Forbes on Nostr: Middle East Tensions - 50 Years Apart In Time, Light Years Apart In Economic Impact ...
Middle East Tensions - 50 Years Apart In Time, Light Years Apart In Economic Impact
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On October 6, 1973, the Arab armies of Egypt and Syria launched a surprise attack on Israel during Yom Kippur. Almost exactly 50 years later, on October 7, 2023, the Arab terrorist organization Hamas launched another surprise attack on Israel during Simchat Torah. In both cases, Israel was initially caught off guard but managed to regroup and take the fight to the Arabs. However, the economic impact of the Middle East tensions has been different. Unlike in 1973, the world economy today has not been convulsed by economic headwinds, and the energy crises which resulted from the Arab Oil Embargo in 1973 have not reoccurred in 2023. This is partly due to expanding relations between Arab states and Israel, as well as the United States' record oil production and exports. The fracking revolution and the power of the environmental movement have also played a role in stabilizing energy prices. The current Mideast turmoil has had little impact on the world economy, giving the American President a freedom of action that his predecessors did not have.
#MiddleEast #Israel #ArabArmies #Hamas #EnergyCrises #Opec #OilProduction #FrackingRevolution #EnvironmentalMovement #WorldEconomy
https://www.forbes.com/sites/danielmarkind/2024/02/07/middle-east-tensions50-years-apart-in-time-light-years-apart-in-economic-impact/
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On October 6, 1973, the Arab armies of Egypt and Syria launched a surprise attack on Israel during Yom Kippur. Almost exactly 50 years later, on October 7, 2023, the Arab terrorist organization Hamas launched another surprise attack on Israel during Simchat Torah. In both cases, Israel was initially caught off guard but managed to regroup and take the fight to the Arabs. However, the economic impact of the Middle East tensions has been different. Unlike in 1973, the world economy today has not been convulsed by economic headwinds, and the energy crises which resulted from the Arab Oil Embargo in 1973 have not reoccurred in 2023. This is partly due to expanding relations between Arab states and Israel, as well as the United States' record oil production and exports. The fracking revolution and the power of the environmental movement have also played a role in stabilizing energy prices. The current Mideast turmoil has had little impact on the world economy, giving the American President a freedom of action that his predecessors did not have.
#MiddleEast #Israel #ArabArmies #Hamas #EnergyCrises #Opec #OilProduction #FrackingRevolution #EnvironmentalMovement #WorldEconomy
https://www.forbes.com/sites/danielmarkind/2024/02/07/middle-east-tensions50-years-apart-in-time-light-years-apart-in-economic-impact/