The Biden economy is not the only broken economy in the world. Germany’s inflation is out of this world too.
We’ve reported on Biden’s broken economy. Spending is at an all-time high, along with the US Deficit. This is causing record-breaking inflation in the US for the first time in decades.
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The US markets are also impacted by the massive spending that Biden is taking. Last quarter, ending on March 31, the US markets decreased for the first time since the COVID lockdowns two years ago. We also know that the Biden economy is contracting. This has been going on since October. This causes concerns that a recession is on the way. Biden’s economy is a mess.
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Now we find out that Germany has massive inflation as well. This is not good for the Biden economy as well. Zerohedge writes:
Just days after Germany reported the highest inflation in generation (with February headline CPI soaring at a 7.6% annual pace and blowing away all expectations), giving locals a distinctly unpleasant deja vu feeling even before the Russian invasion of Ukraine broke what few supply chains remained and sent prices even higher into the stratosphere…
… on Monday, Germany will take one step toward a return of the dreaded Weimar hyperinflation, when according to the German Retail Association (HDE), consumers should prepare for another wave of price hikes for everyday goods and groceries with Reuters reporting that prices at German retail chains will explode between 20 and 50%:
Even before the outbreak of war in Ukraine, prices had risen by about five per cent “across the product range” as a result of increased energy prices, HDE President Josef Sanktjohanser told the Neue Osnabrücker Zeitung on Friday. With Russia’s invasion hitting economies and the supply chain harder, yet another series of price increases is on the horizon.
“The second wave of price increases is coming, and it will certainly be in double figures,” Sanktjohanser warned, cited by The Local.
The number and amount of headwinds of the Biden economy are a cause for major concern.