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So we should expect more interest raises to efficiently transfer money from the poor to the wealthy... ehm... keep inflation at bay...
High interest rates and inflation hurt people with money and help people with debt. As interest rates rise, the value of assets decreases. The inverse relationship is strong and well tested. Debt, on the other hand, loses value with inflation. Inflation paid off 20% of my mortgage over the last few years.
No one likes high inflation. It’s definitely not a scheme to transfer wealth. That’s the status quo with 2% inflation and cheap debt for the wealthy to use.
It's crazy how brainwashed people are. High interest rates are excellent for regular people except those carrying credit card debt. But people think the fed is somehow harming them.
Lol, wut?
Inflation allows borrowers to pay lenders back with money worth less than when it was originally borrowed.
Inflation is in fact a massive transfer wealth from the lenders to the borrowers, measure in trillions.
Econ 101
https://www.khanacademy.org/economics-finance-domain/ap-macroeconomics/economic-iondicators-and-the-business-cycle/costs-of-inflation/a/lesson-summary-the-costs-of-inflation
https://www.investopedia.com/ask/answers/111414/does-inflation-favor-lenders-or-borrowers.asp
https://www.marketwatch.com/story/why-inflation-could-create-a-giant-wealth-transfer-from-lenders-to-borrowers-11623876205
I’m not saying runaway inflation is generally good. It’s not, especially if ongoing for long. I’m just talking about lenders and borrower.
The impact of interest rates is a lot less cut and dry.
Yeah the combination of the two is what made me have the reaction I did.
I don't think interest rates being high are a net negative for all people with money. It's great to be able to plop your money in a bank account and earn generally more than inflation in interest right now risk free.
Generally, high interest rates are going to be bad for borrowers. I think high inflation coinciding with high interest rates isn't particularly geat for most, but it's harder if you have no money because you need the ability to take on debt, and that debt is going to come at high interest rates.
Some credit cards are at 30% interest rates, in no way is that good for those who need to borrow.
Inflation is also a-ok for asset holders. It's cash you don't want to be holding in times of high inflation.
Ya I feel pretty lucky tbh. Bought a house 2.6%. And the value of my home has gone up tremendously, meanwhile the value of my principal has been slashed. Timing feels criminal. Unfortunately most people aren’t so lucky, and I am very aware that benefiting from a crisis.