Peter Schiff

They borrowed money to buy food.

They take a vacation.

So all of that stuff is gone.

So they don't benefit because they don't have the asset that's going up.

They just have the debt.

And even if the debt burden is going down, they're still burdened by all that debt.

Meanwhile, their wages are losing value.

Or if they have savings, that savings is losing value.

Um, wealthier people tend not to have wages.

You know, maybe they run a business and they just can raise their prices.

Um, and so the way a lot of wealthier people earn their money, uh, they have an easier time, you know, recouping the, the increase in the cost of living.

But a lot of workers, uh, you know, a lot of times wages don't keep up with other prices.

And so even though your prices are going up, your income is not going up proportionate.

Maybe prices went up 100%, but your income went up 70%, right?

So you're still behind.

But there are a lot of people that live on a fixed income where they're getting killed.

The middle class and the poor suffer more as a result of inflation.

But if the rich have the right mix of assets and liabilities, yes, they can benefit from inflation because inflation transfers wealth

from creditors to debtors.

So there are some rich people who are going to suffer because of inflation because they have a type of portfolio that's gonna be harmed, right?