As currencies devalue relative to each other, there are all sorts of arbitrage games that wealthy people and institutions can play to benefit from the debasement, as millions of people earn their salaries and store their liquid savings in that which is debased.
Even the upper-middle class could play this by taking out housing debt in the local currency, thus shorting the money that people earn their salaries in and store their savings in.
The working class has fewer options to do things like that, and face the brunt of the devaluation.
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