Money doesn't have intrinsic value. It has the value of the size of the market at this time. When you print more than the size of the market, the numerical value of things go up. That's called inflation and it's rampant. The US prints with low consequences (there IS inflation, it's just covered) because it's the currency used for global commerce.
In countries where the currency is just local, and the governments print more than the country produces, inflation is rampant, like it's happening right now in Argentina.
Re: taxes. Yes, possibly a way to keep the population under the thumb.