We have spilled barrels of electronic ink, making the point that central banks are wreaking havoc. They hurt the poor, the middle class, and the rich. They hurt the wage earners, the business owners, the investors (aka the “rentiers”), and the pensioners. They have variously inflicted rising interest rates, too-high rates, falling rates, and too-low rates. They have imposed perverse incentives to destroy capital and consume wealth.
Those discussions focused on the specific injuries, their causes and effects. An analogy is studying the damage done to the body if it is cut by a sharp blade, bludgeoned by a blunt instrument, burned by a hot flame, or poisoned by a toxic chemical. One can study these things in excruciating detail, without considering one thing.