1) Real inflationary problems are always about money supply, not regular changes in supply/demand. When Chavez goes nutty, people don't want his currency, it s

1) Real inflationary problems are always about money supply, not regular changes in supply/demand. When Chavez goes nutty, people don't want his currency, it starts to crash, he prints to pay his bills, it really crashes. This is where all the inflation crisis comes. 2) The 'milk substitute' thing I think illustrates the opposite point you're trying to make. Having to give up Milk to drink water is a severely negative consequence! Projected across all of one's lifestyle and habits, it would be comparable to giving up a car to ride only the bus. Giving up Netflix for 'library books'. This implies a serious degradation in the quality of life. If anything though, we've been concerned about deflation for a very long time, not inflation.