Egalitarians think that equality has intrinsic value: they advocate it for its own sake, not just to forestall bad consequences. But why is a situation in which some in it have been made better off, and none worse off, worse than one of equality?
Over the years a chorus of critics has alleged that the textbook view of how a central banks buys government debt in "open market operations" is backwards. They argue that in reality commercial banks take the lead in making loans without regard to their reserves.
Bureaucrats cannot conjure wealth from nothing. They only have what they extract from the private sector. Unfortunately, the bureaucrats are now starving the private sector of funding while making government budgets ever larger.