Paul Krugman: More on Class and Monetary Policy

A bit more on the question of whose interests are served by hard-money ideology: One way to identify what you might call the creditor class is to look at who derives a lot of income from interest. The Piketty-Saez tables calculate interest income as a share of total income for various percentiles of the income distribution; I looked at the numbers from 2007, when the crisis had not yet struck and returns were “normal”.