[quote=earlyretirement]Yep. You can’t keep printing endless supplies of money with NO consequences. It can last for a little while but there WILL be a day of reckoning and you just have to be prepared for it.[/quote]

There will be a day of reckoning. The real quesiotn is how long until that day comes and will it matter to me.

Consider the Japan example…
Suppose you were a bright, intelligent 45-year-old, there when their interest rate dropped below 1%. You know that Japan can’t keep the rate near zero forever, so you start positioning for the eventually consequences.

Rates dropped below 1% in Japan in 1995.

That person that was 45-years old when rates dropped below 1% is still waiting … and they are now age 62. They would have spend nearly the second half of their career in a less than 1% interest rate climate.

SO, while I believe that one should have some hedges against scenarios where rates turn around, inflation runs rampant, one should also be prepared for those things to not happen in a time-scale of their productive lifetime.