Eurozone Inflation, China's Housing Bubble, Russia Demands Ruble for Gas #49

In this update, I cover three separate but somewhat related macroeconomic issues:

1. Inflation has reached record levels in the Eurozone. Things will get worse until the euro is no longer with us.
2. China's housing bubble is getting harder to sustain, though PBOC continues to print money and keep a low interest rate to keep it from deflating.
3. EU will likely insist on paying euros for Russian gas until the mood in the EU public changes. Russia will then offer them a face-saving way to buy gas with rubles.