The West is stuck in the inflation trap. The commodity price index is essentially a derivative of China's import activities, which in turn are massively stimulating their economy. We see in the price indices that the reflation phase is in full swing, commodity prices are rising on all fronts and the Chinese are struggling to get the economy up to a 5% growth target. We must therefore assume that more economic stimulus will come and that the inflation rate may rise further. This is a disaster, especially for the eurozone, the weakest player on the geopolitical chessboard in terms of resources. Here, the central bank is faced with the task of either rescuing the weakening currency, or of boosting public finances with more and more newly printed money. In any case, this problem of commodity price inflation cannot be solved by monetary policy without causing considerable damage to the labor market and the economy.