Bank of England Study: QE Benefited the Elites

The Bank of England study on The Distributional Effects of Asset Purchases notes of the implications of Quantitative Easing (QE) on Savers

By pushing up a range of asset prices, asset purchases have boosted the value of households’ financial wealth held outside pension funds, but holdings are heavily skewed with the top 5% of households holding 40% of these assets.

Inflation is political. Inflation redistributes wealth from society to politically favored groups or the political elites, and thus, promotes wealth inequality.

In this case, inflation through QE has been aimed at supporting asset prices, which essentially accounts for the Bernanke doctrine.

The morality of inflation as the great Henry Hazlitt wrote, (The Inflation Crisis and How to Solve it p.41)

Inflation, to sum up, is the increase in the volume of money and bank credit in relation to the volume of goods. It is harmful because it depreciates the value of the monetary unit, raises everybody's cost of living, imposes what is in effect a tax on the poorest (without exemptions) at as high a rate as the tax on the richest, wipes out the value of past savings, discourages future savings, redistributes wealth and income wantonly, encourages and rewards speculation and gambling at the expense of thrift and work, undermines confidence in the justice of a free enterprise system, and corrupts public and private morals