Inflation is not a tax.
Furthermore, a rise in the dollar-denominated price of gold is not inflation; inflation is a rise in the nominal price of things we actually buy.
Furthermore, a rise in the dollar-denominated price of gold is not inflation; inflation is a rise in the nominal price of things we actually buy.
Further, inflation is an increase in the money supply (ie printing new money). It is NOT an increase in price of goods, although it usually causes price increases as producers and consumers react.
Virtually every document that I have seen talking about “inflation”, in the economic sense, defines it as “prices going up”. You can define it as “an increase in the money supply” if that makes you happy. And I could define it as “mint-chocolate-chip ice cream”. Hey, I wish I had some more inflation....