One topic that libertarians/Austrian economists discuss is the definition of inflation. Inflation is generally defined by Austrians as an increase in the money supply. This was the original definition of inflation. Now, when people use the term inflation, they are usually referring to a general rise in prices of goods and services. The statists have changed the definition over time to suit their agenda.
When inflation is defined as a rise in prices, then it is easier to blame big business, speculators, greed, etc., rather than blaming the actual culprit, the Federal Reserve. When inflation is defined as an increase in the money supply, then it is obvious that the Fed is to blame, since the Fed is solely responsible for creating money out of thin air.
It is important to differentiate between monetary inflation and price inflation when necessary. With that said, monetary inflation will usually lead to price inflation. The only thing that can offset an increase in the money supply is having the banks increase reserves (which is happening now) or to have an increase in the demand for money (which is also happening now). If people decide not to spend as much money, then prices could still go down or remain the same, despite an increase in the money supply. People might do this because they are fearful of the future or perhaps they expect the money supply to tighten up in the future.
It is also important to note that when there is price inflation, it is not necessarily uniform. From the late 1990's to about 2006, prices were going up, but housing prices were going up much more. After that, housing prices went down (when the bubble burst) even though most other prices were not going down (think food).
If you are ever talking about inflation, make sure to differentiate between monetary inflation and price inflation if it is relevant to your discussion. Although they are often related, they are not the same thing.