An elite Central Banker said the public should “accept” poverty as rampant inflation shows no signs of slowing down.
The chief economist for the U.K.’s central bank, Huw Pill, demanded that people refrain from seeking pay increases to cope with the cost of living due to soaring inflation.
In 2021, the Bank of England predicted rising inflation would be “temporary.’
Likewise, U.S. Treasury Secretary Janet Yellen said in 2021 higher inflation would be temporary.
“My judgment right now is that the recent inflation that we have seen will be temporary. It’s not something that’s endemic,” Yellen said at a hearing held by a House Appropriations subcommittee. “I expect it to last, however, for several more months, and to see high annual rates of inflation through the end of this year.”
Yellen later admitted she was wrong.
The central banker, who earns a salary of £190,000 per year, said that rather than demanding pay increases, people should just “accept that they’re worse off,” condemning the “reluctance” of families living in poverty due to inflation.
The central banker argued that if people ask for pay raises, it will have a damaging ripple effect on the economy.
“If the cost of what you’re buying has gone up compared to what you’re selling, you’re going to be worse off,” Pill said, The Times reported.
“So, somehow in the U.K., someone needs to accept that they’re worse off and stop trying to maintain their real spending power by bidding up prices, whether through higher wages or passing energy costs on to customers.
“What we’re facing now is that reluctance to accept that yes, we’re all worse off and we all have to take our share,” he added.
The central banker’s comments come as the inflation for grocery items soared to a massive 17.3 percent in April.
Meanwhile, the National Institute for Economic and Social Research found that while wages increased by 6.6 percent earlier this year, the public saw their wages decline in real terms by an average of 3.5 percent if it included inflation.
Despite the economic hardship facing millions, the British government of Prime Minister Rishi Sunak has imposed a brutal tax burden on the public, the highest since the Second World War.
Pill isn’t the only elite banker calling for people to accept poverty.
Earlier this month, JPMorgan Chase CEO Jamie Dimon called the government to seize private property to fight “climate change.”
As The Daily Fetched reported:
In a letter to shareholders, Dimon began by admitting the largest bank in the U.S. is not to the ills currently afflicting America.
“Across the globe, 2022 was another year of significant challenges: from a terrible war in Ukraine and growing geopolitical tensions — particularly with China — to a politically divided America,” Dimon said in his opening remarks.
“Almost all nations felt the effects of global economic uncertainty, including higher energy and food prices, mounting inflation rates and volatile markets, and, of course, COVID-19’s lingering impacts.
“While all these experiences and associated turmoil have serious ramifications on our company, colleagues, clients and the countries in which we do business, their consequences on the world at large — with the extreme suffering of the Ukrainian people and the potential restructuring of the global order — are far more important,” he added.
The remarks concern homeowners since Dimon brought up eminent domain under the “Update on Specific Issues Facing Our Company” under the “Climate Complexity and Planning” subsection.
So what does that mean?
Well,’ eminent domain’ is the legal term that grants the government the power to seize private property for public use, which is what the JPMorgan CEO is referring to.
Although a private property would typically be reimbursed in such a scenario, it usually falls well short of the value of the property.
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