Holding out hope for progress but no swift return to $100 oil | GulfNews.com:
"It is something over forty years since US president Nixon announced that we were “all Keynesians now”. The unfortunate experience of the 1970s went on to prove the point, as governments tried in vain to offset the effects on the rest of the world of the twin, Opec-induced oil shocks of 1973/4 and 1978/9, producing the stagflationary conditions of unemployment and inflation together. Many deleterious effects have followed since that time, as today much of the West struggles again, now almost hopelessly, with deficits and compounded debt.
That’s history for you, and somehow it never goes away, as the Mayor of London Boris Johnson revelled in sharing with attendees at the Telegraph’s Middle East Congress last week in his stint marketing the event’s host city.
Warming to the theme of the benefits of openness towards talent and ideas, he treated the audience to the tale of how the same attitude ensured the longevity of Athens since its ancient rivalry with Sparta, the former striding forward with democracy and a formidable cultural legacy, the latter virtually disappearing without trace. Some listeners might also have reflected momentarily on a certain, current state of indebtedness, but that’s another story."
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