Inflation & Devaluation

There are over 200 countries in the world, each and everyone has experienced inflation and depreciation of their currency over the years. The US Dollar has lost over 90% of its value in the past 100 years. The Nigerian Naira was equivalent to $1 in 1985, it is now over N1000. Inflation and devaluation which can be looked at as siblings manifest every decade in different forms. You have personally experienced the price of groceries or bread being way higher than it was a decade ago. In most developing nations, the value of their currencies is much less than it was a decade ago and it is never going back to those figures. From the Ghanaian Cedi to Kenyan Shilling to Argentine Peso, to the Egyptian Pound, we have seen currencies lose so much value against the US Dollar. The world trades with the US Dollar making it the global currency reserve, when the US Government increases their money supply (like stimulus package during Covid or bailouts during financial crisis in 2008), this results in inflation all over the world and subsequent devaluation of most currencies. This leads to double jeopardy for those in developing nations (most of the world). They are getting poorer over time because the value of their earnings and savings is reducing based on economic forces that they have nothing to do with. Millions of people globally are losing their savings, pensions, and experiencing destruction of their purchasing power, the stories of Argentina, Lebanon, Zimbabwe, Venezuela are becoming more relatable as the world goes through a cost of living crisis. The average Nigerian millennial has seen the Naira lose 90% of its value in their lifetime. The endless depreciation of most local currencies means folks are getting poorer over time while earning and saving in their local currencies.