How is it possible that the rest of the world is recovering from the Covid/Oil/War inflation bump, but things are getting worse here in the USA?

"[T]he monopoly which our manufacturers have obtained against us … like an overgrown standing army, has become formidable to the government, and upon many occasions intimidate the legislature."
— Adam Smith, The Wealth of Nations, 1776

There's lots of speculation about what may be causing today's terrible inflation to continue to rise. Is it rebound demand from Covid? Too much "quantitative easing" stimulus from the Fed? Chinese botched-Covid supply chain issues? Saudi Arabia withholding oil from world markets? Russia's terrorist campaign against Ukraine?

Obviously, all are contributing factors. But the price of oil is now below $95 and our economy is on the verge of recession, both major factors that should be cutting inflation. Yet inflation continues, nonetheless, to rise here in the US (9.1% this month) while, Bloomberg reported yesterday, the EU is down to 7.1% inflation and predicting 4% for next year.

How is it possible that the rest of the world is recovering from the Covid/Oil/War inflation bump, but things are getting worse here in the USA?

Read more at HartmannReport.com.

-Thom

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