I’m starting to rethink my deflationist stance.
My basic Austrian training says that as applicants for jobs increase and wages decrease, that’s deflation.
As housing prices continue to plummet, irrespective of a dead cat bounce, that’s deflation. And with my new computer being half the price from a few years ago with three-times the power, that’s deflation.
However, I must admit that shrinkage is running rampant, and most assuredly, that is inflation?
Let me explain.
Recently, during one of my cross country sojourns, I was between flights in the City of Brotherly Love, Philadelphia, PA....