Why it is good that Biden is devaluating the dollar.

 For the last 70 years the most unattractive people I have met have been those who think they are better because they inherited wealth. 

That position is so ridiculous that the constructs they use to maintain their equilibrium are highly damaging to their fellow man.   Of course there are exceptions - some beneficiaries are creative, brilliant bringing real good into the world.   But many, many are destructive, hurtful demons who damage self esteem with their abusive superiority. 

Both Biden and Xi of China are combatting this in two completely different ways.

The deteriorating Biden is creating vast sums of cash that he gives away for short term fixes.   This madness is destroying the foundations of our society.  But one good thing is that this dollar devaluation reduces the purchasing power of money inherited.   It is a tax on all of us but especially damaging to people with inheritances who don't creatively put their money to work. 

What is Xi doing instead in China?

He simply is using financial regulations to confiscate using his absolute power.   He understands that the easiest huge asset that he can take to redistribute wealth is the control of the data that relates to the 1.4 billion people in his country and possibly the 8 billion people in the world.   This is an asset worth 100 trillion. 

He rewards his inner circle creating vast wealth because he allows them to short the stocks of the companies before they hobble them with confiscatory rules.   It is the greatest transfer of wealth in all of history except perhaps for the French (1789,) Russian (1917)  and Chinese Revolutions (1911)

Yes, all of these events cause great hardship but it ruins the lives of people who never worked one day for their wealth.  I think that is good.