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An inflationary tsunami is passing through the world economy, creating economic disorder — in some cases acute political crisis — in every country it touches, writes John Ross.

“The Adelitas have arrived/To defend our oil/Whoever wants to give it to the foreigners/ Will get the shit kicked out of him!” yodelled the brigades of women pouring onto the esplanade of the Mexican senate. The demonstration was to protest a petroleum privatisation measure President Felipe Calderon insists is not a petroleum privatisation measure — and which he sent onto the Senate for fast-track ratification at the tag end of the session this April.

It didn't take long for popular support for Russia's economic shock therapy to start evaporating. On January 18, little more than two weeks after the reforms had been introduced, Muscovites were asked if the Yeltsin government's