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The elites don't hold dollars. They hold dollar denominated assets that rise in real terms during inflation. This is why we have an inflationary monetary system.
If they choose to combat price inflation, it will be out of fear of a peasant rebellion.
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Define peasant rebellion
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High rates of inflation often lead to civil unrest, which can be very dangerous to those at the top.
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Civil unrest is not dangerous for people at the top (Freedom and peace is)
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Gaddafi would beg to differ if he hadn't been sodomized to death during civil unrest.
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Clearly he was not at the top
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We're just talking past each other, if you don't consider a dictator to be at the top.
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fed will have to raise rates to 7%, the thing is they have to choose between unemployment or low inflation, but they will choose low inflation, because the fed is an elitist institution and the elite dont want their dollars to lose value anymore. but lets see.