I should have been an economist and learned all about ways to make money with theory and speculation. Inflation could just be good for the rich, including economists. The entire topic of what prospers the rich while seeming to be harmful to the poor and lower middle class isn’t as simple as finding a diamond ring dropped into a muddy lake .
Inflation drives up prices. The rich own the things being sold and pass on the costs to you. Real estate goes up in value, and the rich own those rental builds that working people try to pay for. Lesson one; it is better to own a building rather than renting an apartment. The rich collect rents from about everything besides owning stock shares that might increase in value along with inflation (that is a challenging topic to consider).
It seems to me that if 50 million Americans take home less than a half of a percent of the national income that inflation can be a pretty effective way to skim that 1/2 percent back to the rich. People need to have enough income to work and the rest I suppose is targeted for return to the rich through a variety of means. It might be better to have an ideal society or at least make some progress toward building one rather than just letting everything go in the most loose, stupid version of neo-capitalism the society can tolerate while it is fueled with theoretical dollars backed only by the full flam credit of the U.S. Government (not exactly the same as the gold standard) or planetary plutocrats. I wonder if Congress will charge more people with contempt of Congress since contempt is almost a common opinion regarding the quality of that August body’s works in regard to public debt, social egalitarianism, border security and so forth.
There are many things to capture one’s attention if they attention to news. I live in a place that hasn’t cell phone service, and hence no internet, electricity or whatever (or a road to a store) so I value the news somewhat objectively when I encounter it, and it seems rather stupid so ordinarily that I am concerned that writing about it might give the impression that I believe that everyone making news is stupid- and that isn’t the case at all. Instead I believe that society is uncoordinated rather like the L.A. Lakers when Lebron James is injured, and that people have some erroneous notion that capitalism builds or evolves the best social environment willy nilly without need for competent government and good ideas. Alternatively maybe the politicians and media regard everything that passes like water under the bridge is good retrospectively, simply for being past.
It was said of old Russia that when the Tsar was having troubles he would send someone to foment a pogrom against Jews in some regional capitol. I have wondered if inflation causing incidents aren’t also used to keep democracy down and under the thumb of the rich. No one wants to talk these days about raising taxes on the 1% when inflation and Covid 19 are on fire. It doesn’t seem like a good idea to be concerned with abstract economic situations that might make the too big to fail Corporate 1%ers think about relocating somewhere else to build their widgets (like China or someplace that is really loyal).