It can happen in other situations, but the fact that it always happens with currency fluctuations is what's important here. When the dollar loses value, everyt

It can happen in other situations, but the fact that it always happens with currency fluctuations is what's important here. When the dollar loses value, everything I own that's anchored to dollars loses value too. "buying a share of productive capacity" implies a counteracting effect, but there isn't one, because the amount of productive capacity represented by each share shrinks too.