> What inflation claim? His assertion that the CPI is nonsense
> because gold is at a record high?
Am I missing something here? That strengthens the case for deflation.
If the price of gold relative to the price of other goods is high *and* gold is the true medium of exchange, then there's deflation! Unless he was claiming that people eat, wear, and use gold (and only gold, no food, no clothes, no anything else) for consumption and production while the true money that circulates and stuff is all the other goods collectively. So, yeah, inflation man! We can't afford gold (the only real good) anymore with all the "money" we own (in the form of goods and unemployed labor power), because gold has become oh so expensive. WTF!