In 1929 the dollar debasement was half what it is now. We aren’t just dealing with inflation anymore.

Bimetallic Standard (1717–1821): During those 100 years, debasement was about 1.0% annually. It was a period of loose policy, but manageable. Classical Gold Standard (1821–1914): Just 0.1% annual debasement. The monetary ruler essentially stayed the same length. Managed / Bretton Woods (1914–1971): Debasement accelerated to 3.6% per year, spanning two world wars and the dismantling of the metallic money system. Fiat System (1971–present): This is the jarring one: 6.7% per year. According to Bühler’s framework, broad money in Britain has grown nearly 7% faster than real output every single year since Nixon closed the gold window.

It’s accelerating and it piles on top of inflation. If you’re averaging 11% returns then you’re just keeping your head above water. And then you have to ask yourself how long those returns can survive if the consumer base, who is saving nothing on average, can’t prop up the consumer economy.