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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: 4, Insightful) by urza9814 on Wednesday August 23 2017, @12:03PM (2 children)

    by urza9814 (3954) on Wednesday August 23 2017, @12:03PM (#557930) Journal

    Take a page out of gewg_'s book then and start your own socialist "buy a politician" fund. The politicians don't care where the money that lines their pockets comes from.

    So we're supposed to fix the problems caused by wealth accumulating in one part of society by *outspending* the people who have accumulated all of that wealth? You don't see a bit of a problem with that logic...?

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  • (Score: 2) by The Mighty Buzzard on Wednesday August 23 2017, @12:12PM (1 child)

    by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Wednesday August 23 2017, @12:12PM (#557933) Homepage Journal

    No, I see no problem in that statement. If it's worth enough to you to keep something from happening, pool your money with like-minded people and keep it from happening. Billionaires aren't any more capable of going all-in on every single issue than you are. Not if they want to stay rich.

    --
    My rights don't end where your fear begins.
    • (Score: 5, Informative) by urza9814 on Wednesday August 23 2017, @01:10PM

      by urza9814 (3954) on Wednesday August 23 2017, @01:10PM (#557967) Journal

      No, I see no problem in that statement. If it's worth enough to you to keep something from happening, pool your money with like-minded people and keep it from happening. Billionaires aren't any more capable of going all-in on every single issue than you are. Not if they want to stay rich.

      Do you have any idea how skewed the distribution of wealth is in this country? 90% of the nation's wealth is held by people earning more than $260k/year. If the rest of us perfectly coordinate and pool our resources, they can still outspend us 9 to 1. And that's before you consider that I have to spend around 2/3 of my income on food and housing, and they don't.