If you’ve read the news recently, you’ve noticed that many countries are experiencing near-revolutions due to rising food prices. First it was Tunisia. Now Egypt is seeing vast protests against the ruling elite. The police already killed protesters. People have also taken their grievances to the street in Oman, which has now imposed price controls on staple foods.
We are due to travel to Oman and Egypt in May and June. Hopefully the situation will have improved by then or we may have to make alternate plans.
So we can all thank the Chairman of the United States Federal Reserve, Ben Bernanke, for creating the current explosive situation. The guy has been printing money ever since he was elected chairman in 2006. Now he’s printing money to the tune of trillions. With unlimited money printing comes unlimited price inflation. Emerging markets are simply paying the price first. We are next.
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