India has been one of my big macro short positions, and things there have really deteriorated this week. India's stock market cracked for another -3.7% down move overnight, taking the Sensex Index -37% since January 2008 alone!
Stagflation is bad, especially when your country is ran by bureaucrats who are facing the political headwinds of social unrest like those in India are.
Inflation is global this time , indeed.
(chart courtesy of stockcharts.com)