A description of why being closest to the money printer is advantageous….

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“Consider the case of money production. Here too the additional quantities that leave the production process, when sold, first benefit the first owner: the producer. He can buy more goods and services than he otherwise could have bought, and his spending on these things in turn increases the incomes of his suppliers beyond the level they would otherwise have reached.

“But the additional money production reduces the purchasing power of money. It follows that it also creates losers, namely, those market participants whose monetary income does not rise at first, but who have to pay right away the higher prices that result when the new money supply spreads step by step into the economy.

“Money production therefore redistributes real income from later to earlier owners of the new money.”

Excerpt from

The Ethics of Money Production

Jörg Guido Hülsmann