Or the stock of money has risen, while aggregate supply remains idle.
Since the beginning of 1984, as money supply has risen, so has the price of gold.
Historically, inflation has risen when money supply growth is excessive.
OK, maybe money wages haven't risen much since 1973 for the typical worker.
Further, the increase in global audiences for watching things like the PGA Tour has meant that prize money on said tour has risen very much faster than inflation over the decades.
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Looking only at M2, the U.S. broad money aggregate, it has only risen 20% in that time period.
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In the past two decades, the money that states spend on prisons has risen at six times the rate of spending on higher education.
And the pressure on private-equity firms to disclose more about their business has risen as they have taken more money from public pension funds.
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People on lower incomes spend more of their money on gas, electricity and food, which have risen sharply.
Xbox sales have risen in recent months, but the company is still losing money over the console.
The narrowest measure of the money supply - in effect, cash on bank balance sheets - has risen by 58% since September, as you'd expect when the Bank is handing their customers all that freshly created money in exchange for the purchased gilts.
Wall Street, which has risen to dizzying heights on a steady rush of equity-fund money, is already at their mercy.
Somalia's largest money-transfer company, Dahabshiil, reports that financial flows into the capital have risen by 20% since the start of the year.
Investors have put money into a wide range of metals, and precious metals' prices, including gold's, have risen with the base.
Fairfax's book value per share has risen at a 40% annual rate since Watsa, who started out in the late 1970s as a money manager at a Toronto life insurer, took over in 1985.
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