A remarkably fascinating investigative report on the central bankers, "a new ruling class" composed of unelected people with as much power as presidents and prime ministers who make financial decisions that impact the entire world. One of their superpowers? Creating money out of thin air.
Stock markets have risen on this tide of cheap money. So has real estate. So, arguably, has everything else.
But there are two big concerns with what this new central banker elite has done.
One is that no one really understands the consequences of pumping such vast amounts of money into the world economy. It's already distorted the prices of certain assets, and some fear hyperinflation or market crashes are inevitable (the subject of tomorrow's column).
The other is that it's caused a massive shift in wealth, from savers to borrowers, and is taking money out of the pockets of almost everyone approaching or at retirement age.
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