Picture the scene. Israeli Prime Minister Benjamin Netanyahu is in his situation room. He is minutes away from giving the green light to bomb Iranian targets. An adviser puts a diplomatic cable into his hands. It’s from the Israeli delegation at the IMF and World Bank annual meetings.
It reports that Jim Chalmers, the Australian Treasurer, has told the assembled ministers that an ‘escalation in the Middle East risks more persistent inflation for the global middle class’ (repeated in his op-ed, ‘Building economic buffers crucial in an unstable world’, the Australian, 26 October).
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