The cost of living of a typical family is going up much more than that—insurance, transportation, schooling are all going up.
For example, health care premiums for insurance policies [are rising], so the typical household is being squeezed. The central banks don't care about that; they don't look at it..
I suppose the system will collapse before we become like Venezuela. In the West, if they start to print money, the end game will be brief. Within five years, I expect the system to implode.
You better ask the bureaucrats what their plans are. They had zero rates since December 2008; soon eight years [passed], and that hasn't boosted economic activity for the average household, not in Japan nor the United States nor the EU. Now they talk about fiscal spending.
Then they will find some academics who will blame wealth inequality on the evil capitalists who made so much money out of asset bubbles.