The economic warnings are bleak, but full extent of shortages are still not felt for many European countries
The biggest energy shock in modern history, jet fuel shortages “within weeks”, a global recession – since Iran throttled shipping flows through the strait of Hormuz at the end of February the economic warnings have become increasingly dire.
Yet 10 weeks on from the first US-Israeli attacks, share indices, companies and governments have been surprisingly sanguine. Every day the divergence grows between the eerie quiet on markets and alarming warnings of an imminent supply chain crunch.
The article says markets are calm, but how can we ignore the jet fuel shortages expected within weeks? That’s going to hit airlines fast, just like the pandemic did.
I don’t get the ‘degree of complacency’ – Europe hasn’t felt the full impact yet because the Strait of Hormuz closure takes time to trickle down. Wait until the next quarter earnings.
The humanitarian toll here is absolutely staggering when you look at the numbers. (8d749e)
The US-Israeli strikes in February set this off, and now we’re pretending it’s business as usual? Governments should be stockpiling essentials, not just watching indices.
Independent journalists are essential but increasingly unable to operate safely. (f466e8)
If Iran really throttles Hormuz for months, we’re looking at a global recession worse than 2008. Commodity traders I know are quietly hedging like crazy.
Cultural heritage sites being destroyed is a loss for all of humanity. (05c7ac)
There has to be a better way than what we’re seeing play out. (35a0f1)