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Where Should You Look for Inflation?

I want to direct your attention to a comment today by derryl (https://seekingalpha.com/article/156250-inflation-vs-deflation-a-matter-of-money-supply-and-demand#comment-631898).  You should read the entire comment, but I will copy one important paragraph here:

"Another point that needs to be stressed re inflation/deflation is that there are really two separate categories of prices to look at. We've recently been reading how during Greenspan's overseeing of the asset bubbles, BIS chief economist William White was warning central bankers in very forceful language of the inflating bubbles in real estate, stocks and other investable assets. Greenspan had his eyes firmly fixed on CPI, which was modest, so he didn't see the asset price inflation that his easy credit policy was causing. It is becoming clear that easy money flows primarily into asset bubbles, not prices of consumer goods, so CPI is the wrong set of prices to look at when determining the effects of money supply policy on your economy."

The reason we had low inflation from 1995-2000 and 2003-2006 was that everyone measuring "inflation" was neglecting where inflation was occurring:  assets.

If inflation were properly measured, there would be no debate about deflation presently.  It would have occurred on a massive scale, several percent per year 2007-2009.  The only debate would be how soon it might end.