By Connor O’Keeffe
Although it’s true that many government-driven price hikes in recent years aren’t “inflation” in the strict sense, the pain they cause is just as real. Warsh’s push to narrow what the Fed counts as inflation—so it can justify even more inflation—is alarming.
Notable the words "growth" or "jobs" aren't mentioned once, and the word "supply" is only mentioned in the context of currency, not the goods currency buys
Tacit admission there are various types of "inflation"
Warsh seems to understand, unlike the larps at Mises, that curbing the growth in the supply of good/services exacerbates "inflation" that pre-exists as a result of a ponzi currency.
Basically Warsh's whole schtick is we shouldn't pour water on the productive economy when it responds to the ponzi economy by creating stuff for those new ponzi dollars to buy, and that doing so, makes the ponzi even worse because the bull whip on the other side when you inevitably start trying to restart the engine you stalled out.
Even if you separate price shocks from monetary inflation, people still experience it all as a single cost-of-living squeeze in practice.
Feels like every time they redefine the term, it just gets easier to hide what’s actually happening.