Ugh...late to the party and I can't stomach much more of Sam's willful ignorance on this subject.
I guess it makes little difference that we're had fiat money for less time in this country than we did hard currency.
The question of who controls inflation is so childish I can't believe it. Not that any of us believe Sam has any faith in a truly free market, which is exactly who controls inflation.
I bet he thinks "deflation" is a dirty word too. Never mind that prior to the Fed, we had a long period of deflation and everyone seemed pretty happy about it.
The Ford Model T originally cost about $900 and over time, fell to about $400. What a horrible world they must have lived in when the prices of things they wanted actually went down in stead of UP a nice manageable, completely illusory 2% year over year.
Sam, you're way out of your depth with this conversation. Just my opinion, but it's best you stop now. We'll call you when we need advice on running a plow or feeding cows.