“There is no inherent money neutrality, neutrality must be constructed by institutional arrangements. Much of the New Deal in the 1930s and 1940s was designed to build alternative channels for lending”

https://mattstoller.substack.com/p/the-cantillon-effect-why-wall-street

it’s the Cantillon effect, the closer to the mine, the first to spend the new coins and drive inflation against those farther away.

In current terms, it’s the central banks who are very good to discount bonds and inject liquidity into big corps, but there’s no one just as good in lending to homeowners, small businesses, workers etc.

So, in the big financial crisis, banks get bailed while homeowners are kicked out of their homes.

In Covid times, the government makes a multi.trillion rescue package and the stock market rally, because money gets more easily to listed companies.

related, since money isn’t neutral, creating money is intrinsically politcal and we come to this Crypto and the Politics of Money https://adamtooze.substack.com/p/chartbook-74-crypto-and-the-politics Adam Tooze interviewed by Eugney Morozov