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7, 202202:02 Germany’s economics and climate minister, Robert Habeck, said recently his country would not be able to wean itself off Russian gas until at least 2024. If an embargo on Russia gas went into effect now, Germany’s gross domestic product could contract by as much as 5 percent, with devastating effects for Germany’s population, according to Habeck. Despite warnings of economic blowback, a recent poll showed a majority of Germans, 55 percent, support an embargo on Russian energy, according to a survey by the The Muppets letter B T-shirt Additionally,I will love this broadcaster ZDF. Get the Morning Rundown Get a head start on the morning’s top stories. SIGN UP THIS SITE IS PROTECTED BY RECAPTCHA PRIVACY POLICY | TERMS OF SERVICE Whatever restrictions are ultimately imposed on Russian energy exports, the combined effect of the war and major sanctions is fueling a surge in inflation in Europe, the U.S. and elsewhere. Recommended WHITE HOUSE Biden says Russia is committing ‘genocide’ in Ukraine U.S. NEWS New York Lt. Gov. Brian Benjamin resigns after campaign finance fraud arrest Washington and its allies are now bracing for yet more inflation as the war drags on, and some economists are warning that growth in Europe and America will likely slow this year. As central banks try to tame inflation with higher interest rates, the result could mean a recession for Western economies or at least “stagflation” — anemic growth coupled with rising prices. “The point of sanctions is to hurt the other guy more than yourself, so it’s a balancing act and I think they’re just going to have to keep calibrating that,” said Brian O’Toole, a former Treasury Department official and now a fellow at the Atlantic Council think tank. Since World War II, sanctions of this scale have never been imposed on an economy as large as Russia’s, and the consequences are still uncertain — for both Russia and the global economy, said Gerard DePippo, a former U.S. intelligence official who specializes in economic analysis. “We’ve never attempted to
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