>>...to get inflation in any major currency (especially the USD) requires the others not to inflate or hold their own. <<
For most americans, I think inflation is not about the american dollar vs foreign currency. Rather, it is about the american dollar vs the price of goods. True, it would be relevant regarding imports, to one degree or another, but if corn goes up because it takes more dollars to buy it, then we’ll pay more for corn, even though it’s domestic.
If they increase the minimum wage to $100 an hour, prices will go up, regardless of the dollar’s value vs foreign currencies.
I personally think we are headed for huge stagflation and a massive drop in the american standard of living. Too many people were earning more money simply by refinancing their home than at their jobs. Those chickens are coming home to roost.
I think we are in big time deflation right now though. For those of us that have jobs it is SWEET! I’m looking at reducing my total rent by almost $1,000 a month. That is AFTER taxes.