January 27, 2013
Disturbing news from the GPI Deflator:
I have been dismissive of inflation projections from some of my blog brothers. Yet I must report today's potential "wake up call."
I have been playing finger style guitar for the last ten years or so. Before that time, I had a large supply of picks. I figure it has been 14 years since I bought them. Some new material I am working on requires them, and I took a nice convertible ride on a lovely day to stock up and try some new styles.
Where I recall their being about a quarter before, they are a dollar now. Using the rule of 70, I compute the GPI (Guitar Pick Index) deflator to be 70/(14/2). That's a seven percent annual increase in the price of picks! That Bernanke fellow has quite a bit to answer for.