That's how the current system works too: newly created money goes through the banks, and so the ones who spend it first (and benefit from seigniorage) are the f

That's how the current system works too: newly created money goes through the banks, and so the ones who spend it first (and benefit from seigniorage) are the financial industry and its customers: corporations borrowing to invest in productive activity. The key thing to note is that this system (and Ford's) represents a system of continuous wealth transfer from the working class (who hold most of their money in cash or low interest savings accounts, and suffer the most from inflation) to the owners of the means of production.