Did you ever find your source for this claim?
patience first let us finish this one:
OK so far you claim that you have the same purchasing power with a stock that increase at the same rate as the inflation rate.
I've been trading stocks for over thirty years and know such is fallacy but you know it as well as I do. Even a novice stock buyer knows there are fess involved.
So when we use your example of an Oil stock increasing from $40.00 to $40.40 and then you claim you can convert it to dollars without incurring a fee we know you are being far from truthful. Stock Broker Fees, SEC fees, and of course the ever popular capital gains taxes.
Think we have proved beyond doubt your premise is not valid.
Infact to get the same increase in buying power to stay with inflaion you need a goodly amount above the increase in inflation depending on your tax bracket and the stock price.
now on to Par. Understand starting valuation is a standard (for issuance of a bond) here is the link to show such (its been 20 plus years since I took that particular class) there are instances wherein these can be different.
http://www.investorwords.com/3611/par_value.html
Then as I explained before, they repackage such and they change the underlying value. Allowing banks to lend on something that has no increased value other than accounting tricks. They did it with Subprime loans they do it with all sorts of other financial insturments. Then add in credit defulat swaps, mark to market accounting and know that again banks can lend money based on these things (Stocks of Corporations that invest in and use both) and the FED just allows it.