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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: 5, Informative) by https on Tuesday August 22 2017, @06:39PM
How about the IMF? https://www.imf.org/external/pubs/ft/sdn/2015/sdn1513.pdf [imf.org]
"The benefits do not trickle down." [quote from Executive Summary].
Or maybe you think the IMF has too much power to be impartial, to look at things from a cool and academic perspective. Maybe Stanford University [stanford.edu]? The only people whose incomes have been rising since trickle-down became a thing has been the top 20% [stanford.edu]. (figure 2, page 2) It ain't coming down to the rest of y'all.
These aren't opinions you're complaining about, they're observations. Sorry if reality conflicts with your belief systems.
Offended and laughing about it.