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Friday, February 20, 2009
Understanding Inflation
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Hi-- I like your blog, and will be coming back. I first got here from Dollar Collapse.
ReplyDeleteI'm not sure your inflation calculation is right... I believe it takes around 24 years to halve the real value of your savings at a 3% inflation rate. I'm getting this from the "Rule of 72," where you divide the inflation rate into 72 to obtain the years it takes to cut your savings in half in real value. So, 72 / 3 = 24. I'm not nitpicking, just sharing this handy rule of thumb. At current inflation as measured by John Williams (8%), our money is losing half its real value every 9 years... which is terrible!
You might like the Survival Podcast, if you aren't already familiar. Just Google it, it'll be the first entry. You might also like Sharon Astyk's website for its small-scale homesteading info. Ms. Astyk is a published author and she has a lot of hands-on experience. And I suppose you know about "Ask Jackie?" There is nothing that woman hasn't canned.
Thanks for your blog!
I got that statistic from p. 139 of Financial Reckoning Day: Surviving the Soft Depression of the 21st Century by Willim Bonner. (Review coming soon.)
ReplyDeleteI believe it assumes 3% inflation for 14 straight years - but inflation fluctuates. A $1 in 1995 according to the above calculator 14 years later today is $1.39. But $1 from 1970 is equal to $2.12 in 1980 only 10 years later.
If someone knows if Mr. Bonner's calculation is incorrect please let me know - regardless though it's not appearing that good for what little $$$ I have. :)
Thanks for the resources by the way - I'll check them out.
I saw this whole mess coming right at us in summer of '05. In '06, I started warning people about it on the blog at Burning Man. www.burningman.com
ReplyDeleteSince then, I've read and prepared incessantly. I also do a lot of writing to give clear ideas to other people. Dick Eastman publishes much of my stuff. I can send info if you're interested. I've spent 4 years following this stuff, so I've got a fair understanding of it. I read everything; from crop reports to emerging high-tech.
Dan