I have been arguing that suppressing interest rates and printing money are hurting the poor as asset prices go up to ridiculous levels and then inflation (cost of living crisis) is like a regressive tax hitting the poor harder.
Not so says this economist, raising rates will hurt the most vulnerable parts of the community including low-income workers with weak employment security, and heavily indebted households, would bear the brunt of high interest rates while those who were better off benefitted from an increased return on their savings.
https://www.stuff.co.nz/business/mon...o-save-economy
First Union policy analyst Edward Miller probably has a big mortgage and was probably blind to the damage being done by low rates and easy money, although it is not as easy to spot.
I wonder if he has considered real returns on savings or just nominal. Everyone is made poorer by debasing the currency we use.
Maybe we could agree someone more stable than Adrian needs to be in charge. First historically low interest rates for too long now the possibility of overshooting on the upside. Crazy stuff.