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"Although today high levels of inequality in the United States remain a pressing concern for a large swath of the population, monetary policy and credit expansion are rarely mentioned as a likely source of rising wealth and income inequality. [...]
The rise in income inequality over the past 30 years has to a significant extent been the product of monetary policies fueling a series of asset price bubbles. Whenever the market booms, the share of income going to those at the very top increases.[...]
[F]inancial institutions benefit disproportionately from money creation, since they can purchase more goods, services, and assets for still relatively low prices. This conclusion is backed by numerous empirical illustrations. For instance, the financial sector contributed massively to the growth of billionaire's wealth"
Source: https://mises.org/library/how-central-banking-increased-inequality
I'll leave my comments as comments, but note that The Mises Institute is proudly, one might say almost by definition, Austrian School. Both the Institute and the School have had their fair share of criticism. Which of course doesn't mean that individual author is wrong on this particular matter. -- Ed.(FP)
(Score: 2) by Whoever on Wednesday August 23 2017, @03:10PM (1 child)
I am far from poor, thank you very much.
But that's not the issue. You seem to think that billionaires need to be protected. Perhaps you think that one day, you might be a billionaire?
Let's be clear here. You are never going to be a billionaire. You vote and argue against your own interests.
(Score: 3, Informative) by DECbot on Wednesday August 23 2017, @09:35PM
If we're being clear, let's be clear. The billionaire will spend tens of thousands of dollars each year to protect his wealth from the government and will thus be unaffected from any wealth distribution scheme. However, the "fortunate" in the $40,000 to $120,000 income bracket will not have more than a few hundred dollars a year to protect themselves and will likely pay more in taxes than the billionaire.
Your right, nations do not better themselves by enriching the wealthiest of their population. Likewise, they cannot embetter themselves by imposing heavy taxes on the serfs. What we've seen work historically is light taxes on the serfs and heavy penalties on the billionaires for not keeping the serfs gainfully employed.
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