Niall Ferguson believes we are headed for a recession. I'm surprised it isn't already here.
Stunned by the economic consequences and their likely political costs, Nixon instructed Kissinger to get the embargo lifted. The secretary of state made his first trip to Riyadh on November 8. For all Kissinger’s skill as a negotiator, and for all the shuttle diplomacy he undertook, it took more than four months to get the embargo lifted, on March 18, 1974. By that time, the energy supply shock had been enough to push the U.S. economy—and much of the rest of the industrial world—into recession. Is something similar happening right now as a result of Trump’s war?
1 comment:
Roger Peilke has a post with a couple of graphs (scroll to the bottom) that illustrate it's not 1973 anymore. Though the Aussies are going to be hurting.
Post a Comment