Stagflation... No, definitely not... but yes. 

Blain’s Morning Porridge Mayday 2026 – Stagflation... No, definitely not... but yes. “By tax adjustments we have planned to institute the promised land, and just to show we’re still sincere, we’ll sing the Red Flag once a year…”When staring down the abyss of looming stagflation, a bond market rout, and a reset on the global economy… let’s try to pretend it’s all something else. Christine Legarde would have made a great French President. Of course it’s not Stagflation... it’s just... Well? What is it?Its May Day – The Sun is shining brightly on this most Socialist Day of the year. Bandiera Rosa, La Triumphera indeed! Tonight, I shall recall my youth on the barricades of leftist student politics and put on my reddest of red ties to celebrate the working class and the nobility of the proletariat as we quaff the bubbles at the Yacht Club dinner…. I will wonder where the f*** it all went so wrong?Yesterday ECB President Christine Legarde dismissed the threat of Stagflation that hangs over the Western Economy. She played semantics and argued stagflation was something from the 1970s - like flared pants and platform soles. She suggested we face something completely different today.Really? What might that be then Chrissy?Let’s think it through – where are we today?You can read the Morning Porridge by subscribing on ⁠www.morningporridge.com⁠, and have it delivered fresh to your inbox every morning!