Basically, we, as frequent flyers, are allowing a third entity control the value of our assets (miles).

The airlines are in control to value / devalue the miles by [DIRECTLY] raising / lowering milage requirements or [INDIRECTLY] reducing number of award seats.

At some point the balance of outstanding mileage in airline programs will become too tempting not to devalue. This is easy profit to regain at any time. This will happen at the 'appropriate time.'

I strongly encourage everyone to keep using their mileage as it makes sense.