Yes, to our benefit. Most certainly to the benefit of banks, corporations and politicians, but the people have seen benefits from the fiat currency, as well.
Simply put, we’ve printed, borrowed and spent money that literally didn’t exist. That’s paid for your infrastructure, our imports, our monetary advantage, our defense, our technological developments. Everything.
You think we just had money to blow on things like a space race or nuclear arms development because we were awesome? No. It was because we built a system, got the rest of the world to buy into it and then reaped the benefits.
Do we have hell to pay for what we did? Yes. The people of America will be fucked for decades. But for a century of development, we’ve had the luxury of trillions of dollars of printed or borrowed funds. No denying this.
You’re missing the point. This all came at the expense of something. Since magic isn’t real, when this money printing happens, it happens by devaluing the money that does exist. Some of that “payment” is deferred, obviously. But that doesn’t mean it’s free. So on net, no real benefit unless you are among the connected. Secondly, because that money was spent on things that the connected favored, resources were misallocated. Our money that was stolen was spent poorly. Did good things come out of that wasted money? Sure. But just because I can buy a delicious in-n-out double-double cheeseburger for $200, doesn’t mean that my “benefit” of the cheeseburger can by looked at without considering the cost.