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I was having an arguement with this person saying that people have a misconception about inflation because they think that inflation will rob him of his purchasing power of his hard earned money. So that when the prices rises, your dollar will buy fewer goods so it might seem that it lowers living standards...
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Nathyn, You obviously haven't read a lot concerning the ABCT. There is a lot of information in this site on it. I recommend all the lectures by Garrison especially, and the on line book "Prices and Production" by Hayek. [quote user="Nathyn"]When fractional reserve banking is established...