The term inflation deserves some comment. Strictly speaking, Austrians define inflation as a rise in the monetary supply. Rising prices are only a consequence of inflation. The government wants to term to refer only rises in the Consumer Price Index, because 1) they hate calling attention to money-printing, and 2) they can manipulate the index to lie about prosperity. The CPI, for example, excludes cost of food and fuel.
However, even Austrians have slipped when it comes to the related term “hyperinflation.” Everybody uses it to refer to a rapid rise in prices (or, inversely, a rapid fall in the value of money).
Around 9:20 Marc Faber says:
“Bernanke is a madman. . . . he is a wealth-destroyer and an economic criminal.”
“Timothy Geithner is dishonest.”
pt 1
In part 2 Marc Faber makes the case that there is no deflation, only inflation.
pt 2
pt3