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Asset owners, in particular financial asset owners, are protected at the expense of workers. Austerity ensures that, but it can certainly also happen under devaluation/inflation, depending on which policies go along.
Debt Asset owners are not protected by inflation. That's the whole origin of the Bundesbank policy, Austrian economics and Goldbuggery in general.

Inflation helps the owners of productive assets if higher prices allow them to pocket higher margins. Other than that, inflation is bad for the wealthy.

Economics is politics by other means

by Migeru (migeru at eurotrib dot com) on Wed Apr 13th, 2011 at 08:24:25 AM EST
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