When the value of money is increased, then those are enriched who at the time possess credit money or claims to credit money. Their enrichment must be paid for by debtors, among them the State (i.e., the tax-payers). Yet those who are enriched by the increase in the value of money are not the same as those who were injured by the depreciation of money in the course of the inflation; and those who must bear the cost of the policy of raising the value of money are not the same as those who benefited by its depreciation. To carry out a deflationary policy is not to do away with the consequences of inflation. You cannot make good an old breach of the law by committing a new one. Ludwig Von Mises
About This Quote

Ludwig von Mises was a proponent of fiat money and once said, “Under conditions of inflation, all claims to money become worthless.” This quote is in reference to the fact that under certain circumstances, fiat money can be devalued and destroyed. Mises is saying that in such a situation, the only way to recoup losses is by ruining the reputation of the legal tender that has been devalued. You can’t make good an old breach of the law by committing a new one.

Source: The Theory Of Money And Credit

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