Only problem with this is that this doesn’t even hurt the ultra rich - every catastrophe is just a new investment opportunity for them. E.g. after Brexit they just moved their money and businesses out of the UK, leaving the poor schlebs who live there to deal with it.
Where do I sign up
That… is a very…VERY BAD IDEA.
Billionaires have enough money to survive an economic crash without batting an eyelid. Do you?
That is something I wonder about. Inflation makes the poor poorer but when asked, economists are like “trust us, inflation is good”.
Inflation reduces the value of money at the bank: the money saved as well as the money borrowed.
In an ideal world, wages are indexed on inflation (way of calculating inflation in this context can be discussed), and inflation is kept above present targets levels (central banks try to keep it at 2% these days).
That makes your debts easier to reimburse, and limits returns on savings. Have you ever noticed that people who keep talking about the “value of work” actually push for low wages and no or low taxes on capital gains, so actually wants the capital to make more money than work?
A low inflation allows big money to hoard more and more. Higher inflation means money that’s not actively contributing to the economy will lose its value over time, and that’s exactly what you, at the bottom of the ladder, want (and considering top of the ladder is hundreds of billions of $, ever 6 figures employees are bottom of the ladder).
Too high inflation leads to an uncontrolled spiral. Deflation is also very bad (no investment will ever happen if your money just appreciate by doing nothing). But the 2% target is not to protect you. It’s made for money to make more money.
But about the link between wages and inflation: what we have today is a situation where we let cost of life dramatically outpace wage growth. So where did the inflation come from? Profits! That needs to be rebalanced.
From 1945 to the early 80’s (before the €), France and some other countries minmum wages were indexed on inflation. If doing so would instantly crash an economy, we would have noticed…
Why not? Megacorps and billionaires wreck the economy all the time, and exploit it for their favor.
Why not let the poor and worker class wreck it for once.
Set the whole goddamn thing on fire, and throw the rich into it.
Maybe we can get the gd bailout for once? Call it payback on their overdue loans?
Controversial: how can illegal immigrants send money home but regular workers live paycheck to paycheck?
Rent would be cheaper if renters would unionize and wouldn’t spend above an agreed on limit.
It’s so hard to coordinate that only some workers can ask billionaires for better deals. Why? Why is not everybody ashamed that they cannot coordinate with their neighbors?
Roman’s walked out of town once a year to remind the elite of their value. The west models itself after the Roman Republic but tries to skip on the hard parts.
how can illegal immigrants send money home but regular workers live paycheck to paycheck?
Migrants are not sending money to strangers in their home countries. They are supporting families, just the same as those who are not migrants and live with their families.
The “economy” will exist whether it’s a capitalist system or something else. Blaming the system is a stupid take when it’s the actors within it causing the issues you complain about.
It’s like blaming gravity.
