And so our goal on health care is if we can get instead of health care costs going up 6 percent a year it's going up at the level of inflation maybe just slightly above inflation we've made huge progress. And by the way that is the single most important thing we could do in terms of reducing our deficit. That's why we did it.

By a continuing process of inflation government can confiscate secretly and unobserved an important part of the wealth of their citizens.

In the absence of the gold standard there is no way to protect savings from confiscation through inflation. There is no safe store of value.

Inflation is taxation without legislation.

The Great Inflation of the 1970s destroyed faith in paper assets because if you held a bond suddenly the bond was worth much less money than it was before.

It has now been over 7 years since Congress last raised the minimum wage to its current level of $5.15 per hour. Since that last increase Congress's failure to adjust the wage for inflation has reduced the purchasing power of the minimum wage to record low levels.

There are signs that the age of petroleum has passed its zenith. Adjusted for inflation a barrel of crude oil now sells for three times its long-run average. The large western oil companies which cartellised the industry for much of the 20th century are now selling more oil than they find and are thus in the throes of liquidation.

Inflation is when you pay fifteen dollars for the ten-dollar haircut you used to get for five dollars when you had hair.