Shags101
Trusted Member
UN expert warns oil price shocks could cause ‘global devastation’
Balakrishnan Rajagopal, the UN special rapporteur on the right to adequate housing, has expressed concern over oil price shocks causing school closures in Pakistan and Bangladesh.“All due to the illegal Iran war,” he wrote in a post on LinkedIn.
He said he was also worried by “historical parallels”.
Rajagopal noted that oil price rises in the 1970s in the Middle East led to “massive borrowing” by developing countries. The borrowing, “accompanied by US stagflation, a global recession and high interest rates” caused a debt crisis with developing countries unable to service their loans, he wrote.
This scenario “sounds eerily possible” again, Rajagopal said.
“Global devastation ahead unless this war ends soon,” he added.
I hate when people state the obvious











