Books of Thought

hipsterlibertarian:

Q. Under the Austrian School of Economics, and indeed by the predictions of its proponents, the huge, expansionary policies of the Federal Reserve should be causing run-away Inflation. Indeed, the cry for years has been to warn of dire hyperinflation should any of the no in place expansionary…

Inflation is, always and everywhere, a monetary phenomenon, often resulting in an across-the-board rise in prices.

Food and fuel prices have risen by 13% here in Canada over the past year. Yet the Bank of Canada still says inflation’s only 2.3%. Of course, groups like ShadowStats say differently, but they also don’t fuck the numbers with geometric weighting, substitution, and hedonics, all of which are used to downplay inflation. Hedonics is also used to overstate GDP.