Inflation is a tax on the poor. Rich people don’t hold all their wealth in a bank as money. They raise the price of their products and revenue streams to compensate for inflation. This is all passed on to the consumer. The rich actually have real estate and physical assets as the bulk of their wealth. When inflation is high, physical assets increase in value because everyone is trying to buy these things to hedge against inflation. Or in other words, the rich get richer and the poor get poorer.
> fallacy of being right for the wrong reasons