Last week we noted that European inflation is running higher than U.S. inflation, and today news out of London that the British economy is officially in recession. It also appears that recession is already under way in continental Europe, at least in their all-important manufacturing sector, which is swooning toward 2009 and COVID shutdown levels. This may be more on account of the insane energy policies and incipient shortages, but inflation and rising interest rates surely don’t help.
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