Inflation Gone Global

The market went down partly on inflation fears last week before staging a much-needed recovery on Friday.

But inflation is not only an American problem. Europe is also fighting the specter of inflation.

And inflation in China is running at about eight percent. In India, it's feared inflation could go over 10 percent.

Food, energy and commodities are feeding the inflation monster worldwide. Global credit tightening seems inevitable.

And with it, global economic growth will take another serious body blow.