[pram]

Private banks also create money, not just the Federal Reserve. Look up fractional reserve banking. The system is implicitly inflationary.

[salawat]

That doesn't really detract from my point though, and there seem to be some critics of fractional reserve banking that seem to home in on the exact point I'm calling out.

Every time a currency "inflates" any values measured in that currency by definition change.

Or is that what's meant by it's meaningless, since the value is now basically what it was plus the fraction by which the money supply just grew? I.e. V=value final v=initial value F=fraction of money supply ex nihilo'd V=v+(v(1÷(F)))

Edit: I think I got that right...