That’s good information, but I’d like to bring it down to a level that you could use to convince an average friend or relative. Some arguments I can think of:
1) there is not as much assurance the printed money will end up in the hands of those who have proven themselves as efficient users of resources in the past. Maybe mentioning ACORN, Haliburton, 2000’s mortgage debacles, roads built to nowhere in Alaska, etc.
2) your savings are destroyed even by the fed’s (likely underestimated) 2% inflation target. I like to use the rule of 72 here and get people thinking about savings and retirement. You are also literally forced into riskier investments, which is an argument those nearing retirement certainly understand.
3) comparing fed printing to counterfeiting works for some people.
4) of course Austrian Business Cycle Theory just got a lot more convincing after 2008. Many people can relate to this story.
5) a quick story of socialism in general and it’s affect on economies can be convincing. Fed money printing certainly aids in pushing toward a more socialist economy.
6) For anyone who’s antiwar, money printing aids and abets that cause.
I still wish I had a better way to more directly attack the statement “You don’t need savings. The printing takes it’s place and the benefit of it outweighs the costs!”.