Recent media coverage celebrating "falling inflation" is taking a victory lap a little too early.

Yes, inflation is lower … somewhat. It certainly has come down from the stratospheric levels of nearly 10 percent a year, but at 5 percent a year, it's still unacceptably high. There's no grounds for our policymakers to declare victory … the job just is not done.

Rising demand for inflation hedges like gold, bitcoin, and inflation-protected bonds and foreign currencies show that investors know that the inflation crisis is not over yet, even if the ruling class which caused it and benefits from it is in denial. You don't need a Ph.D. in economics to know what's going on, you just need to go to the store and buy a dozen eggs. When pay doesn't keep up with the cost of living, that means you're losing ground, and government is the culprit.