In this report I cover the early market action from London on Monday, August 27th, 2018. I look briefly at the precious metals, the stock market, the dollar, emerging currencies and the oil price.
Today I talk about the real meaning of inflation and how the public is being duped into thinking that the rise in prices as measured by the CPI and other government statistics is actually inflation. I look back over 200 years to show the viewer that inflation is purely and simply an increase in the money supply and that its consequence is a rise in prices.
I reference Antony C. Sutton's book The War on Gold in which he writes about the British experiment in suspending the convertibility into specie or bullion of the Bank of England notes during the Napoleonic Wars. It was found by a parliamentary committee (through the Bullion Report of 1810) then that the by suspending convertibility and increasing the Bank of England's issue of notes in excess of the bullion supply led to an increase in price of bullion and other goods.
My conclusion is that we need to be aware that inflation is purely a monetary phenomenon and that it is the government and the monopoly issuer of the fiat money, central banks, that are solely responsible for inflation and should be the ones to blame for the consequences thereof which are rising prices.
"The War on Gold" by Antony C. Sutton: https://www.amazon.co.uk/gp/product/1939438128/ref=as_li_tl?ie=UTF8&tag=maneco64-21&camp=1634&creative=6738&linkCode=as2&creativeASIN=1939438128&linkId=b4fd667aa90d40f096e57d8a2061b5a4
maneco64 store: https://teespring.com/en-GB/stores/maneco64
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