Are salaries up 10% a year like they were in the 70's?
Commodity prices are up due to government meddling in the economy, not inflation. There isn't any genuine inflation yet. There is deflation, which the government has been willing to spend trillions of tax dollars the American citizen hasn't even earned yet to try to stave off. Because deflation wipes out the indebted, including the powerful and politically connected.
In a truly free market these commodity-based price spikes in food wouldn't be happening, but nothing except trillions in spending to fake growth can stop the natural post-bubble deflation of housing prices, salaries, and securities back to the historical trend line.
I think you are right which is why I’ve paid off my debts and am holding currency.
This beginner here asks:
Does the author make a mistake in assuming that expanding the “monetary base” necessarily results in expanding the money supply in circulation?