(OPINION) Michael Snyder – If you thought that authorities all over the planet could print, borrow and spend money like there was no tomorrow without any consequences, you were being delusional. Since the beginning of the COVID pandemic, we have witnessed the greatest monetary binge in world history.
Of course, that was going to cause enormous problems. Of course, that was going to cause nightmarish inflation. Anyone with an ounce of common sense should have been able to see that. When the value of money is tied to nothing, “more money” is always such a tempting solution for those in power.
But as history has demonstrated over and over again, going down that path almost always leads to tragedy. In our case, it will be the poorest people on the planet that suffer the most. According to Bloomberg, basic food staples are dramatically spiking in price all over the globe… Global food prices are going up, and the timing couldn’t be worse.
In Indonesia, tofu is 30% more expensive than it was in December. In Brazil, the price of local mainstay turtle beans is up 54% compared to last January. In Russia, consumers are paying 61% more for sugar than a year ago. And as Albert Edwards has pointed out, annual inflation in cereals has hit 20 percent,
which represents “the highest annual rise since mid-2011 when the Arab Spring was in full flow!” If prices continue to rise like this, it is just a matter of time before we see widespread food riots all over the globe. In explaining why this is happening, Bloomberg got half the answer correct… READ MORE
