It is as if you are a beer-maker and the Government pitches up at your warehouse in the dead of night with a truck of water and a truck of barrels. It waters down your beer and takes away barrels of beer for its own use. Because it gets first dibs on the barrels, those least diluted will be taken first. You wake up and count your barrels and all seems ok. When you come to sell your beer you find there is more in the marketplace and what you have is weaker, so the price you get is lower. Your beer is now less valuable and the State has beer - money - it never had. It is theft, pure and simple.
"I promise to pay the bearer"? What happened to that?
It is about time we had proper plurality in our currency - a fiat Sterling as now, a gold-backed Sovereign (not in note form to avoid fraud) and any number of currencies that private organisations wish to produce. This will keep the fiat currency and its controllers - the State - on their toes. Yes, it can be expanded if the economy expands, but as soon as it is being manipulated, people will leave it for Sovereign or Bank Money.