NickGiambruno on Nostr: Since its founding in 1828, Webster’s Dictionary had defined inflation as “an ...

Since its founding in 1828, Webster’s Dictionary had defined inflation as “an increase in the money supply.” Then in 2003, it changed the definition to “a rise in the general price level.”

The difference might seem subtle, but it’s not. It’s a deliberate deception.

Redefining inflation this way confuses cause and effect, which is exactly why they did it.

Price increases are not inflation. Instead, they are an effect of inflation—an increase in the money supply.

When inflation is redefined as “a rise in the general price level,” many people are confused about what is happening and who is causing it. Inflation seems to come out of nowhere.

It would be like redefining robbery to mean “a mysterious property loss,” as if there was no robber.