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What if soaring rates don't kill inflation? Central banks may be about to blow up the economy (www.abc.net.au)

submitted 1 year ago by assassinatedbyCIA@lemmy.world to c/australia@aussie.zone

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I’m curious how long central bankers will let this go on for before they begrudgingly admit that they got it wrong. For the sake of those already made homeless, ill or dead from the current inflation I hope the central banks aren’t wrong so that their suffering wasn’t for nothing.

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[–] SJ_Zero@lemmy.fbxl.net 7 points 1 year ago

Yeah, wages have been generally stagnant since the 1970s while per capita productivity has continued to rise.

The fact that the CPI around the world is a blatant lie doesn't help either. Anyone who doesn't have their butler buying groceries knows that.

So I agree that we shouldn't trust central banks to do the right thing. Even if you think raising interest rates is the right thing to do, they're almost certainly going to do the wrong thing along the way anyway because they don't work for us, they work for themselves, the governments, and the banks.