[ghastmaster]

When using the word "inflation" without context is is referring to increased money supply. When using the word "inflation" with regard to prices it is in a different context. The assumed context is what has changed due to the fact that money supply no longer is directly correlated with price increases. When gold and silver were directly debased, prices of goods were directly inflated. If we still used gold/silver currency "inflation" by itself would be synonymous with price increases. We use fiat currencies and the money supply is increased in certain industries or assets and therefore "inflation" has to be defined more clearly. Debasing fiat is not as direct as debasing commodity backed dollars or gold/silver currency.

The article author does a decent job of defining these, but fails to be clear as the writing progresses.