- Centrally issued money optimizes inequality, monopoly, cronyism, stagnation and systemic instability.
- Everyone who wants to reduce wealth and income inequality with more regulations and taxes is missing the key dynamic: central banks’ monopoly on creating and issuing money widens wealth inequality, as those with access to newly issued money can always outbid the rest of us to buy the engines of wealth creation.
- History informs us that rising wealth and income inequality generate social disorder.
- Access to low-cost credit issued by central banks creates financial and political power. Those with access to low-cost credit have a monopoly as valuable as the one to create money.
- I explain why in my book A Radically Beneficial World: Automation, Technology and Creating Jobs for All