An interesting article off the net: http://cep.lse.ac.uk/centrepiece/v10i1/crowe.pdf
Quote from the article: “…inflation is a tax. Printing money raises revenue for the government, in the process expropriating a proportion of any wealth held in nominal assets such as cash.”
GMO summarizes future growth prospects in a similarly gloomy way: http://www.gmo.com/websitecontent/JG_LetterALL_11-12.pdf
Is it “fair” that the rest of the world is “raising money” for the US government? Unfortunately almost all globally traded commodities are quoted in the US dollar, therefore the US Fed’s extraordinary monetary easing policies have probably made future global economic growth potentials slower than previously capable.