By printing more dollars for the government's and central bankers' own purposes, the value of every dollar held by others is made less. In essence, the value of the dollars in your wallet is stolen by the government and Federal Reserve to use as they see fit. Of course, this means that dollars and other debt instruments held by foreign countries are also worth less—and if inflation is unabated, these nations will eventually tire of having so much stolen from them and will transfer their wealth somewhere more secure. (Of course, these other nations do the same with their own currencies.)