If the government prints itself double the money supply, it has effectively made every dollar held by everyone else half as valuable. I'm not making a value st

If the government prints itself double the money supply, it has effectively made every dollar held by everyone else half as valuable. I'm not making a value statement as to whether this is good or bad, particularly at low levels, but the fact of the matter is that if you pay for debt with money printing your are in practice taking that value from people who hold cash-denominated (ie. cash, debt etc) non-inflation-protected assets.