Louis Gave comments on a variety of shocks we are experiencing, but there is one key take-away:

“The European Union, in a typical displacement pattern, is increasingly dealing with the above grim reality by attacking the world of finance (caps on bonuses, taking down tax havens, Tobin tax...). This course of action should logically trigger a collapse in the velocity of money all across the Old Continent, thus making a bad situation worse.”

That will mean the ECB will print far more than you can imagine and not see inflation.