The Fight Against Inflation Is Becoming a Class War

Leah Downey in Foreign Policy:

Central banks have started reacting to inflation. In February, the Bank of England raised its base rate for the second time in two months, and the U.S. Federal Reserve is expected to do the same at its meeting in March. (Interestingly, so has the Bank of Russia—even the threat of war can’t break the dominant contemporary central banking consensus.) Alongside this shift in monetary policy, the governor of the Bank of England, Andrew Bailey, has asked workers not to push for a pay rise despite the fact that Bailey himself rakes in a rather large annual salary.

The difference between Bailey’s own income and his request is a dissonance that many have enjoyed emphasizing, in part because it smacks of class conflict: Let the workers suffer while I sit in my castle full of gold bars. The problem with this particular site of class conflict, such as it is, is that there is no way for the working class to win. It’s a case of heads, the asset holders win, tails, the working class loses.

More here.