As a boy, I can remember my grandfather, Ernest E. Rawles, saying to me: “If you consistently save ten percent of what you earn, then you’ll never go to The Poor House.” That was great advice, coming from someone who had lived through the truly traumatic deflationary Great Depression of the 1930s. But today, we can see the looming threat of another economic depression, and this one will most likely be a traumatic inflationary depression. And this one may last even longer than a decade. In an inflationary depression, even millions of dollars in “savings” in cash (that is: greenbacks …
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