Austrians are used to being called cranks. Point out that inflation is a hidden tax, that monetary expansion distorts the structure of production, or that fiat currency erodes living standards in ways far subtler than headline Consumer Price Index (CPI) numbers ever reveal, and you’ll be met with the familiar eye-roll. Critics insist that inflation is modest, that wages keep up over the long run, that monetary debasement is nothing to worry about so long as “aggregate demand” is maintained. But numbers—and history—tell a far darker story. Since the United States formally severed the last tie...
















