- "Let's start with the Fed and inequality. I don't think there is any greater engine of inequality than the Federal Reserve Bank of the United States the last 11 years."
- "Hearing the chairman [Jerome Powell] talk about visiting homeless shelters is very, very rich indeed."
- "Why are we making money? Because this guy is printing like there is no tomorrow."
- "The kids in Harlem are not benefitting from money printing but Stan Druckenmiller is."
- "For the life of me I can't figure out why the left is so excited by the money printing, when all the data says that people that benefit from money printing are rich people that know how to navigate the markets."
- The odds on bet is we are going to have inflation, and inflation is going to hurt poor people a lot more than rich people."
- How does this thing end? To me, the asset bubble which he is blowing up to unbelievable proportions before the inflation ever really manifests itself."
- "We've never had a deflationary bust because inflation was too close to zero or 1.5 instead of 2. We've had them because we've had these tremendous asset bubbles. There is no group that will get hurt more than the poor. They will be first in line to be screwed. Trust me."
That's a more colorful explanation for the one I have presented for years.
Inflation benefits those with first access to money: The banks, the already wealthy, and the connected political class.
Point number 7 is the "transitory" case as discussed here:
The bursting of bubbles is not inflationary.
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