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I would say that the largest beneficiary of the existing monetary system is government, because it is able to print money at almost no cost for which it can pay for goods and services from the very people whose wealth the money exists to be a medium of exchange for. Fiat money is counterfeit private wealth.

Secondly, government gets to issue sovereign debt, and force citizens to guarantee it by (unstated) future taxes and assets that can be acquired because of the last way that fiat money insults liberty: government defines income as the nominal increase in dollars. It levies a capital “gains” tax on assets that may have only increased in nominal dollars to track inflation and caps the insult by various rules to make the tax “progressive” without adjusting the limits, adjustments, brackets, exclusions, etc. for the very inflation that only government can control.

(All this of course is reduced or even eliminated with a the Fair Tax, but that is another thread.)

The end result is that government issues debt that it uses to spend and for which it never intends to really repay. It rolls expiring old debt into new debt. In the end it may only be left with repudiation as a way out. Since they “knew or should have known” (a common legal standard in torts) that this was the easily foreseen outcome of their policies, it is a grand theft on the greatest scale in human history.

According to the Federal Reserve the total money stock in the United States in January of 1959 was $292 billion. In February of 2006, the last month the Fed chose to report the statistic, that number had grown to $10,276 billion. In 47 years the total supply increased by a factor of 35.

Combine this with the fact that 95% of all money created is put into circulation by private banks in the form of loan, there can be little debate about whom the largest beneficiaries of the current system are. Without question it is the banks. No doubt about it.

Are you claiming the Federal Reserve prints money so they can buy stuff? How much stuff does the Federal Reserve buy every year?

government defines income as the nominal increase in dollars. It levies a capital “gains” tax on assets that may have only increased in nominal dollars

Yes, the tax system sucks. Capital gains taxes should be indexed for inflation or ideally capital gains should be untaxed.

(All this of course is reduced or even eliminated with a the Fair Tax, but that is another thread.)

Geez, a Fair Taxer too. LOL!

Please explain how the Fair Tax would stop the government from causing inflation?

In the end it may only be left with repudiation as a way out.

Or it may not. String 'em up!!! LOL!