In 1913, gold cost $20 per ounce.
In 2023 it costs $2000 per ounce.
An increase of 9900%.
In 1913, a barrel of crude oil cost $0.95.
In 2023 it costs $80.6.
An increase of 8384%.
But according to the government, inflation during this period has "only" been 2939%.
Trusting the government to accurately report inflation is like trusting the mafia to accurately report crimes.
It is in the government's interest to report low inflation for three reasons:
1. GDP rises as inflation falls.
2. Government debt, to a large extent, is indexed to inflation.
Inflation is the government's favorite way to collect taxes.
