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Ironically enough, at -19%, the South Korean stock market is down as much as the Dow Jones is since its October 11, 2007 "its global this time" high. According to new sober estimates from the Korean Economic Research Institute, stagflation looks like a similar domestic reality.

According to the Korean Herald this morning, "The private think tank said in a report that annualized growth in gross domestic product would plummet to 3.3 percent in the second half, from 5.2 percent in the first half of the year."

Meanwhile US stock market centric economists, strategists, and portfolio managers alike are finally agreeing to agree that inflation is a reality. What no one seems to have any confidence in is the growth side of the "stagflation" equation.

This report out of the Korean Economic Research Institute should be commended for it's proactive assessment of likely risks.

Global Stagflation is here.
KM