There is no "real value". There is only how much people voluntarily value something. That can never be determined by some algorithm or central group like the Fed. And there is no reason for real money supply to grow with population if you don't force inflation as the Fed does. Price deflation is the natural outcome of acccelerating technological change and is a huge boon, not some tragedy. It is only tragic if from widespread drop due to people not valuing or having mean to acquire much of anything as in massive unemployment situation.