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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, @08:41AM (1 child)
Wrong. Someone else having more money means that person being able to spend more money, which means increased demand and thus rising prices, and thus reduction of the spending power of your money.
(Score: 2) by The Mighty Buzzard on Wednesday August 23 2017, @12:20PM
Except for being utterly wrong, you would be correct. Tell me, how much have prices gone up on your daily staples since the 90s? How about luxury items? Have televisions gone up or down in price for a monster flat panel? Housing? Cars? Yeah... sling your bullshit elsewhere.
My rights don't end where your fear begins.