You don't notice inflation or deflation until they have gotten out of control.
Strictly speaking, inflation means that 'money' is being created while deflation means that 'money' is being destroyed; not gold-money mind you but interest bearing units of exchange that have been borrowed from the Federal Reserve and lent to banks, corporations and institutions who in turn lend them out again and sometimes back to the Fed from where they came as part of a daisy chain of debt emblematic of U.S. dollars having no intrinsic, tangible value, only an unstable, intangible, exchange value.
Mild inflation and mild deflation, and the business of creating and destroying exchange units, is not good or evil in itself, some argue. It's the necessary coiling and uncoiling of the money supply that has, for close to 100 years, since the introduction of the Federal Reserve Bank and America's exchange units in 1913, resulted in the 2-step inflationary 'boom' and a 1-step deflationary 'bust' that we've grown accustomed to.
But mild can turn wild when the system gets out of control.
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