> increasing the money supply steals money (the value of money) from everyone's checking account over the long term. It's worse than that. If inflation was un

> increasing the money supply steals money (the value of money) from everyone's checking account over the long term. It's worse than that. If inflation was uniform and instantaneous, expanding the money supply would just result in a corresponding change in all prices and account balances. It'd be like trying to redefine the litre in order to get more gas from the pump. As such, the state wouldn't bother trying to change it. Inflation "works" insofar as it allows those who receive the new money earlier to buy goods before the suppliers realize their prices are too low for the new money supply, and in so doing drive up the prices faced by those who receive the new money later. The aggregate effect is to transfer money from those who receive the money last to those that receive it first (banks, financial institutions, forex, etc.)