One of the best ways to understand inflation and taxes is to look at the silver dollar.
In 1964, a US silver dollar was worth a dollar. Today it is worth $18 USD. Despite the fact that the price of silver dropped relative to other goods since 1964, the government would demand payment of capital gains tax on the silver in that silver dollar.
I am glad you pointed out a big problem with debt. People don't pay taxes on the money they borrow, but they have to repay the debt with borrowed dollars.
This imbalance leads to a huge number of shenanigans.
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Totally agree, without backing that tethers a currency to something that isn't easy to produce you can do all sorts of accounting tricks and the fact that most of the world doesn't understand how money works, it plays to your advantage.