> Imagine a world without lending against liabilities FRB isn’t creation of wealth, it’s plain old redistribution. In other words—welfare for those who can hau

> Imagine a world without lending against liabilities FRB isn’t creation of wealth, it’s plain old redistribution. In other words—welfare for those who can haul in the biggest loans, at the expense of those who earn, work and save up. What would those people do, if they got a chance? What are the compound effects of that over time?