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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: 0) by Anonymous Coward on Wednesday August 23 2017, @07:05AM (1 child)
Actually for every loaf of labour, the govenment takes a part, directly in income taxes. Indirectly they take some more because the taxes that employers pay mean that employees are competing with government for the rest of the loaf. And the government has the IRS and men with guns.
Eventually when you want to spend it the governments takes sales tax. Oh and you have to pay property taxes. Oh and everything you buy the business selling has to pay taxes on, so they charge you more.
I guess the government walks away with most of the loaf. But sure, blame business. It is much easier to go work for somebody else, who pays better, or start your own company, but you have to immigrate to get a different government.
(Score: 3, Insightful) by JoeMerchant on Thursday August 24 2017, @01:11AM
Yes, after I bake 20 loaves for the company I get a loaf of my own, and I (at my level of income) give 2 slices to the government in taxes.
I feel like I get a lot more for those 2 slices than I do for the 19 loaves that the company invests in other places than my personal discretionary fund.
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