And Eurostat has the new inflation figures to prove it. Prices are rising for almost everything – and most of all for electricity, which is increasing by 40 percent on average, and food, which is going up by 10 percent
As for individual countries, the worst situation is in the Baltics: inflation in Estonia, Latvia and Lithuania is over 20 percent. Spain, Belgium, Greece, Slovenia, Slovakia, the Netherlands and Cyprus are not doing so well either, with inflation in excess of 10 percent.
The USA is also trying to cope with rising prices. Experts from the International Monetary Fund have admitted that the American economy has practically no chance of avoiding a recession. Data from the Department of Commerce shows that this recession has already begun – it has been in effect for the last two quarters. But economists can see a way out of the global crisis, for both Europe and America.
Said the American economist Jeffrey Sachs: “You can see in Italy today, with the fall of the Draghi government, that we can’t even have political stability on a national level. European governments will now fall one after another. In the current political crisis, Biden will lose one or both houses of Congress in November. The clown Boris Johnson was finally thrown out, in part because of the worsening economic crisis. And so we have no political stability. The war in Ukraine must end. And it will not end in Vladimir Putin’s defeat, no matter how many times this nonsense is said by Baerbock, Biden or anyone else.”
“The war will end when NATO accepts that it will not expand for the sake of Ukraine, and when there is a negotiated outcome. Therefore, if we want stability and peace, we need to end the war – and not on NATO’s terms. People should understand that this war started because the US insisted on expanding NATO eastwards, which is totally irresponsible, and totally contradicts the commitments that were made to Gorbachev and Yeltsin. I was there in those days: there was a clear commitment against the eastward expansion of NATO, and certainly not to Ukraine or Georgia. So our own recklessness is now at the root of this unprecedented instability.”