I’m turning into a crypto gold bug. Don’t get me wrong, the gold standard is stupid as fuck but here they are arguing that everything is fine because food inflation is actually lower than wage inflation. Just don’t look at housing prices or gold prices over the last few years. Inflation is clearly always higher than they claim.

What produced these gains is not mysterious. Better seeds, fertilizers, machinery, transport, refrigeration, packaging, inventory management and data systems all raise agricultural productivity. Competition in retailing and global trade further push producers to deliver more nutrition for each hour of work on the demand side. The result shows up not only in fuller supermarket shelves but in long-run trends in wages, prices and time prices.

So food should be getting cheaper then? Well, yes they argue that, in a sense, food is getting cheaper. Just not literally cheaper. No wonder nobody has any savings. No wonder everyone’s in debt. I don’t think capitalism could survive true price stability with the rate of profit of being as low as it is. Marx apparently never realized how fake the economy could get.