You can get worse than in the 1970s

Nazal Ferguson, a senior researcher and historian of the University of Stanford University, said that the current situation is similar to the 1970s, and the possibility of getting worse can not be excluded.

In an Ambrosetti Forum in Italy on the 2nd (local time), Niall Ferguson said in an interview with CNBC that the world is experiencing a political and economic situation similar to the 1970s.

Financial shocks, political conflicts, and citizen anxiety are characteristic of the 1970s, but this event is still happening, he warned.

He believes that the recent high inflation rate and monetary policy to solve this are similar to in the 1960s.

In 1973, there was a war of Arab-Israel and now there is now a Russian-Ukrainian war. In 1973, there was an international intervention between the Soviet Union and the United States, which triggered the energy crisis, said Ferguson. It suggests that I can.

He also diagnosed the similarity, saying, The government and the central banks raised interest rates and reduced their dependence on energy imports to fight inflation due to the rise in energy prices.

Inflation

Neur Ferguson believes that the current situation may deteriorate that productivity is lower than in the 1970s and has a high debt level, and that there is no tension between superpowers.

Ferguson said, At least in the 1970s, there was a tension between the superpowers, he said. There is no such thing between the United States and China.

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