Because Fed-created money enters the economy at particular points (through banks and bond dealers), a select few people get it sooner than the rest of us. Those who are thus privileged are able to buy at the old, lower prices, while the rest of us don’t see the money until prices have risen. Sheldon Richman contends that that places an implicit tax and transfer on the rest of us when the government pursues a policy of deliberate inflation.
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