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Why should controlling inflation be used to transfer wealth from individuals to a for-profit third party (banks)?

Also, it doesn’t target the entire population fairly - surely there is a better way?

I found this a thought provoking starting place: https://podcasts.apple.com/ca/podcast/abc-news-daily/id13495...

The short answer is that the standard inflation control model can be done through either monetary or fiscal policy, but monetary policy is depoliticised enough that it's easier to do it there. Doing it through fiscal policy by raising taxes, especially at the top end, is just too politically infeasible.

(also, this process does not in and of itself transfer profit to banks! the bank's margin is generally a fixed number on top of the floating central bank rate)

"Never let a good crisis go to waste"

Reply on news.ycombinator.com