Emerging markets have been victims of the U.S. economic malaise, but that trend could be reversing.

Finance ministers at the G8 summit in Osaka, Japan, have warned that stagflation — recession coupled with high inflation – is now a more serious challenge to global growth than the credit crisis.

William Patalon III in Money Morning sees a universal theme emerging: Inflation, Inflation, Inflation…

Africa increasingly is right in the middle of the global quest for natural resources. It has the highest ratio of light and sweet crude in the world – the best-quality stuff you can find. And most of its oil – some 83% – comes from large fields that produce at least 100 million barrels per day.