Blog: Beginning of the End, or End of the Beginning?
Stagflation seems likely. The question is whether it's strong or weak.
Gulf War III is entering its second month. 20% of the world's oil supply continues to be cut off, along with 20% of liquid natural gas and 30% of urea, a critical nitrogen fertilizer. Meanwhile we continue to hear that a "deal" is near to end the war though the actions on both sides seem to contradict the idea that either side is ready to give in.
So the notion that this is the beginning of the end seems unlikely. More likely this is the end of the beginning. The war and its implications for the global economy. are heading into a new phase. If that is the case, we are experiencing the end of the beginning, or Phase 1. What are the prospects for Phase 2?
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