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Quote by Saifedean Ammous

“According to Cantillon, the beneficiaries from the expansion of the money supply are the first recipients of the new money, who are able to spend it before it has caused prices to rise. Whoever receives it from them is then able to spend it facing a small increase in the price level. As the money is spent more, the price level rises, until the later recipients suffer a reduction in their real purchasing power. This is the best explanation for why inflation hurts the poorest and helps the richest in the modern economy.”

Quote by Saifedean Ammous

Book:The Bitcoin Standard: The Decentralized Alternative to Central Banking
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The Bitcoin Standard: The Decentralized Alternative to Central Banking

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Saifedean Ammous

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