Many observers blame the ‘sticky’ services inflation on nominal wages, which are rising as workers strive to catch up with inflation.
the inflation is caused by people trying to catch up with the inflation?
It’s always the workers fault, not the actual price setters
Oh sure, that’s table stakes for capitalist economics opinions. What got me is the sheer concentrated circularity of that sentence.
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The stress in the Global South is causing their governments to destabilize, the recent events in Kenya were a direct outgrowth of high interest rates. Eventually this situation will reach a point that these countries start to collapse or have their governments overthrown by anti-Western forces (like has happened in several ECOWAS countries)
This can’t continue forever.
