Totally agree S. Also, you have to look at the incredible reality of salaries not having increased in real terms over the last 50 years or so (not sure on the exact dates)......the truth is that in Europe and NA we have been gradually becoming poorer and poorer....add to this increased demand for all sorts of basic commodities as the rest of the world increases its earning power and you see a recipe for inflation - severe inflation. I also think that it is in the interest of the US to promote inflation to bring down the $US and to allow them to reduce their long term debt by inflating it away.....the only way to protect our savings, imho, is to invest it in assets that will not be inflated away like gold, copper, real estate......