… the privileged beneficiaries of inflation and depreciation are, largely, the central banks themselves and their stockholders, as well as merchants who borrow from these banks, and exporters who benefit by the depreciation of foreign exchange. All these are bought at the expense of the public.
Murray N. Rothbard
Classical Economics, p. 182
Excerpt from The Great Fiction by Hans-Hermann Hoppe: https://mises.org/library/great-fiction
Hans-Hermann Hoppe, an Austrian School economist and libertarian/anarcho-capitalist philosopher, is Professor Emeritus of Economics at UNLV, Distinguished Senior Fellow with the Mises Institute, founder and president of The Property and Freedom Society, former editor of the Journal of Libertarian Studies, and a lifetime member of the Royal Horticultural Society.