this post was submitted on 13 Mar 2026

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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

31 comments fedilink hide all child comments

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.

MBFC

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

all 32 comments

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[–] Semi_Hemi_Demigod@lemmy.world 139 points 2 weeks ago (3 children)

Oh look another once in a lifetime economic shock how original

[–] toiletobserver@lemmy.world 42 points 2 weeks ago (2 children)

I'm in this joke, and the last one, and the last one, and i don't like it.

[–] Lumisal@lemmy.world 8 points 2 weeks ago

Don't forget the next one!

[–] Sabata11792@ani.social 7 points 2 weeks ago (1 children)

I think I got enough on my punch card that I get a free sandwich on the next once in a lifetime crisis.

[–] VoiHyvaLuojaMitaNyt@lemmy.world 3 points 2 weeks ago

Sadly I think its one of those collect 9 stamps and you'll get the 10th crisis for free.

[–] Vinylraupe@lemmy.zip 4 points 2 weeks ago

Oh no not the economy! Sheds tear

[–] CosmoNova@lemmy.world 65 points 2 weeks ago (2 children)

It‘s okay. It‘s only the 4th major price shock in 6 years. We‘re actually getting used to not being able to afford anything. Isn‘t that right folks? Folks? Why are you carrying pitchforks and torches?

[–] 3abas@lemmy.world 41 points 2 weeks ago (1 children)

Why aren't you carrying pitchforks and torches is more accurate at this point.

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

Have you SEEN the price of pitchforks now?!? How the hell are peasants supposed to afford one?

[–] Lor@mander.xyz 9 points 2 weeks ago

For real. Mfers are wearing red hat instead….

[–] Eyekaytee@aussie.zone 53 points 2 weeks ago

[–] jontree255@lemmy.world 31 points 2 weeks ago

[–] random_character_a@lemmy.world 22 points 2 weeks ago

So everything is going down like Trumps casinos.

[–] SaveTheTuaHawk@lemmy.ca 10 points 2 weeks ago

THE BIG ONE....

[–] pulsewidth@lemmy.world 8 points 2 weeks ago (2 children)

OP are you an undisclosed bot?

I ask mainly because the 'Archive' link does not exist - like the URL has been automatically generated for the benefit of this post, but the content is not hosted on the Web Archive yet. That and the Ai-looking user avatar and mass of news articles posted regularly day.

Its fine if you're a bot BTW afaik, but just mention it on posts or in your user profile to set people's expectations re: errors/etc.

[–] breakfastmtn@lemmy.ca 51 points 2 weeks ago (2 children)

Your mom's an undisclosed bot.

I posted this before archive today was finished, just removing "/wip" from the url but archive today failed. It's been dogshit for the past few days for some reason. Generating a new link now and I'll update it when it's done. Thanks for letting me know it was broken.

[–] Lawnman23@piefed.social 53 points 2 weeks ago (1 children)

Your mom’s an undisclosed bot.

[–] muusemuuse@sh.itjust.works 6 points 2 weeks ago

This place is awful and I love it.

[–] pulsewidth@lemmy.world 7 points 2 weeks ago (1 children)

I wish, I might be able to reprogram a bot off using Facebook every day and compulsive shopping habits.

IA is probably being slow for the same reasons as usual - DDoS attacks.

[–] GoldenDeLorean@lemmy.world 9 points 2 weeks ago

All of our moms are undisclosed bots on this blessed day.

[–] breakfastmtn@lemmy.ca 16 points 2 weeks ago (2 children)

Okay archive.today is just dead set on being completely useless today. The main link is a gift link now.

[–] petrichornetrainfall@piefed.social 22 points 2 weeks ago (1 children)

Thanks for going through the effort!

Just a heads up, archive.today might not be useful ever again, your issues with it could be related to this: https://en.wikipedia.org/wiki/Wikipedia:Archive.today_guidance

[–] breakfastmtn@lemmy.ca 2 points 2 weeks ago

Yeah, we definitely need a replacement for archive.today. If anything, though, you'd think it not being spammed by wikipedians would improve performance.

I think in this case the NYT might have changed something specifically to make it fail. It's working for other sites and it's failing in a really strange way. It starts archiving, gets part way through, then it fails and kicks it back to the archive queue. It just loops like that for maybe 15 minutes before giving that weird 'doesn't exist (yet?)' error.

[–] pulsewidth@lemmy.world 6 points 2 weeks ago

Thanks for gift-linking it.

[–] Mrkawfee@lemmy.world 3 points 2 weeks ago

All so that Netanyahu could have his war and secure domination over West Asia.

[+] HeyThisIsntTheYMCA@lemmy.world -11 points 2 weeks ago (1 children)

ABOVE SIX PERCENT OH NO WHATEVER WILL WE DO i think they were fifteen or twenty when i was born get real.

[–] EightBitBlood@lemmy.world 13 points 2 weeks ago (1 children)

What was the average age of homebuyers when you were young? Was it over 40 like it is now? No. How many times have you had federal minimum wage increase when you were young? It's increased 0 times in the last two decades. Likely close to 11 for you. What was the rate of suicide in adults over 20 when you were young? Currently it's the 3rd highest rate of death in 2026 just under heart disease and cancer.

You have near monthly school shootings, or none at all?

You're cherry picking. The future we live in now is awful in comparison to what you lived.

[–] HeyThisIsntTheYMCA@lemmy.world -5 points 2 weeks ago (2 children)

cherry picking? no, not really. i just know what i'm talking about because i've studied it. i don't really feel like getting into a debate about the changing interest rates, tax rates, allowable depreciation rates in the tax code and what those did to investment, how the allowable depreciation rate changed the prime rate and how REMICs influenced the Fed to lower the prime rate to get them access to cheaper investment capital and how that influenced consumer mortgage rates. just, my point which i guess you need a doctorate in taxation and economics to understand is that corporations can make it worse

[–] 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.

[–] MrsVeggies@lemmy.blahaj.zone 4 points 2 weeks ago

Ok boomer