This is a straw man, $500 billion in loans (normally above market value for collateral) means banks could be anywhere from 0-500 billion dollars richer but they are certainly not poorer.
>The first person to get a new dollar has an unfair advantage, since they can spend it before the rest of the economy knows about the extra dollar.
Have you seen the stock market lately? Investors have done well in this new easy money economy and until that money trickles down they certainly have it much easier than they otherwise would.
>Inflation is a deterministic function of the money supply. There wouldn’t be inflation if we didn’t create more money.
In the long run this is true. Especially the second statement, it's almost trivial to prove: Imagine an island with 10 dollars in circulation. The amount of goods produced doubles, and everyone is able to trade and consume all the goods. The price of the goods must necessarily be cut in half on average, so that the 10 dollars are able to pay for all the goods.