> True inflation has likely been ~4% since 2008. The S&P average is ~7.25% per year. So half of the "capital gains" the ordinary index fund investor would pay a

> True inflation has likely been ~4% since 2008. The S&P average is ~7.25% per year. So half of the "capital gains" the ordinary index fund investor would pay are just inflation. How does one measure "true inflation?" I am sympathetic to the idea that inflation is nearly unmeasurable, but not the idea that "true inflation" was happening when it clearly, obviously was not. > And what's worst - the Fed is causing so much of that inflation. The Fed causes all inflation (at least in the US – Europeans have the EU central bank and Britishers have the Bank of England). Inflation is always and everywhere a monetary phenomenon.