Yes. But... It is limited to a great extent than being able to print an infinite amount of money and use that to gather more "real" things with your fake money. 

When a king has to grovel to other king to borrow gold to wage war... 

When a country cannot finance a standing army all the time for years on end to wage a war by selling bonds... 

When a corporation cannot get access to the first flush of another round of freshly coined fiat at below market rate interest... 

The harm done to people at large is minimized. Not eliminated, but minimized.