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posted by FatPhil on Tuesday August 22 2017, @01:23PM   Printer-friendly
from the Philosophers-Stone dept.

"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)


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  • (Score: 5, Insightful) by Runaway1956 on Tuesday August 22 2017, @02:19PM (6 children)

    by Runaway1956 (2926) Subscriber Badge on Tuesday August 22 2017, @02:19PM (#557514) Journal

    It's not the money that trickles down, it is the rich people pissing on the rest of us.

    FTFY

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  • (Score: 5, Insightful) by c0lo on Tuesday August 22 2017, @02:29PM (2 children)

    by c0lo (156) Subscriber Badge on Tuesday August 22 2017, @02:29PM (#557518) Journal

    It's not the money that trickles down, it is the rich people pissing on the rest of us.

    Based on the volume of flow, one can't call it a trickle.

    --
    https://www.youtube.com/watch?v=aoFiw2jMy-0 https://soylentnews.org/~MichaelDavidCrawford
    • (Score: 3, Funny) by Thexalon on Tuesday August 22 2017, @06:46PM (1 child)

      by Thexalon (636) on Tuesday August 22 2017, @06:46PM (#557633)

      That's why I usually refer to it as "tinkle-down economics".

      --
      The only thing that stops a bad guy with a compiler is a good guy with a compiler.
      • (Score: 2) by arslan on Wednesday August 23 2017, @03:44AM

        by arslan (3462) on Wednesday August 23 2017, @03:44AM (#557834)

        Golden monsoon economics?

  • (Score: 0) by Anonymous Coward on Tuesday August 22 2017, @02:51PM (2 children)

    by Anonymous Coward on Tuesday August 22 2017, @02:51PM (#557520)

    Wait a second! That isn't RAIN!