Perhaps the inflation surge that is coming will look more like the third inflation speed bump where adding gold and real estate significantly lowered returns and increased downside risk.
The gravest risk is that the surge in inflation might force the Bank of England to tighten monetary policy sooner than expected.
The further the pound falls, the more this will raise the cost of Britain's imports and add to the surge in inflation, which remains the central bank's main concern.
Also, in the one 5% plus inflation surge that was in this data set, the CRB index produced a nominal compound return of 1.58% and a real return of minus 3.32%.
And what better first signs can you have than for the Fed Chairman to announce he wants to see more inflation combined with the market surge in gold and commodity prices?
Despite the surge in inflation there are signs that the worst may be over soon.
To contain expectations, the Bank of England is sending a message of tough love before the expected surge in inflation.
The risks of a 1970-style surge in inflation (and the accompanying slump in profits) are thus much lower.
Inflation fell in the five months to May, but the IMF gives a warning that much more needs to be done, and thinks that inflation may surge again in the coming months to produce an average of as much as 20% for 2005.
While conceding that Spain "cannot control what Germany does or force the Opec hawks to cut petrol prices", the paper points out that the government "could at least put in place the means to prevent our inflation surge from turning into a vicious circle of stagnation and unemployment".
The price of gold in particular is heralding a coming surge in inflation, as is the weakness of the dollar.
This was seen as a significant end to year-on-year "grade inflation", but the surge in re-marks and grade changes suggests that this dip might have narrowed.
The result was a surge of inflation which took so long to squeeze out, even partially, that policy could not be loosened again until the economy was well past its peak.
When inflation, primarily caused by rising food prices, began to surge upwards in the latter half of the year, the PBOC continued its tightening policies to combat inflation.
Every new round of "quantitative easing, " as it has been dubbed, was accompanied by loud warnings that the inevitable result of this easy money would be a surge of inflation.
Inflation, currently at about 18%, could surge all the way to 48% while real spending is estimated to contract by 9%.
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In the 1970s, investors were caught out by a sudden surge in global inflation, and were too slow to push yields higher in response.
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As a result, in areas of traditionally strong British interest, such as the southern Spanish coast, there has been a surge in house-price inflation.
Until late in 2011, the focus of policymakers in China was on tamping down inflation, stocked by a surge of stimulus spending in 2008-2009 that led to a real estate bubble and an overheated economy.
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