Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
Here I reveal that I am ambiguous about which is the best monetary policy for the poor. I lived through a period of high inflation, and a few more inflation hikes, and they definitely hurt the poor more -- especially retired working-class people or people just before retirement, who saw their life-long savings evaporate. (The generation that did the post-war reconstruction became the biggest loser.) There is also the trend that if fiscal indiscipline leads to runaway budget deficits, cutbacks will again hit the poor (this cycle just played out here in the last five years). These issues are opposed by the general tendency of central bankers to advocate policies that brake employee wage increase but not employer enrichment, and as redstar says, rail against unions.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Wed Sep 12th, 2007 at 09:07:14 AM EST
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