>People do not own the value of a dollar, just the dollar's IOU.
Value of your dollar holdings= (value of all dollars) * (number of your dollars / number of all dollars).
You assert that nobody is promising the value of your dollar holdings will remain constant. I agree that this assertion is true, but it's also obvious that failing to maintain the "value of all dollars" is a good way to impoverish all dollar holders, possibly permanently. Convincing people that you aren't going to allow them to maintain the value of their dollar holdings is a good way to encourage them to sell dollars.
And if people sell dollars then we get inflation, which allows the housing stock to expand and reduce real housing costs without putting everyone underwater on their mortgages by reducing nominal housing prices. What seems to be the problem?
downvoting was not deserved. In anycase, your comment did not contradict mine. My point was that framing it as theft is incorrect and unhelpful. There are multiple stakeholders, retaining value is good for some, but detrimental to thers. That is, it is a matter of policy, not rights of ownership.
Value of your dollar holdings= (value of all dollars) * (number of your dollars / number of all dollars).
You assert that nobody is promising the value of your dollar holdings will remain constant. I agree that this assertion is true, but it's also obvious that failing to maintain the "value of all dollars" is a good way to impoverish all dollar holders, possibly permanently. Convincing people that you aren't going to allow them to maintain the value of their dollar holdings is a good way to encourage them to sell dollars.