The last phrase is the key. The economists in the Austrian school explain: Money is simply a proxy for goods and services. It solves the "coincidence of wants"

The last phrase is the key. The economists in the Austrian school explain: Money is simply a proxy for goods and services. It solves the "coincidence of wants" problem. When the Fed and other similar agencies print money unbacked by goods and services, they immediately devalue the currency because now each unit (dollar) represents a smaller amount of goods and services. But when this "infusion" hits the big banks, the effect has not been felt by the full market so the rich and powerful benefit before the devaluation has been felt by the market. And the general public pays for the fraud.