Simply put, the growth of the global economy over the past few years has been founded on debt. It’s not a stable foundation, and already it’s falling apart. Debt works fine while interest rates remain low - repayments are relatively easy to keep up with, and weak currencies and trade deficits have difficulty making a direct impact. But now the tide is turning - inflationary pressure, originally begun with oil price rises in 2005, continues to rise as factory gate prices continue up.

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