"After decades of inflation, many of us, more or less comfortably, have adapted our business and personal lives to the prospect of more inflation."We count on capital gains from inflating house and land values as a substitute for real savings. We assume our competitors will match our aggressive pricing policies, and will also accede to high wage demands. We take comfort in our purchases of precious metals, art, and more exotic 'collectibles' – or envy those who did buy – and are tempted to project essentially speculative price movements into the great beyond."But none of this sense of accommodation to inflation can be a valid excuse for not acting to deal with the disease."
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Bill Bonner is founder and owner of Agora Inc., one of America's largest consumer newsletter publishers. Best-selling author and globe-trotting correspondent since 1999 for the Daily Reckoning email, he is chairman of family-wealth advisory Bonner & Partners, and co-author with his son Will of Family Fortunes: How to Build Family Wealth and Hold Onto It for 100 Years (Wiley, 2012).
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