This is an interesting perspective and I suspect that this is how most central bankers think about it. But the way I see it, the old money was hard-earned money

This is an interesting perspective and I suspect that this is how most central bankers think about it. But the way I see it, the old money was hard-earned money, it's good money so it should be difficult to earn it. This problem cannot be solved by artificially creating an alternative source of (easy) money (which is what the reserve banks did). By creating this stream of easy money, central banks allowed reckless, unqualified speculators to amass capital; this capital then gave these unqualified, reckless people the right to decide the trajectory of the economy and our lives. Because of this, nowadays, fools and crazy people are running the show. The sad thing is that even if you have an amazing business, you still cannot compete with those unskilled fools who earn easy money because they can always beat you on price. These fools will call this advantage 'economies of scale' and they will try to imply that it's related to production efficiency as a result of scale... but in reality, it has nothing to do with production efficiency or scale and has a lot to do with them having access to larger quantities of easy money due to their proximity to the money printers. 'Scale' is the effect of receiving a lot of money, not the cause. There is a similar inversion of cause and effect when it comes to selfishness and economic efficiency (E.g. Ayn Rand philosophy). Many people see a correlation and mistakenly believe that selfishness is the root of economic efficiency. In reality, an efficient system which produces surpluses will naturally make room for selfish, unproductive people to come in and absorb the surpluses. Altruists are the ones who produce surpluses, selfish people merely capture them.