Quote Originally Posted by jk View Post
i know i've said this before, many times, but i'll repeat it:
when discussing inflation we MUST distinguish between value vs other fiat currencies and value vs "stuff" - goods and services.
When discussing inflation and deflation, this point can't be stressed enough. In order to have a discussion about an issue, everyone first must agree on what the words mean. If to some people the word "inflation" means rising cost of goods, and to others it means devaluation of the currency against something else (gold perhaps), chaos will ensue ;-) Better IMO to be more specific, e.g. when talking about rising costs of goods, call it rising costs of goods. When talking about depreciation of the currency, call it that. If everyone gets their terms straight there's actually more agreement than disagreement here. Or at least when there's disagreement it's not from misunderstandings.