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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, @03:09AM (2 children)
That statement, is both wrong and stupid.
It's wrong in that what billionaires do very definitely affects my life. For example, the influence of the Mercers on the recent election, or the creation of the Tea Party by the Koch Brothers.
It's stupid in that:
a. It assumes the status quo, where we have extreme wealth inequality.
b. The phrase is "by and large", not "by in large".
(Score: 1, Troll) by The Mighty Buzzard on Wednesday August 23 2017, @12:29PM (1 child)
You think the Koch brothers created the Tea Party? You poor, kool-aid-drinking fool. You probably even think the election was bought last time around as well. Pro-tip: if it had been, Hillary would have won.
My rights don't end where your fear begins.
(Score: 2) by Whoever on Wednesday August 23 2017, @03:07PM
You actually want to deny the links between the Tea Party and the Kochs? Really? Are you for real, or just trolling?