I said this a few months ago. Elites don’t like inflation because the old-school theory is that wages have to increase as well. But inflation is going up and profits of big corporations are also massively up, meaning that most of the inflation is just corporations being more greedy and not raising wages at the same time. Elites will soon start to love inflation.
Wages never rise because of inflation. They rise because workers demand a greater share of the pie to provide their labor, and that only happens when they can negotiate. Inflation makes negotiating harder because it makes it harder for workers to have a stable cushion to fall back on.
The elites have always loved inflation. The idea that inflation is good for workers is pretty much a relic of really specific historical conditions (high levels of consumer debt, which was historically never a “thing”, legacy of union contracts which only happened because of Soviet pressure, etc). Normally, inflation is the best way to steal a bigger piece of the pie from your workers because a 3% raise in a 5% inflation world is an easier sell than a 1% cut in a world with 0% inflation, even though the latter is better for the worker. Inflation also helps all those loans you took out to speculate on crypto grow your business “pay for themselves”
