Izabella Kaminska On the Transubstantiation Of Monet Into Moola (and vice versa, if you prefer your vice, versa)

She doesn't have time to get into it in the present post but the role of the central banks in inflating the net worth of the 200* richest people on the planet is really quite amazing.

*# 200 gets you down to about $6.5 billion, give or take.

From FT Alphaville:


Interest rate hikes are bad news for cultural rent seekers

A funny thing happened this decade. 

The fairly logical-minded world of