In recent months, I’ve had several consulting clients ask me about how they might protect themselves from the ravages of inflation. The official rate of inflation is now at 9.2%, but everyone knows that the real-world rate is somewhere north of 14%. I’m offering some concrete suggestions that I will relate in this essay, but first, let me digress into some history:
According to the Wikipedia article about the WIN campaign:
“[President Gerald] Ford had taken office in August 1974 amidst one of the worst economic crises in US history, marked by high unemployment and inflation rising to 12.3% that year following the 1973 oil crisis. As a Republican, Ford favored the WIN campaign’s emphasis on addressing the problem through voluntary actions of citizens, instead of price restrictions imposed centrally by a big government bureaucracy.
The campaign began in earnest with the establishment by the 93rd Congress of the National Commission on Inflation, which Ford closed with an address to the American people, asking them to send him a list of ten inflation-reducing ideas. Ten days later, Ford declared inflation “public enemy number one” before Congress on October 8, 1974, in a speech entitled “Whip Inflation Now”, announcing a series of proposals for public and private steps intended to directly affect supply and demand to bring inflation under control. Suggested actions for citizens included carpooling, turning down thermostats, and starting their own vegetable gardens.”
Ford’s WIN campaign had lackluster success, mostly because it failed to address the real roots of inflation, which the U.S. Treasury’s monetary policy and the credit policy of the Federal Reserve banking cartel. To his credit, Ford came into office at the tail end of a five-month long Arab oil embargo, an already weak economy, and already high inflation. This was when the term “stagflation” was popularized. Ford served as President for just 895 days. In 1974, inflation peaked at just over 12%.Continue reading“WIN: Whip Inflation Nonconformably”
