The subtlety here is that the purchasing power change of money (as a result of inflating it's supply) does not happen uniformly. The first recipients have access to dollars at a purchasing power before those dollars have permeated the market, devaluing all of the dollars. This means that real resources are pulled from later-recipients to these earlier-recipients.
In other words, inflation is an honest-to-goodness wealth transfer. Moreover, since every inflationary institution is part of the state in some respect, this amounts to taxation without appropriate legislation authorizing it. In the United States, all taxation must come from legislation originating in the House of Representatives.
I wonder, has the Fed or member banks ever asked the House of Representatives before is made a loan?
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