[logicalmonster]

Do you concede that inflation robs people of purchasing power? That's the most important point from that.

I can understand that the "for their own enrichment" part of that sentence is a bit debatable. It's true (as far as I know) that the central bankers are not personally building giant Scrooge McDuck money bins and siphoning cash directly from their monetary policy decisions in there for swimming purposes.

However, you can point out that the money and power they gain is due to their willingness to keep business as usual (inflation) churning. And let's not forget that the central bankers can manage to get high 6 figures speaking engagement fees, at least after they're out. I can't be sure what level of quid pro quo goes on with all of that, but they certainly do manage to enrich themselves by playing their part and continuing the generally policy of inflation.

[ChrisLomont]

>Do you concede that inflation robs people of purchasing power? That's the most important point from that.

And then people get cost of living raises - that's why almost all income groups have seen wage growth in inflation adjusted dollars since, well, 100+ years.

Here's what happens when central banking didn't target low inflation [1]. Read through it for a better understanding of why the current system is better than any that preceded it.

[1] https://en.wikipedia.org/wiki/List_of_recessions_in_the_Unit...

[ineptech]

> Do you concede that inflation robs people of purchasing power?

Think this through. Whose purchasing power? If you have a billion dollars and I have nothing, and prices go up 2%, which of us lost purchasing power? Keeping in mind that inflation drives up wages too?

It's absolutely true that central bankers and other cartoon villain fatcats are trying to enrich themselves. But the way they do that is by investing their wealth in the economy, and then manipulating inflation to make the economy grow as fast as possible.

[fny]

> Do you concede that inflation robs people of purchasing power? That's the most important point from that.

It's not supposed to. The policy rate is supposed to match the inflation rate on average. When the fed says 2% inflation target it also implies that the fed funds rate should be at 2%.

Most of the runaway inflation you're seeing today is because the *government* spent way, way too much money which put a massive strain on limited resources. Blame the CARES Act + American Rescue Plan. You want to see corruption and pork spending? Look at the $3 trillion in deficit spending across the Trump and Biden administrations.