Signs of accelerating inflation are appearing in the US. The hoary old adage that when the US sneezes, the rest of the world catches a cold may not be as true now as it used to be. These days it may take the US getting a dose of pneumonia to make the rest of the world sniffle a bit. The dollar has now reached its lowest point ever against the euro. Since Europeans are paying for most of their raw materials in dollars, it gives the 495.5M people in the EU a competitive edge.
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