We’ve known devaluations were coming for a very long time. It was obvious when I wrote ten years ago that I was afraid the great values wouldn’t last.
I suggested that as more and more miles were printed, without a corresponding growth in airline capacity, we’d see devaluation. And truly outsized-value? I’ve always said that you should take advantage of the best awards, the ones that are orders of magnitude better than average redemption value, because they aren’t going to last.