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Old 14.04.2021, 12:35
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Re: Monetary policy: Is hyper-inflation on the way?

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Must as in, look at the word: inflate. In your definition nothing is getting inflated is there?

It didn't get changed with time. It got changed to manipulate by state entities.

You example is correct short of the fact that I don't think shell fish were used as a near universal money anywhere (?). If you would have written seashells (or silver, gold or w/e has served the purpose of money) I would have agreed that's indeed a far more helpful figure than CPI index growth.

CPI is a resultant and a highly manipulatable one at that. For one: the basket of goods keeps changing (it must) which leaves it open for telling any story you want to tell. Same goes for job market data. These types of statistics are as reliable as the entity reporting it and even then its highly sensitive to this entities biases.
Yes, you make my point very well - shellfish were never used as a medium of exchange but are the underlying source of shells which were and had value; in the same way that the money issued by central banks may not have a direct impact on value unlike actual prices which are the useful measure of inflation.
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Old 14.04.2021, 12:40
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Re: Monetary policy: Is hyper-inflation on the way?

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If you're talking CPI increase then yes it's w/e the central banks want you to think it is. That's not real inflation though (no matter how much the lie has been told in the last 70 years).
Only problem is that I live in a world where I should pay for food, heating and fuel. Nonetheless, the consumer price index is a funny thing.

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Old 14.04.2021, 13:09
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Re: Monetary policy: Is hyper-inflation on the way?

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Yes, you make my point very well - shellfish were never used as a medium of exchange but are the underlying source of shells which were and had value; in the same way that the money issued by central banks may not have a direct impact on value unlike actual prices which are the useful measure of inflation.
The equivalent of what happened is that someone took a boat, sailed to another island, filled the boat with a 100 years of "natural" shell fish "production" and sailed back to his origin island. The fact that for now he's hoarding 99.9% of his haul does not mean the supply is not inflated (even though prices were not affected to the full extend yet).

You're taking this metaphor way too far though. I made my point in simple terms that should be easy to understand. If you can't or don't want to: np

I started this with asking what sort of inflation we are talking about, not to convince you but because I find discussions on CPI highly uninteresting.
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