Post
Topic
Board Economics
Re: Why bitcoins are dropping, and will continue to do so
by
evoorhees
on 18/07/2011, 17:41:40 UTC
I am careful to distinguish between 'monetary xflation' and 'price xflation'. I have not confused terms; You have. I'm sure you've read a lot of Austrian, but perhaps you should familiarize yourself with the mainstream (aka the century in which you live), if only to know thy enemy, if you will:


Yes, the mainstream economists misuse the term. Given that they were unable to predict the largest economic disaster since the Great Depression, I tend not to lend credence to their opinions and misguided definitions. Not to mention the manipulation of this terminology is insidious, it has confused the entire world as to the reasons for the increasing price of milk. It has gotten to a point where people believe "inflation" is just a natural phenomenon in a market economy, instead of an intentional and deliberate policy by the central bank.

The discrepancy in definitions is not an innocent evolution of language, it is an intentional perversion of meaning which obscures an extremely important phenomenon. I refuse to mislead other people and follow suit by adopting and perpetuating molested vernacular.