If a nation prints more money, like cutting a 16 inch pizza into 12 slices instead of 8, is each slice worth less?

…Over the last three months, [foreign central] banks put 63 percent of their new cash into euros and yen -- not greenbacks -- a nearly complete reversal of the dollar's onetime dominance for reserves…

 

The dollar's share of new cash in the central banks was down to 37 percent -- compared with two-thirds a decade ago.

 

…central banks are snubbing dollars because the greenback is kept too weak by zero interest rates and a flood of greenbacks in the global economy.

 

They grumble that they've loaned the US record amounts to cover its mounting debt, but are getting paid back by a currency that's worth 10 percent less in the past three months alone. In a decade, it's down nearly one-third.

 

Paul Tharp

New York Post, October 13, 2009

 

 

What if the pizza shrinks as the number of slices rise?