Commentary Most emerging and developed market currencies have devalued significantly relative to the U.S. dollar in 2021 despite the Federal Reserve’s aggressive monetary policy. Furthermore, emerging economies that have benefitted from rising commodities prices have also seen their currencies weaken despite strong exports. As such, inflation in developing economies is much higher than the already elevated figures posted in the United States and the eurozone. The main reason behind this is a global currency debasement problem that’s making citizens poorer. Most central banks globally are implementing the same expansionary policies of the European Central Bank and the Federal Reserve, but the results are disproportionately hurting the poor as inflation rises, particularly in essential goods and services, while fiscal and monetary imbalances are increasing. Many emerging economies have implemented a dangerous policy of boosting twin deficits—fiscal and trade—under the misguided idea that it would accelerate growth. Now, growth and recovery estimates …