New Money

It isn't just that Wall Street and other connected people and entities get the money first (and thus can spend it before this inflation of the money supply is reflected in price inflation) -- the main problem is that those feeding on the ocean of new fiat dollars would have to be doing something truly productive -- something that citizens would pay for voluntarily -- if all this new cash wasn't being created and then spent or given away BY GOVERMENT. Almost the entire military-industrial complex would vanish -- we'd have a real defense, not a bizarre globe-spanning aggressive empire-style military presence and a weapons budget higher than the GDP of many nations. The whole inflated bureacratic tyranny we now endure is only possible because the Fed creates, and the government spends, money far beyond what even our crippling tax load could support.