Federal Reserve internal disagreement over a September rate hike is widening, while Hong Kong Institute of Austrian Economics president Wang Bi said inflation remains elevated in high-rate countries such as Argentina and Turkey and further hikes may not curb price pressures, according to Ming Pao.
He said global debt, including in the U.S., U.K. and Japan, is already at historic highs and described debt as a deadlock, adding that governments effectively solve debt problems by printing money. For ordinary investors facing high inflation, Wang said the key is to preserve productivity and asset value, including allocating 10% to 15% of a personal portfolio to gold, improving professional skills, and investing in productive assets whose share prices and asset values can rise with prices even in a high-inflation environment.