No, but you can create wealth with that newly printed money. Of course, as soon as you print it you are diluting the value of all other money which one might argue is unfair, but on the other hand is the rather arbitrary model of redistribution we happen to have landed upon right now completely fair?
And setting aside fairness, is the current economic model we've come to right now even roughly optimal?
> You can’t create additional purchasing power with an increase in the money supply because prices will adjust to the new level.
This isn't "wrong", but I wonder if it's too simplistic to accurately describe the current globalized & automated economy.