[mikeash]

It's a tax on all your cash that you own. There are lots of other places to keep wealth. For example, a lot of people own a mortgaged house, and inflation makes them wealthier every year because it increases the value of their house without increasing the associated debt.

That last part sounds like an appeal to emotion. Being able to do things the rest of us aren't allowed to do is pretty much the whole point of having a government. They get to create money, levy taxes, imprison people, wage war, etc. Looking at all the special privileges the government has, the privilege to create new money doesn't seem particularly special.