If people just create their own new currency (lets call them index funds) doesn't that defeat the whole point? Because that is exactly what happened. The dollar

If people just create their own new currency (lets call them index funds) doesn't that defeat the whole point? Because that is exactly what happened. The dollar deflated but the real currency kept its value, meaning that everyone's salaries were cut in comparison to the people who stored their money in the real currency. That is how you see "growth" in a recession like we just did and how printing money hurts the poor.