I'm guessing the underlying point both of you are making, re: 2-3% vs 9% you is that it's inflation... set against popular access to investments that meet or exceed that rate.

I don't mind 3% inflation, when I have low-risk investments that earn >3%.

I do mind 9% inflation, when my low-risk options earn <6%.

(To pull some random demonstrative numbers out of a hat)

And I think it's specifically the broadness of access to the sub- or supra- inflation investment opportunity that matters. If only some, limited-access opportunities exist, then it still hurts.

Which I guess is another way of saying economic-growth-vs-inflation is the important metric, with a dash of central bank policy.

In defense of fiat money... it is a powerful tool in the hands of a responsible macroeconomic manager. Emphasis on powerful & responsible.