"The long-run M2 compound annual growth rate (~6% since 1981, per FRED data) is a structural tax on unheld cash that CPI-based inflation measures systematically understate."
The Debasement Floor
The long-run M2 compound annual growth rate (~6% since 1981, per FRED data) is a structural tax on unheld cash that CPI-based inflation measures systematically understate.
Where This Idea Comes From
Named in "There Is No Alternative But Inflation" from a personal FRED data pull: the U.S. money supply (M2) has compounded at roughly 6% annually since January 1981, more than double the 2-3% CPI figure most people plan their savings around.