patrick.net

Dan8267 says

You clearly don't read the articles that you quickly Google to support your suppositions. From your article,

According to research from American Express Publishing and Harrison Group, the savings rate of the wealthiest 1 percent soared to 37 percent in the second quarter.

The article you referenced is making the case that in 2013, when the article was written, some of the 1% were drastically increasing their cash reserves

I read that. That's why didn't make a big point about the 37% number. Whether it's 10%, 19%, or 37%-it's a HUGE number and dwarfs the amount of cash that the middle class is saving. To claim that the rich don't have cash is just ridiculous--I'm shocked that you continue to make such a claim. Rich have diversified portfolios that will always include a fair percentage of cash. And a fair percentage of a LOT of money is a LOT of cash.

The first of those articles is poorly written and makes the same incorrect assumptions that others on here have made--primarilly that real wages increase less in inflationary times.

The second article is much more interesting--did you read it though? Its point is that, right now, is an unusual time because the inflation rate on the typical basket of goods for poor people seems to be increasing more than the basket for a typical rich person. It's speaking only to a very unique situation that may be occurring now (last 2 years) and is not generalizing that inflation affects poor people harder than rich.

Dan8267 says

The bankers are the ones making money off of currency debasement

Bankers make money regardless of what the currency does. They pay less in savings than they charge for loans.

Dan8267 says

I allows them to get interest on money they just printed out of thin air -- well, that the Fed printed out of thin air and lent to them at a deep discount like 0.25%.

The Federal Reserve doesn't loan money to banks. Almost NEVER. It's a sign of weakness so banks very, very rarely ever take a loan from the Fed.