"If the rise in the prices of stocks and real estate is considered as a gain, the illusion [of inflation] is no less manifest. What makes people believe that inflation results in general prosperity is precisely such illusory gains. They feel lucky and become openhanded in spending and enjoying life. They embellish their homes, they build new mansions and patronize the entertainment business. In spending apparent gains, the fanciful result of false reckoning, they are consuming capital." - Ludwig von Mises
See The Discounted Value of Monetary Stimuli is Dropping - FAST for more on this chart.