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In 2013, Stanley Druckenmiller called QE “the biggest redistribution of wealth from the middle class & the poor to the rich ever.”
And he was right. QE and ultra-low interest rates have inflated asset prices held by wealthy investors significantly.
And he was right. QE and ultra-low interest rates have inflated asset prices held by wealthy investors significantly.
"The top 1 percent of Americans hold 35 percent of the nation& #39;s wealth—up slightly since 2007. The top 10 percent own more than 80 percent of all stocks and more than half of all individual financial assets in the U.S., according to the Federal Reserve and Wolff."
"A stream of new data on inequality also suggest that the gap between the wealthy and the non-wealthy is growing, largely becaue of rising stock markets. New data from Emmanuel Saez, an economist at Berkeley, found that the top 1% captured 95% of the gains during the recovery."
"According to the Census Bureau, incomes for the middle class have largely remained flat while the wealthy have gained. The wealth of America’s top 400 billionaires grew by $300 billion in the past year, hitting $2 trillion, according to Forbes."
"A study by the Bank of England found that its quantitative easing policies—akin to the Fed’s—were mainly helping the wealthy. It found that 40 percent of the gains from easing went to the top 5 percent of British households."
