In last week's article, (1), Frederick Bastiat's insight into how inflation - what Bastiat called 'false money' - contributes to the concentration of wealth was discussed.

In last week's article Charles Holt Carroll's adage of inflation being "the surest way to fertilize the rich man's field with the sweat of the poor man's brow" was discussed.

"Inflation is the surest way to fertilize the rich man's field with the sweat of the poor man's brow."
Charles Holt Carroll (also attributed to Daniel Webster)

"The Fed doesn't have any direct responsibility for these issues (wealth inequality) but nonetheless they are important." Jerome Powell, March 2020

DISCUSSION

PREFACE
"The really catastrophic depressions are where the rot in the financial system goes very deep."
John Hicks, the first Englishman to win the Nobel Prize in Economics