instance is to implicitly reduce the downward rigidity of wages so that employment does not contract as much in a downturn.
In other words, trick the workers into taking a pay cut, because they make too much money. “For their own good” and how convenient that it happens to pump up the assets that the wealthy own.
> Presumably you, champion of the working class, would rather more people be unemployed?
I want them to be unemployed the same way you want them to make less money in real terms.
Oh I know it does seem like the banks “want to hurt working class people” when you look at what they are doing and why. But thats an unnecessary hypothesis. They don’t need to care about working class people at all, just the financial interests of the oligarchs.
> Which is the opposite of the standard explanation - the purpose of inflation in that instance is to implicitly reduce the downward rigidity of wages so that employment does not contract as much in a downturn.
In other words, trick the workers into taking a pay cut, because they make too much money. “For their own good” and how convenient that it happens to pump up the assets that the wealthy own.
> Presumably you, champion of the working class, would rather more people be unemployed?
I want them to be unemployed the same way you want them to make less money in real terms.