Quoth the Raven
· QTR’s Fringe Finance
· August 27, 2026 at 07:46
· ⏱ 2 min read
| Read on Substack ↗
Summary
Inflation is not a single economic evil; price increases are sorted into socially acceptable and unacceptable categories, which distorts how we interpret them. The piece uses examples—homes, wages, airfares, beef, gasoline—to argue that 'bad inflation' is culturally determined rather than economically consistent. For markets, the implication is that inflation narratives and policy responses may target visible consumer prices while ignoring asset inflation, but the excerpt itself stops short of actionable investment conclusions.
•Kupperman asks whether stock and home appreciation count as inflation, noting they are financial assets and are widely treated as good even when they price people out of homes.
•Airline ticket price increases are described as often viewed as 'a sign of economic strength' where demand pushes prices higher, not as inflation.
•Beef prices are elevated but many ranchers and most abattoirs are currently losing money even at all-time high beef prices.
•Gasoline is singled out as the place where people universally draw the line, even though the article says higher gas prices resemble airline pricing power and oilmen have not fared much better than ranchers over the past decade.