We all enjoy many benefits of globalization - world-spanning supply chains, and an abundance of inexpensive manufactured goods. Unfortunately, the dark side of globalization is that regional conflicts can cause economic havoc on the other side of the world.
Globalization is an economic miracle made possible by our technological achievements. Information, trade and capital circulate worldwide every second of every day. It’s easy to take this for granted! Stop for just a moment and reflect on the sheer number of miners, manufacturers and shipping companies that contributed to a single finished product – say the iPhone in your pocket. Each iPhone contains 60 different elements, from antimony to zinc.
Part of an "Axis of Resistance" backed by Iran, the Houthis have rallied behind the Palestinians since Hamas attacked Israel on Oct. 7, opening a new front for a movement that has waged war for eight years with a Saudi-led coalition in the Gulf. For example, the World Bank reports that crude oil prices will likely skyrocket in the near-term, meaning higher gas prices for everyone:
Now, we’ve seen crude oil prices over $100/barrel, but not very often – just five times in the last 80 years.Think about it: Fossil fuels supply 84% of the world’s energy. Crude oil is 40% of the world’s energy, and the majority gets refined into the aviation fuel, diesel and gasoline required for transportation.
In a nutshell, then: The U.S. sent aid to Israel which had been surprise-attacked by a coalition of Arab nations led by Egypt and Syria.Oil prices quadrupled, and the resulting shock created not one but two major recessions. And major price surges not only at the gas station but on all transportation, from aviation to the U.S. Postal Service. The inflation lasted well into the 1980s, and savaged the purchasing power of the U.S. dollar permanently.
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