cross-posted from: https://slrpnk.net/post/5944604
Hey I am currently in the privileged position to think about what I do with the money I saved as an emergency fund. Do I put it in an account that gets interest so less gets lost to inflation?
But from my understanding the bank can only pay that interest because they loaned the money to someone that uses it to exploit people labor or extracts rent from them etc.
Where I live saving for retirement is currently not that big of a thing because its something the state manages, but what do folks do that dont have that?
Should anarchists buy stocks or what else should they do with money that exceeds their safety needs?
Its capitalism that’s the problem, not inflation.
Inflation, as you say, forces people to lend money to other people. If there was extremely high inflation, there would be no hoarding of cash. Everyone would be interested in giving their money away as soon as they obtained some. That’s a good thing.
Poor people can’t afford to lend money when they’re struggling just to eat and make rent. It’s not a viable way for them to “keep up” with inflation.
But in a sense you’re right: inflation (by itself) isn’t the problem. The problem is that wages don’t keep up with it. Because the labor movement has been failing not only to make gains, but to prevent failures (e.g. keep our effective wages from going down). Most forms of capitalist passive income keep up with inflation by design, which is no accident.