Interesting Global News
What is global news?
Something that happened or was uncovered recently anywhere in the world. It doesn't have to have global implications. Just has to be informative in some way.
Post guidelines
Title format
Post title should mirror the news source title.
URL format
Post URL should be the original link to the article (even if paywalled) and archived copies left in the body. It allows avoiding duplicate posts when cross-posting.
[Opinion] prefix
Opinion (op-ed) articles must use [Opinion] prefix before the title.
Rules
1. English only
Title and associated content has to be in English.
2. No social media posts
Avoid all social media posts. Try searching for a source that has a written article or transcription on the subject.
3. Respectful communication
All communication has to be respectful of differing opinions, viewpoints, and experiences.
4. Inclusivity
Everyone is welcome here regardless of age, body size, visible or invisible disability, ethnicity, sex characteristics, gender identity and expression, education, socio-economic status, nationality, personal appearance, race, caste, color, religion, or sexual identity and orientation.
5. Ad hominem attacks
Any kind of personal attacks are expressly forbidden. If you can't argue your position without attacking a person's character, you already lost the argument.
6. Off-topic tangents
Stay on topic. Keep it relevant.
7. Instance rules may apply
If something is not covered by community rules, but are against lemmy.zip instance rules, they will be enforced.
Companion communities
- [email protected] - International and local legal news.
- [email protected] - Technology, social media platforms, informational technologies and tech policy.
- [email protected] - Interesting articles, projects, and research that doesn't fit the definition of news.
Icon attribution | Banner attribution
view the rest of the comments
Wouldn’t do anything to wipe out the debts of the working class. Inflation doesn’t translate to increased wages, as we can clearly see from the last few years. It would wipe out the debts of the rich, though. China’s currency is sort of artificially pegged against the dollar, a devaluation of the dollar could cause them a lot of problems also, as they’d be forced to devalue their own currency to maintain its peg.
Except we did see the working classes wages keep pace with and even outpace inflation in the last few years? Inflation has always been primarily a threat to the rich, who by the common definition make their money off of their savings, and so are directly affected by those savings diminishing in real value.
Similarly depts are nearly always denominated in the local currency and so are directly 1 to 1 diminished by the inflation of that currency. For example if you owe two hundred thousand on your mortgage and you see fifty percent inflation then you have effectively just been handed a hundred thousand in real value directly out of the pocket of the person who lent you that money.
None of this is to say that very high inflation is good in an economy where people need to save money for retirement, but it does have some silver linings for the poorest who already have depts rather than savings and who are generally paid in real value.
In a very high inflation scenario where the US was intentionally trying to devalue its currency I expect China would abandon its peg against the dollar, and everyone would likely try and reduce their dependency on the dollar, which would in turn probably lead to a feedback loop that would exacerbate the issue.
I would not expect anyone to come out of the almost certain gobal ressecion better off, except maybe Russia given how little they are tied to the gobal economy and how they’ve run down their forex reserves, but I imagine that unless every economist in China and the Eurozone takes the decade off they will come out of it a lot better off than the US would.
Workers adjusted real wages have not caught back up to where they were Q1 2021, and have begun declining again…