A good amount of new paper money has been printed and presently undergoing progressive dissemination and use in the Country. The money is exactly that, paper! They come is different denominations, in various vivid colors and many distinct designs. But they remain exactly the same – paper! It is legal tender, but they are the same – paper! It has government guarantee but it is what it is – paper! It corresponds to absolutely no gold reserve. Conclusion: They are a pleasure to produce, easy to print, cheap to circulate. The Central bank is proud. The government is happy. But the common tao is in one big composite trouble.
There is much paper money in the land but the same amount of food available, the same quantity of clothing in the market, the same stock of other goods in store. There is basic stagnancy in the Nation’s manufacturing industry. The truth is that even a once rice national granary like the Philippines, now does not even have enough rice for the Filipino market. Meantime, there is even a staggering amount of paper money being readied for free cash transfers this year and counting - - under a certain quixotic vision. Meantime gas prices, road uses, transportation fares are predictably raising in costs. This is not to mention the predictable more costly water and electricity supplies coming soon.
“Inflation” - this is the exact word that says the precise reality that is fast and surely taking place in the Country. More money in circulation but same amount if not actually less commodities available, equals “Inflation”. Progressively more money needed to buy meager food, to get less clothing, to have more pitiful shelter, this is “Inflation”. Let it be said that this fearful and detestable word means exactly that, viz., putting but more air in something to make it big in appearance though but with really nothing more therein than air and more air.
Needless to say, the immediate big victims of inflation are the poor. They already have little money in hand and yet theirs even become lesser possibilities to have the necessities of life. But even in the assumption that they have a little more money in their pockets, it nevertheless remains true that theirs is not the opportunity to make their lives easier in the quest for theirs simple needs.
Incidentally, during these times, it is human life that is becoming cheaper to get rid of. In the same way, it is human dignity that is easily subjected to more indignities. And it is human rights that are more readily violated. For all intents and purpose, this may be called human “Deflation”. And there is nothing funny about all these!
17 JANUARY 2011