Inflation - We Must Protect Ourselves

 Based on the feedback that I see on both the REACH and CPF Facebook pages, many Singaporeans are still whining about inadequate government action with respect to dealing with the inflation problem.  For those who are still labouring under the delusion that the government will be able to help them with this bread-and-butter issue, I offer up the latest piece of evidence that such hopes are woefully misplaced:
 
Upgrading key to tackling inflation

In this CNA news report, MND Minister Mah Bow Tan was quoted as saying:

Oil prices are shooting up and food prices are going up, so how do we lower the price of food when we have to pay more to import food? The only way is to upgrade our skills and increase our pay.

A major reason for rising oil and food prices is simply the non-stop money printing engaged by all the major central banks around the world, including those of China and India besides those of the Western powers and Japan.  Skills upgrading doesn't solve the problem at all.  This is very simple monetary theory.

When I see such a lack of understanding of basic economics from a Cabinet minister, I tell myself that I need to deal with the problem on my own, and not expect the government to be able to help me.

And no, I'm not going to get started on how current policies make the 'upgrade your skills so that you can increase your pay' logic flawed and misleading.  That's for another day.