this post was submitted on 10 Jul 2023
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I wish hackers would invest their time in clearing credit card debt, deleting hospital fees, or something else that actually serves the public good, instead of hacking ordinary people just trying to get by.
Inflation does very clearly not serve the public good. That aside, causing havoc in banks and medical institutions would have other unpleasant effects.
How about cleaning the bottom 10%'s debt, with the earings from one week of the top 0.1%?
I already know I'm gonna be downvoted for this, but the top 1%/0.1% spending isn't gonna change, whereas the bottom 10% will cause inflation... That's why there's no magic bullet.
The bottom 10% don't have enough money to "cause" inflation, not even the bottom 90% have that much money. Inflation is driven by the top 5-10%, representing 70% of the wealth; the rest just get taken for the ride.
You're right the top 1%'s spending won't change, it's already 1000x above a person's basic needs, so what's the difference between 1000x and 900x (10% inflation).
Exactly, the bottom 10% don’t have enough money, meaning that any money you give them will go towards consumption. The top bracket’s spending as % of income or wealth is tiny and is mostly independent of their income. Their money is spent on investments, not basic goods and services. They practically don’t affect inflation.
I think money should be printed during periods of low inflation. E.g. Japan could have benefited from that. After this bout is over, governments can return to printing, carefully.