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#interestratehikes — Public Fediverse posts

Live and recent posts from across the Fediverse tagged #interestratehikes, aggregated by home.social.

  1. Australia's banking system is rigged in favor of the big banks, leading to record profits for them while everyday Aussies struggle with rising interest rates and mortgage repayments. The lack of competition in the banking sector allows banks to pass on costs to borrowers without sharing the benefits with savers, resulting in a massive transfer of wealth from the average punter to bank CEOs and shareholders
    #BigBankProfits #AussieMortgageCrisis #BankingReform #InterestRateHikes
    #RiggedBankingSystem #WealthTransfer #CostOfLivingCrisis #BankingCompetition
    #CorporateGreed #CBA #westpac #NAB #ANZ

    youtube.com/watch?v=ikOoNMTSH1

  2. CW: Long thread/5

    A succession of doctors attended Washington, each one bleeding him, until *more than half* of Washington's blood had been extracted, whereupon the country's father died:

    timharford.com/2023/11/caution

    Today, a different kind of quack is given free rein to bleed another Washington: central bankers like #JeromePowell sit in DC, bleeding the economy with #InterestRateHikes, in the name of preventing #inflation:

    pluralistic.net/2022/12/14/med

    5/

  3. CW: Long thread/27

    None of these problems can be addressed with #InterestRateHikes, and many of them get worse when interest rates go up. But as Stiglitz and Ira write, monetary policy is like medieval bloodletting: if the patient gets worse, it's because you didn't do enough bloodletting. If the patient recovers, it's because the bloodletting worked.

    27/

  4. The rate rises, being carried in the name of “fighting inflation,” have been instituted to try to suppress the growing upsurge of the world working class in response to soaring prices by inducing a major economic slowdown or even a recession.

    #Interestratehikes start to make their impact - World Socialist Web Site

    wsws.org/en/articles/2022/12/0