Inflacion
If we agree with Milton Friedman's famous dictum that "inflation is always and everywhere a monetary phenomenon," then we should adopt a definition that explicitly acknowledges this point. Prominent Austrian economists such as Ludwig von Mises, Henry Hazlitt, and Murray Rothbard have presented definitions that vary slightly from one another, but one aspect common to all of them is an increase in the money supply.[1] Accordingly, I will adopt that simple definition. Deflation will be defined conversely as a decrease in the money supply. In order for these definitions to be meaningful, however, one must also have a precise definition of money.
Dinerito
Money, as Frank Shostak succinctly explains, is "that for which all other goods and services are traded." In practice, money is typically a homogenous and durable good that is universally recognized as something of value and which people are willing to accept in exchange for goods and services. It might be gold or pieces of paper physically exchanged in transactions, or it might be such items stored in institutions like banks and drawn upon by checks, debit cards, or other means.
is a banking practice in which banks are required to keep only a fraction of their deposits in reserve with the choice of lending out the remainder while maintaining the obligation to redeem all deposits upon demand. This practice is prevalent worldwide and is considered to be the customary form of banking system.
The True Money Supply (TMS) was formulated by Murray Rothbard and represents the amount of money in the economy that is available for immediate use in exchange. It has been referred to in the past as the Austrian Money Supply, the Rothbard Money Supply and the True Money Supply. The benefits of TMS over conventional measures calculated by the Federal Reserve are that it counts only immediately available money for exchange and does not double count. MMMF shares are excluded from TMS precisely because they represent equity shares in a portfolio of highly liquid, short-term investments which must be sold in exchange for money before such shares can be redeemed. For a detailed description and explanation of the TMS aggregate, see Salerno (1987) and Shostak (2000). The TMS consists of the following: Currency Component of M1, Total Checkable Deposits, Savings Deposits, U.S. Government Demand Deposits and Note Balances, Demand Deposits Due to Foreign Commercial Banks, and Demand Deposits Due to Foreign Official Institutions.
Bad inflation
the type of inflation that occurs in fractional-reserve banking, where money that is intended to be used for current consumption is loaned out to businesses, sending false signals about people's preferences for current vs. future consumption, which makes it impossible for businesses to properly allocate resources
not-bad inflation
An example of this type of inflation would be found in a society where gold is used as money
Monetary basethe monetary base is roughly $850 billion, compared to the TMS, which is about $5.4 trillion. The Fed therefore directly controls only about 15% of the money supply.
Resumen
The Fed has already taken several drastic actions in an attempt to prevent deflation, but it remains to be seen whether it is even possible for it to achieve such a goal without destroying the dollar and the entire financial system
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