By Niall Ferguson via Bloomberg Opinion
Niall Ferguson writes that the United States is currently experiencing the second act of the postpandemic inflation. The price increases in the first wave have passed through to inflation expectations, asset prices and wages, thus driving the second round of inflation in services. Ferguson argues that if the current war in the Middle East escalates, there is a good chance of a 20 percent rise in oil prices, which could contribute 0.5 percent to the Consumer Price Index.
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Saudi Crown Prince: Release all hostages, cease fighting immediately
At summit of Arab leaders, Saudi Arabia's Crown Prince Mohammed bin Salman calls for 'release of hostages and prisoners,' cessation of fighting in Gaza.
Saudi Arabia's Crown Prince Mohammed bin Salman on Saturday called for the release of all the Israeli hostages, as well as for a cessation of the war in Gaza.
Speaking at a summit of Arab leaders, bin Salman said, "The Kingdom has made efforts, since the start of the events, to protect the citizens of Gaza, and continues to seek counsel and to hold coordination with its sister countries and the countries active in the international community, in order to stop the war."
"We are renewing our demands for an immediate cessation of the military activities, the provision of humanitarian corridors for civilians, and to allow the international humanitarian organizations to carry out their tasks. In addition, we emphasize the call to release the hostages and the prisoners, and to protect the innocent."
Participating in the summit were Iranian President Ebrahim Raisi, and Syrian President Bashar al-Assad.
During the summit, bin Salman also demanded an immediate cessation of the fighting in Gaza. At the same time, Egyptian President Abdel Fattah El-Sisi warned that continuing the war, which was sparked by Hamas' massacre and kidnapping of Israeli civilians, would lead to a regional war. The Arab leaders also condemned Israel and blamed the Jewish state for the deaths of Gazan civilians.
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