The Fed has confused inflation with the change in price of consumer goods, but this has led them to all sorts of flawed thinking. In my view, inflation IS the

The Fed has confused inflation with the change in price of consumer goods, but this has led them to all sorts of flawed thinking. In my view, inflation IS the debasement of the currency. One would typically expect consumer prices to change when the currency is debased but when you literally define it as such you give yourself all sorts of additional levers to pull that distort the true situation. For instance technology fundamentally drives down the price of goods. Have I reduced inflation by improving technology? Offshoring manufacturing to get cheaper labor reduces the price of consumer goods. Have I increased the soundness of the money by doing so?