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181

Oil Shock Sends Tremors Through World Economy: ‘This Really Is the Big One’ (www.nytimes.com)

submitted 2 weeks ago* (last edited 2 weeks ago) by breakfastmtn@lemmy.ca to c/world@lemmy.world

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Countries already walloped by a breakdown of the international trading order, war in Ukraine and chaotic U.S. policymaking are facing potentially lasting economic damage.

Bombs are exploding in Iran and the Middle East, but the fallout is rattling households and businesses in neighborhoods all over the globe.

In Kansas, home buyers saw 30-year mortgage rates edge above 6 percent this week. In Western India, families mourning the death of a loved one discovered that gas-fired crematories had been temporarily closed.

In Hanoi, Vietnam, gas station owners posted “sold out” signs. In Kenya, tea growers and traders worried their exports to Iran would rot on the dock. And across the United States, Canada, Europe, Britain and Mexico, farmers blanched at the surge in fertilizer costs.

The widening war in Iran has delivered a stunning punch to a worldwide economy that has already been walloped by a breakdown of the international trading order, war in Ukraine and President Trump’s chaotic policymaking.

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Edit: archive.today is broken again. Replaced the original link with a gift link.

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[–] EightBitBlood@lemmy.world 5 points 2 weeks ago

My dude. You can just look at the current stock market and compare it to the Nifty 50 bubble from the late 70's to see how fucked everything is about to become.

You don't need anything you just said. You're just making excuses to avoiding engaging with the very valid points I made because you incorrectly assume I don't have a masters in economics likely more recent that yours.

So here's a bunch of easily comprehensible facts that competely disproves your bullshit entirely:

https://www.nar.realtor/magazine/real-estate-news/nar-2025-profile-of-home-buyers-sellers-reveals-market-extremes

First-time home buyers now make up just 21% of the market—the lowest share since NAR began tracking.

First time home buyers are at record lows.

The median age of first-time buyers is 40—a record high

Highest average home buying age ever recorded is now, and it's 40.

Which means, clearly, for the first time ever recorded, Americans need to work into their 40's to be able to buy their FIRST HOUSE. You likely bought your first house when that average was 20.

the typical age of home sellers this year is 64, the highest ever recorded... those between the ages of 60 and 78, are the largest share of both home buyers and sellers—moving markets more than younger generations often due to their better financial position.

Younger generations do not have boomer money. They don't because real wages have stayed stagnant for 40 years.

https://www.pewresearch.org/short-reads/2018/08/07/for-most-us-workers-real-wages-have-barely-budged-for-decades/

... despite the strong labor market, wage growth has lagged economists’ expectations. In fact, despite some ups and downs over the past several decades, today’s real average wage (that is, the wage after accounting for inflation) has about the same purchasing power it did 40 years ago.

So a 2026 dollar is now worth about the same as a dollar earned in 1989. Wages have not grown, only prices. So Americans can't afford homes until their 40's.

This is basic economics. I don't even need to calculate trends or slopes to understand how this is just cause and effect.

You have no idea what you're talking about. Please read the above to expand your education rather than hiding behind it as if it's something incomprehensible.