To add on "who should decide who gets money" ... Let's not forget the equity capital markets and private lending institutions.
Banks don't have a strangle hold on providing capital.
Banks don't have a strangle hold on providing capital.
I'm not intimately familiar with US markets, being Australian, but the M2 suggests that half the money currently in existence was created since 2007. If whoever is creating that money doesn't have a stranglehold on providing capital they are going to, at a minimum, have massive influence. It is worth focusing in on, it may only be half the money in the system but that is actually a big deal.
The thing is, US currency is global commodity and as such is subject to supply and demand forces. The Fed targets a 2% inflation rate, which strikes a nice balance.
If the currency appreciates, people will hord it and a currency bubble will cause major economic problems.
Just look at bit coin. It currently worth $20,000, no wait $10,000, no wait $17,000, no wait...
Now try to base a functioning economy on a commodity that has wild swings. It can't be done well.