Re:The racist double standards of international development
by rjkennedy98 on Tuesday July 14, 2020 @07:12AM
(#23830539)
> constant money printing which is continuously devaluing currencies all around the world
Printing money does not mean currency devaluation. Keep in mind most of the so called "money" in the world is debt (and by most I mean almost all of it). It's created out of thin air.
I think a lot of people have just generally skewed ideas about how expensive things are because they live in expensive places. I live in Boston where everything is expensive and gentrifying, but it turns out the vast majority of the country is dealing with urban decay and their homes are too cheap to maintain their infrastructure, ect. All of the simple good are still ridiculously cheap. It's like $1.50 for a liter of milk still.
Where does the article mention the constant money printing which is continuously devaluing currencies all around the world? Does a poverty line even make sense in a world where the currency depreciates quickly? How about measuring the poverty line in terms of currencies which do not depreciate in this way, such as precious metals? Why not mention that all governments all over the world are incentivized to overpromise and underdeliver because they own the money printing press? If a person who is supposed to have a background in economics, such as the author of this post, doesn't even mention this, then what hope is there for the lay person?