Economically dumb here. But rising interest rates seem to be another boondoggle for the wealthy.
The wealthy can afford the rising prices because the rising interest rates make up the difference to the wealthy investors. So they get the benefit of rising interest rates that adds to their hoarded wealth portfolios, while rising prices adds to windfall profits which also add to their wealth from the stock dividends from the record profits. At the same time, the wealthy continue to buy, buy, buy because they can afford the higher prices that the rest of consumers struggle to buy necessities at outrageous prices. Prices continue to rise because pricing rests in the hands of mega corporations and with the bakers that keep giving them the money at their bargain interest rates while the resulting inflation kills the rest of us. It's like they are pinching the rest of us until we cry ouch!!
= new reply since forum marked as read
