Senator Rand Paul published an op-ed on Business Insider this past Sunday attacking the easy money policy of the Bernanke-Yellen Federal Reserve and continuing his call for a full audit of the central bank. Along with criticizing Senator Ted Cruz's recent endorsement of the view that the Fed was guilty of being too tight with monetary policy during the financial crisis, Senator Paul demonstrates a sound Austrian understanding of how an expansion of the money supply benefits those who first receive the new funds at the expense of everyone else:

The reason for this is simple: big banks, corporations, and government entities receive the Fed’s newly-created money long before anyone else, and they bid up the prices of goods before the rest of us can get to purchasing them.

The side effect of this uneven distribution of money is painfully apparent to many at the grocery store. Over the past 15 years, the price of white bread has increased by over 50 percent, while the price of eggs has more than doubled.