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And, it's exactly what it is.

Here in France, of course, the attitude of the putative left (PS) resumes itself by the following formula: "L'inflation, impôt pour les pauvres, prime pour les riches, est l'oxygène du système. Regardez-le qui s'époumone." (Inflation, tax for the poor, bonus for the rich, oxygen for the economic system...look whose breathing it in...citation of François Mitterand).

Angela Merkel and Axel Weber couldn't have said it better, but of course, it is ass backwards. Well, partially. The rich find ways (they can afford to!) to avoid the brunt of inflationary impact. The poor are (generally, in a proper welfare state, even a social-democratic one) protected from its deleterious effects especially since they own nothing so no assets to deteriorate in value. The real folks hurt are those in the bottom rungs of the ownership class, i.e., the upper middle class, the professional classes.

Precisely the PS base, in sum...  

The Hun is always either at your throat or at your feet. Winston Churchill

by r------ on Thu Nov 18th, 2010 at 08:17:01 AM EST

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