Collapse Has Begun. NOW Global Recession Is Unavoidable | Cdre. Steve Jermy

The global economy is about to tank really, really bad. The US surrender to Iran foreshadows a much larger pain yet to come, especially for the Collective West. Only the delayed nature of oil markets has prevented all-out pain in the first months, but that grace period is now over. Today I speak with retired Royal Navy Commodore Steve Jermy, who now writes the Mor Gallos Substack, about how oil, diesel, and shipping delays could hit the world economy hard. They also discuss the Strait of Hormuz, pressure on Israel, the Ukraine war, drone attacks, and why a bigger economic shock may force leaders to change course. Links: Steve Jermy Substack: https://stevejermy.substack.com/ Neutrality Studies substack: https://pascallottaz.substack.com Merch: https://neutralitystudies.com/shop Donation: https://neutralitystudies.com/donate Timestamps: 00:00:00 Intro and Steve Jermy return 00:01:18 More Gallows and the war economy 00:12:46 MOU, Israel, and US pressure 00:22:22 Oil, diesel, and real shortages 00:27:34 Ukraine war and budget strain 00:31:52 How Russia may respond 00:42:51 Drone war and reciprocity 00:48:29 Economic crisis as the off-ramp 00:52:17 Closing remarks