Western money printing is slowly burning the bridges between rich and poor. Whatever the economic benefit (and I am dubious there), it is worth considering that there is a significant social cost.
– Thomas Pascoe (via Guido)
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Agreed – some inequality is natural (as the late Murray Rothbard put it “Egalitarianism – A Revolt Against Nature”) but a lot of the present growing inequality has got nothing to do with people working hard, building up their estates and passing them on to their children (a natural aim) – it is CREDIT-MONEY EXPANSION ineqality (the sort of thing that has crippled much of Latin America since the 19th century).
As far back as the 1700s (Richard Cantillon – the partner of John Law) that monetary expansion tends to benefit the wealthy at the expense of the poor, has been well known. There is no excuse for Central Bankers and politicians to claim they do not know.
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