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IPFS News Link • Economy - International

Let them eat cake - Stupid on the march

• arclein

Speaking on a Columbia University Law School podcast, the chief economist of the Bank of England, Huw Pill, said Britons "need to accept" that they have been made poorer by the inflation perpetrated by the central bank. Price inflation today is a result of the record money creation by central banks, especially in the West, from 2020 onward. This was rationalized and justified by the mainstream narrative on covid. The following are choice comments from the podcast. If the cost of what you're buying has gone up compared to what you're selling, you're going to be worse off. So somehow in the UK, someone needs to accept that they're worse off and stop trying to maintain their real spending power by bidding up prices, whether higher wages or passing the energy costs through on to customers.