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Introduction
For the first time in a very long time everyone is becoming more hawkish They're raising rates and they're raising they're reducing their asset purchases. This is particularly a big deal for the ECB because the ECB plays a very big role in keeping together the European Union. We seem to be in a fundamental regime change where we're moving towards an inflationary Global inflationary cycle that we haven't seen in avery long time. And so if you have high borrowing costs rather than just raise taxes and just Compoverish the people it makes sense and you'll see more separatist movements.