Idiotically, Jim wrote, "The pace at which prices are rising — known as the inflation rate."
Never in the history of Commercial Banking has inflation meant rising prices. Inflation has always meant rising banking credit.
Jim quotes Laurence Ball, another clueless man, an academic supposedly who is an expert on inflation and who is heads up the economics department of Johns Hopkins University. In a grand display of public stupidity, Ball claim this, “Different people consume different baskets of goods, so my personal inflation rate and your personal inflation rate could be different.”
At least Jim had the good sense to quote Peter Schiff. Schiff gave his irreverent take on the matter,
“If the government is in charge of measuring inflation and the government benefits when the inflation number is low … it stands to reason they’re going to come up with a way to show that inflation is low. Would you believe the Mafia if they came out with a crime study that showed there wasn't a lot of crime?”
Contrary to the silliness of Puzzanghera and Ball, inflation is one of the easiest things to measure, but only if one understands a fiduciary monetary system (aka, a money-less system) as Congress instituted with the Federal Reserve system and Nixon made complete with Executive Order 11615, the Nixon Shock.
To get a better understanding of inflation, check out these:
- THE CONSUMER PRICE INDEX NEVER HAS MEASURED INFLATION, EVER. CLAIMING SO HAS BEEN AN EPIC CON JOB.
- ON CREDIT, MONEY, CURRENCY, INFLATION, PRICES, AND THE FEDERAL RESERVE
- PRICES HAVE BEEN FALLING FOR YEARS! INFLATION? MAJOR DEFLATION HAS BEEN UNDERWAY SINCE 2007. SO WHY DOES LIFE SEEM HARDER?