Why then is it fine for the government to debase the currency, and therefore destroy the value of any accounts held in that currency?
The value of the currency depends on what I can exchange it for. If the US dollar's value relative to the things I buy and sell remains relatively stable over the next few years, and if my risk of losing my job remains low so that I can feel confident in my ability to keep earning those dollars, then as far as I'm concerned, the Fed is doing its job.
If the US dollar's value relative to gold goes down, I couldn't care less. I can't eat gold.
The value of the currency depends on what I can exchange it for. If the US dollar's value relative to the things I buy and sell remains relatively stable over the next few years, and if my risk of losing my job remains low so that I can feel confident in my ability to keep earning those dollars, then as far as I'm concerned, the Fed is doing its job.
If the US dollar's value relative to gold goes down, I couldn't care less. I can't eat gold.