Over the Christmas and New Year break, we’re looking back at some of the most important letters we sent to you in 2021. And today’s example features a warning about the Germans and their deep-seated fear of inflation…

You see, consumer price inflation in Germany is running at about 6%, while producers faced a whopping 18.4% rise in October, year-over-year! And the European Central Bank is running out of excuses for its inaction.

At some point, the Germans are going to kick up a fuss… or kick off another European sovereign debt crisis. Find out how, and why, in this article from November.

Nick Hubble
Editor, Fortune & Freedom