If you are a retiree or planning for retirement, you need to understand inflation. And if you are wondering what will drive the direction of the stock market in the near future, it is not the historical high of the Nasdaq stock index or a new vaccine, it will be the “average inflation targeting”. Inflation is a “taboo” word for all governments. Inflation kills purchasing power and creates unhappiness among citizens. Yet, every government knows that they need inflation because inflation is a wealth transfer process. It is used to “tax” the working class and legally write-off the liabilities of the capitalists at the expense of the regular savers. Most developed countries have a “target inflation rate”. For example, both the Bank of England and the US Fed are required to keep the rate of inflation at 2% per year. In Singapore, MAS says that they do not have...