Paul Krugman once pointed out that since the US went off the gold standard, the Consumer Price Index has risen more quickly than the price of gold. In other words, the gold-denominated prices for things that Americans actually buy and sell have been subject to deflation.

"I know we paid you 25 grams an hour for your last six-month consulting contract, but if you want us to renew it, we just can't afford to pay more than 23..."