I thought I would post physical evidence of my claims, so I don't look like a conspiratorial wack job.
I have a 1964 version of the Webster dictionary that defines inflation. This book was printed & in circulation before Nixon closed the gold window in 1971.
Inflation.
An increase in the amount of currency in circulation, resulting in a relatively sharp & sudden fall in its value & rise in prices.
It may be caused by an increase in the volume of paper money issued or of gold mined.
It's so old I can't even read the cover, it's not the quality of the photo.
Below is the today's online version of inflation.
Inflation.
Inflation is a general increase of the prices.
Inflation - Wikipedia
Notice there isn't much talk of the expanding money supply in the Wikipedia version?
Look at the second paragraph, they even debate the reasons for inflation. There are disagreements among economists as to the causes of inflation? Hahaha, What the......?
The 1964 version clearly states inflation is an expanding money supply, but Wikipedia uses smoke & mirrors to disguise what inflation is.
Who expands the money supply? Governments & Central Banks! So the next time you see the Australian Treasurer or the RBA governor on the 6pm news talking about how they're fighting inflation,
understand that the government & the RBA created the inflation in the first place!
I think all of this above is an important life lesson for everyone.
Keep your old dictionaries. All of them! Even the ones printed today, because in 60 years' time, they could change the definition of any word again & you'll be none the wiser!
Anyway, speaking of the money supply.
Why is it going up? I thought the US FED was hiking rates & doing quantitative tightening?
M2 (M2SL) | FRED | St. Louis Fed (stlouisfed.org)
So they're printing money & raising rates at the same time?
