Is China Unleashing A Financial Attack Against The US? Plus A Look At Soaring Inflation

Is China unleashing a financial attack against the United States? Plus a look at soaring inflation.

China Unleashing Financial Attack Against US?
(King World News) – Stephanie Pomboy:  “I’m just crazy enough to believe that China may intentionally unleash a credit contagion (via Evergrande) to burst our asset bubble and accelerate its progress toward challenging dollar hegemony.”

INFLATION WILL GET WORSE, NOT BETTER
Gerald Celente:  Through 2022, prices will increase significantly more than expected in the world’s most advanced economies, the Organization for Economic Cooperation and Development (OECD) said.

Inflation’s pace will quicken to 4.5 percent in this year’s final quarter, the OECD said, boosted by logistics tangles and climbing commodity prices.

“There are risks of much more persistent pressure on inflation in the future,” Luis de Guindos, vice-president of the European Central Bank, told a Financial Times online conference, especially in light of spiking energy costs in Europe and Asia that could ripple throughout manufacturing and consumer economies (see related story)…

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Natural gas prices have quadrupled in Europe so far this year, prompting governments to consider billions of euros in aid to households and affected businesses, the FT said.

Energy price jumps in Europe will boost inflation there by 0.2 to 0.3 percentage points this year, Morgan Stanley has calculated.

The OECD’s U.S. inflation forecast for the fourth quarter has risen from 2.9 percent earlier this summer to 3.6 percent now; the prediction for the U.K. went from 1.3 percent three months ago to 2.3 percent now.

In France, inflation will shoot to 1.6 percent, double the OECD’s earlier prediction. In Germany, prices will grow by 2.1 percent instead of the 1.6 percent forecast earlier.

The revised predictions come as the U.S. Federal Reserve and Bank of England are planning to cut back their economic stimulus and support programs.

Governments must communicate to their publics that rising inflation has “many temporary features” and is “mostly an adjustment of prices to levels that had always been expected after temporary dips” caused by the COVID-era economic shutdown, the OECD urged.

Policy makers face “a very difficult balancing act” managing inflation and they must discard the idea that they can fund anything simply by borrowing, OECD chief economist Laurence Boone said in comments quoted by the FT.…...more here

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