Famed historian and author Niall Ferguson warned during an interview with CNBC late last week that the world was heading into a period that will potentially be worse than the 1970s, and that many are failing to see what is coming.
Ferguson compared current events to events that happened in the 1960s and 1970s, which led to war, financial turmoil, and mass civil unrest.
“The ingredients of the 1970s are already in place,” Ferguson said while speaking to CNBC at the Ambrosetti Forum in Italy. “The monetary and fiscal policy mistakes of last year, which set this inflation off, are very alike to the 60s.”
Ferguson noted how the 1973 Arab-Israeli War, which lasted only three weeks, sparked an energy crisis, and then he compared that to Russia’s invasion of Ukraine, which has also sparked an energy crisis. – READ MORE