First, the Fed is a bad institution that should be killed off.
Second, they did NOT destroy any wealth. By lowering interest rates artificially, the Fed drove up pricing in real estate and stocks etc. This is not real wealth.
There is a real rate of interest. It’s probably in the 7-8% range, but I don’t know. The Fed can push everyone into bonds by keep pumping up the rate, then the bond holders will be “wealthy”.
Meanwhile, Congress has been spending so much that a large interest increase will bankrupt the country. The true value of assets is only determined when the Fed stops manipulating interest rates and lets them float.
I wish everyone here understood what you are saying. Interesting times ahead.