Every newly conjured dollar dilutes purchasing power, effectively transferring wealth from the many to those few who create and receive the money first. As each fresh dollar circulates, it is quietly harvesting stored economic energy from workers and savers. While the government and banking institutions funnel new currency to favored sectors or reward bad investments with bailouts, prudence is punished, and the value of the average person’s paycheck and savings shrinks in real Board of Governors of the Federal Reserve System, M2 [WM2NS] (Federal Reserve Bank of St.

— Neal Flesher, Modern Chains (Chapter 1)

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