Not necessarily. Everyone above the bottom will be brought lower thanks to the devalued currency. The longterm change is the poor stay poor, the middle class become poor, and the rich don't have any noticeable change. That, of course, assumes everyone keeps their jobs.
Devalued currency helps net debtors, harms net creditors -- the latter includes mostly the rich. Except of course that trick only works once in a while, because once the currency starts being devalued, interest rates go up. If you try to chase that, you get hyperinflation.
Not necessarily. Everyone above the bottom will be brought lower thanks to the devalued currency. The longterm change is the poor stay poor, the middle class become poor, and the rich don't have any noticeable change. That, of course, assumes everyone keeps their jobs.
Devalued currency helps net debtors, harms net creditors -- the latter includes mostly the rich. Except of course that trick only works once in a while, because once the currency starts being devalued, interest rates go up. If you try to chase that, you get hyperinflation.