Central Bankers are a powerful group, especially the Federal Reserve. The united states has a very liberal financial system. They are not embarrassed to ship trillions of dollars to foreigners in the form of trade deficits. As a result, they have a very strong control over global prices depending on how much money they wish to print.
The European Central Bank also has a very strong influence on global prices because much like the united states, the European Union does not mind shipping trillions of Euros globally in the form of trade deficits to foreigners. So depending on how much in trade deficits they are willing to adhere to, that has a tremendous effect on global prices.
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