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Tell it to these guyshttps://www.nationalreview.com/nrd/articles/432569/father-f-hrer
Agree with article but Marriner Eccles said essentially the same thing 83 years ago without needing any fancy computer models to explain it. there is plenty of money today to bring about a restoration of prices, but the chief trouble is that it is in the wrong place; it is concentrated in the larger financial centers of the country, the creditor sections, leaving a great portion of the back country, or the debtor sections, drained dry and making it appear that there is a great shortage of money and that it is, therefore, necessary for the Government to print more. This maldistribution of our money supply is the result of the relationship between debtor and creditor sections – just the same as the realtion between this as a creditor nation and another nation as a debtor nation – and the development of our industries into vast systems concentrated in the larger centers. During the period of the depression the creditor sections have acted on our system like a great suction pump, drawing a large portion of the available income and deposits in payment of interest, debts, insurance and dividends as well as in the transfer of balances by the larger corporations normally carried throughout the country.Oh well, whatever leads them to the realization that we have to save the rich from themselves.
Thanks for spotting this. Yet I don't see the link between the fact that liquidity is concentrated in the hands of few and inequality. As a matter of fact, 80 years ago inequality was not at the levels it is now (see our Fig. 1).
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