Yesterday on CNBC’s “Squawk Box“, hedge fund billionaire Stanley Druckenmiller said of QE: ”This is fantastic for every rich person, … This is the biggest redistribution of wealth from the middle class and the poor to the rich ever.”
For anyone who has been paying attention this statement shouldn’t come as a surprise. During this “recovery” the wealthiest 1% have captured 121% of the economic gains. How is it possible they received over 100% of the gains? Simple, everyone else has become poorer.