Batême Du Feu - Baptisted By Fire Will Characterize The Recognition of Hyperinflation

The undeniable face of hyperinflation - policy desperation, shortages, and growing social discontent is everywhere yet largely unrecognized by the public. I can’t help but think of the old French phrase baptême du feu. Unfortunately, baptized by fire will characterize the public's recognition.

Headline: Hungary Follows Argentina in Pension-Fund Ultimatum, `Nightmare' for Some

Hungary is giving its citizens an ultimatum: move your private-pension fund assets to the state or lose your state pension.

Economy Minister Gyorgy Matolcsy announced the policy yesterday, escalating a government drive to bring 3 trillion forint ($14.6 billion) of privately managed pension assets under state control to reduce the budget deficit and public debt. Workers who opt against returning to the state system stand to lose 70 percent of their pension claim.

Headline: Anti-austerity riots erupt amid Greece strike

Protesters clashed with riot police across Athens on Wednesday, torching cars, hurling gasoline bombs and sending Christmas shoppers fleeing in panic during a general strike against the government's latest austerity measures.

Police fired tear gas and flash grenades as the violence escalated outside parliament and spread to other parts of the capital.

Headline: Portugal Tries to Prevent Sugar Hoarding Amid Shortage, FT Says

Portugal faces a sugar shortage, the first European country to find itself in this position in more than three decades, the Financial Times reported.

Agriculture Minister Antonio Serrano asked people not to hoard the commodity after a breakdown in imports to refineries led to a run on supplies in the shops, the newspaper said.

Headline: U.S. Called Vulnerable to Rare Earth Shortages

The United States is too reliant on China for minerals crucial to new clean energy technologies, making the American economy vulnerable to shortages of materials needed for a range of green products — from compact fluorescent light bulbs to electric cars to giant wind turbines.

So warns a detailed report to be released on Wednesday morning by the United States Energy Department. The report, which predicts that it could take 15 years to break American dependence on Chinese supplies, calls for the nation to increase research and expand diplomatic contacts to find alternative sources, and to develop ways to recycle the minerals or replace them with other materials.