Since QE went global, the Bank of England, for one, has often had to defend itself from accusations that its policies have increased inequality. A recent study concluded that “nine years of asset purchases that pumped 375 billion pounds ($527 billion) into a faltering world economy didn’t widen inequality after all.” Although the British central bank does acknowledge that some measures of inequality arose, it stressed that accommodative monetary policy had only a “marginal impact” on that rise. The analysis simply misses the point. Net wealth at the top increased as asset bubbles fueled by QE inflated further. By sheer math, we can see that those who had access to QE rode the policy to greater gains while everyday citizens struggling to get by did not. They were not a part of the magical relationship between central banks, private banks and markets. That’s the definition of inequality. The rich get richer and everyone else—doesn’t.