Spitznagel tells it like it is in the WSJ

In a wonderful piece for the Wall Street Journal’s editorial page, hedge fund CIO Mark Spitznagel explains how the 1% receive the money first and benefit from the Federal Reserve’s policies.

The Fed, having gone on an unprecedented credit expansion spree, has benefited the recipients who were first in line at the trough: banks (imagine borrowing for free and then buying up assets that you know the Fed is aggressively buying with you) and those favored entities and individuals deemed most creditworthy. Flush with capital, these recipients have proceeded to bid up the prices of assets and resources, while everyone else has watched their purchasing power decline.

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