Peter Schiff

Good point.

Anyone increasing money supply.

Right.

But if you change the definition to rising prices, now the public blames whoever it is that's raising the prices.

That's where it's coming from.

And so the government is able to blame the private sector, whether it's corporations or workers or

for prices going up when they're simply raising prices in response to inflation.

And of course, sometimes inflation doesn't just cause prices to go up.

It prevents them from going down.

See, in a free market economy, in a capitalist economy, the natural tendency for prices is to go down.

If you look at the CPI in 1900... Because of efficiencies.

Yes.

If you look at the CPI in 1900 and you look at it in 1800...

It was down by 50%.

So for 100 years in America, prices went down.

And during that time, we had the Industrial Revolution.

We had the most rapid period of economic growth in the history of America, which was after the Civil War and into the early 1900s.

All the time, prices were coming down.

Today, the Federal Reserve says that we need to have 2% inflation.

Prices have to go up 2% a year.