How the Rich Rule

My article by that name is now online at The American Conservative. One aspect of the article has been criticized by market monetarist Scott Sumner at his blog (and previously here and here). It has set off quite a debate over the Austrian position on "Cantillon effects" from government-created money; this is the idea that when the Fed creates money it enters at particular points in the economy and through the possession of particular individuals. It doesn't get evenly distributed throughout the economy with no real effects.

Another critic, Nick Rowe, weighs in too.