We now have Stagflation or if you prefer, Stayflation with an oncoming recession. Globalization is quickly morphing into two trading blocs (China/Russia and U.S./Europe/Japan). Many countries are temporarily caught in the middle. Russia/China is moving rapidly to Yuan/Rouble oil and natural gas trading while bypassing the U.S. dollar SWIFT global financial network. Many import/export relationships are changing with higher prices a likely outcome for many months ahead…if not years.