> Only because the wealthy benefit from depreciating currency.
Net debtors benefit from a depreciating currency, in first order effects. Beyond first order effects, a currency with gradual depreciation but low volatility benefits everyone. As everyone includes the rich, it is true that they benefit, but not especially true.
> the units depreciated because the oligarchs want workers’ wages to go down.
The alternative is not “employment at the same wages” when demand drops, it's “production cuts and unemployment, resulting in larger second order demand drop, resulting in more production cuts and unemployment, etc.” That this is generally worse for everyone including the working class, both as a whole and even many of the workers in the sector seeing the initial demand drop should be pretty easy to see.
Net debtors benefit from a depreciating currency, in first order effects. Beyond first order effects, a currency with gradual depreciation but low volatility benefits everyone. As everyone includes the rich, it is true that they benefit, but not especially true.
> the units depreciated because the oligarchs want workers’ wages to go down.
The alternative is not “employment at the same wages” when demand drops, it's “production cuts and unemployment, resulting in larger second order demand drop, resulting in more production cuts and unemployment, etc.” That this is generally worse for everyone including the working class, both as a whole and even many of the workers in the sector seeing the initial demand drop should be pretty easy to see.