Harless gets this right

 inflation has nothing to do with how much groceries and gasoline you can afford. Inflation is a pattern of increase in the general price level. What matters for affording stuff is a relative price, not the general price level.His Blog

But by the same reasoning. complaints about inflation are harmless, hence I rarely complain about the Fear of Inflation.

I talk about the Money Illusion. What it is really, is the Channel Bandwidth of the economy. The economy generally operates with a six month inventory cycle on the shortest end, our bandwidth is 2 Hz. Money to me is the banker's yield curve, the economy's best estimate of required reserves to avoid inventory shortfalls. The economy is always right, that is the best Macro strategy. The banker's yield curve is very lightweight, but still 2 Hz.

When the economy is always right, I mean, the economy computes on a positive definite finite graph. That is a simplification, but a good one. The economy does not plan losses, and it seeks minimum redundancy distribution.. Some economists are searching for gravity, hence the Great Exogeneous. They get stuck. I like the economists who are just curious.