Even at a "mere" two-percent level, cumulative price increases over time are nothing to scoff at. Even worse, if we look at what people really spend money on, price inflation doesn't much reflect the conclusions of "official" stats.
Most Egyptians have lived their whole lives in a country where the government heavily subsidizes bread prices. But now the deeply indebted Egyptian state faces some tough choices, and Egypt's poor may suffer the most.
“We crossed the Rubicon in 2008. We crossed a different Rubicon in 2020. And we're never going back. And so, recessions are not allowed." The money mandarins will do everything they can to prop up asset values. Forever.
In 1971, David Rockefeller favored a “new international monetary system with greater flexibility” and “less reliance on gold.” Seeing an opportunity to expand his own power, Richard Nixon enthusiastically embraced the scheme.