Jeff Deist of The Mises Institute – Fri 22 Feb, 2013
The Cantillon Effect
Who loses when new money is created? Holders of old money, quaintly once known as “savers.”
Who wins when new money is created? Bankers, that’s who. In post 2008 America, the Cantillon Effect explains how money creation serves as a kind of debt jubilee for banks.
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