This is will not interest most people so ignore this post if it does not interest you. From time to time, I have had conversations with some people, usually Ron Paul supporters or other libertarians, who assert that the money supply only grows when the government "prints" new money which in reality is the Federal Reserve purchasing government bonds. I have had this same discussion several time at Liberty on the Rocks.
I argue that fractional reserve banking creates money out of thin air and we would have a growth in the money supply without the Federal Reserve. While the Federal Reserve purchasing government bonds does created money and is a problem, the Federal Reserve serves a good function by setting reserve requirements for banks and somewhat regulates the amount of money created by the private sector. I contend more money is created by the private sector than the public sector and that fractional reserve banking is as old as is the practice of people depositing their money with a trusted someone for safe keeping. The only way to keep the money supply from growing is to forbid fractional reserve banking which does not seem like a very libertarian thing to do.
In any event, I contend that a growth in the money supply is not a bad things as long as it does not grow faster than the supply of goods and services and without growth in the money supply there would not be growth in the economy. Of course, growth in the money supply does hurt savers but most savers are investors and if one's saving is also growing at the rate of the increase in the money supply then one is not harmed by an increase in the money supply.
Most people will find this a pretty boring but if you are still in denial that fractional reserve banking is the way most money is created, please read this report: Can banks individually create money out of nothing? — The theories and the empirical evidence.
Neither I nor the people I argue with are economist so if there is an economist reading this who would like to weigh in, I would welcome your input.