Raise your hand if you didn’t see that one coming? Coming to a Bank of America, Chase or WElls Fargo near you soon.
It has already happened here through currency devaluation; they can’t do the same in Greece because they don’t control the currency (Euro). We just took pay cuts with devalued dollars; while everyone talks about prices going up, it is actually just dollars going down.
If you were being paid 10 potatoes an hour before, you’re now getting 7.