Jeffrey Sachs

That's what he needs to tell him.

on the rest of the world.

Yeah, strangely enough, I came into my profession, which I've been a professor at universities for 46 years and advised well over 100 governments around the world.

I came into this profession writing my

phd dissertation on the oil shocks of the 1970s i wrote the first model of what uh how they worked why they had such negative after the 73 after 73 and 79 so i wrote the book literally and it's published in 1982 called the economics of worldwide stagflation

The results of those two oil shocks give us an idea of what would happen.

What happened in 1973, 74, when there was an oil embargo, and then in 1979, 80, when there was the Iranian revolution,

was a big disruption of oil supplies.

It sent oil prices soaring, and it sent the world economy into a tailspin.

And it was a very particular kind of tailspin because people lost their jobs, incomes went down, and inflation soared at the same time.

And so you had

a economic downturn and a rise of inflation, which at the time was viewed as a paradox because usually you have a recession and the prices calm down or you have a boom and the prices accelerate.

But this was a contraction and an inflation.

That's it.

And that's what was called stagflation.

Now, the difference of then and now is that the two shocks then were

temporary stops of the flows of oil.

One was a boycott by the Arab countries against the US and other buyers.

like shutting down the Strait of Hormuz.

Just to be clear, what were they mad about?