Surging energy prices have already pushed the U.K. This represented a 40-year high for the nation. The U.K.'s consumer price index showed a 10.1% year-over-year increase in July, surpassing the previous month's 9.4% reading. Meanwhile, the chief UK economist at Citigroup ( C) told clients Monday that he expects CPI inflation to hit 18.6% in January due to soaring natural gas and power costs. natural gas prices climbed to another 14-year high on Monday but are still dirt cheap compared to levels in Europe. At one point in trading, natural gas prices in Europe reached 15 times their average summertime price. The announcement pushed the price of natural gas in Europe to yet another a record high.

This is due to the single functioning gas turbine at Portovaya's compressor station that requires planned maintenance. Late Friday, Russia's Gazprom ( OTCPK:OGZPY) said it would halt the Nord Stream pipeline for three days of maintenance on August 31st. The negative impacts from these policies are everywhere at the moment. In hindsight, those measures were poorly thought out and are having significantly more negative ramifications than European policy makers counted on. The main cause of European weakness and angst is sanctions against Russian energy and other business concerns as the result of the country's invasion of Ukraine. The Euro fell once against the greenback Monday afternoon to below parity. This is especially true if we get a repeat of the ' Greek Debt Crisis' of a decade ago, but this time involving a much larger economy like Italy.Ĭracks in the European economy are getting more evident by the day for anyone that is paying attention. It is the potential ' Black Swan' few are seeing at the moment given the litany of problems at home. investors should not take their eyes off troubles stirring from ' across the pond,' as Europe looks heading into a recession, and one that could potentially be long and deep. These range from an aggressive monetary policy from the Federal Reserve, two straight quarters of GDP contraction, the highest inflation in over 40 years, a collapsing housing market, and a consumer that is under considerable duress. based investor has plenty of worries domestically right now. The state is that great fiction by which everyone tries to live at the expense of everyone else.'― Frederic Bastiat Svitlana Zheltova/iStock via Getty Images

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