Cheap money concentrates wealth

Dougald Lamont: Instead of addressing the economic crisis of the pandemic, monetary stimulus made it worse. It has contributed to a global affordability crisis in housing, a private insolvency crisis for tens of millions of people, provided the weathiest people in society with amounts ranging from hundreds of billions to trillions to buy more property and companies, all while increasing worker layoffs. It created the economic distortions and crisis that our countries are all living through, pouring trillions of money into driving up the price of existing assets while nothing is going into productive activities. Trillions of dollars that could have gone to modern infrastructure, new power plants, housing, research and development or building everything from chip factories to battery plants to electric vehicle factores was squandered. What is just as frustrating is that while central bankers seem oblivious, elected governments keep getting the blame for economic disruptions caused…