Economic Collapse

There a bunch of ways a financial analysis can describe a economic collapse. I have my interpretation of how it will unfold as we see signs of it everyday. I made it really easy, so anyone can follow.

The cost of living has gone so high that we the citizens of individual countries cannot afford to pay for our luxuries and utilities. Most people have car payments and mortgages. No matter how much we save and put away, the cost of living goes up with inflation and most of us never get ahead in life. The minimum wage will not be enough to carry a family with daily needs. It's happening everyday in every town.

Sites like this one and many others, you will see a trend of people changing their outlook on life and the way we live it. Do we really want to work another 20 years of waiting for the weekend? For some there is no weekend as they have to report to their part time job to pay the bills. 35 to 40 years of labor is what most people are trained to think is the only way out.

There will come a time when people will look to their past to live their lives. A life with no mortgages and not being ashamed of living in a RV or a earth bag house, where they own outright. Most of us here stay with the times and have to get the latest technology to look cool.

I think everyone needs to wake up and break away from the chains that our governments have been placed upon so that they can suck us dry of our years of labor. A friend of mine once told me that "you should always invest in yourself. Never invest in others, especially the ones that need money".

Everything you have should be invested in you and your family. Not on fiber optic internet so that you can match data speed with your neighbor. Eventually people will catch on, and the financial institutions and government fees and tax collection will be in the red as people will no longer pump their money and interest back into the system. Your hard work will work for you.

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Politicians are just puppets of the real masters!
And the real masters are the rich!
The rich enslave the mass's with loans
The rich dictate to politicians or the rich owned media destroy them with public opinion!
The rich and there banks enslave whole countries!

But when a single country rebels (Iceland) after falling prey to bankers what do you here in the media?
NOTHING! It is as if the country no longer exists!

Bankers/Financiers/whatnot are SCARED shiiteless that other countries enslaved to the banks may follow suite!
and break the money chains of financial slavery!


Why is a countries currency controlled by private banks, should not the people control the peoples currency?

 

I believe that most people don't realize is that the wealthy are working with the government to fully enslave the poor. Already there are people who work for "slave wages." And they see no way out from their predicament. It's right there though but they are unwilling to take the risk. Stop using credit cards and start learning how to be self-sufficient. If you have food, you need nothing else.

 

There are many worrying signs actually:

First there is a demographic imbalance worldwide, the situation is particularly dire when you look at the populations of countries such as Pakistan, Indian, Bangladesh and more recently Nigeria. With the exception of the latter these countries have absolutely no resources other than primitive peasantry and they have hundreds of millions of people to feed, find jobs for etc. This is the biggest pressure on the immigration to the Western world.

Second, the Western World has a demographic imbalance of its own, related to the generational gap, whether in numbers or relative affluence, prosperity and outlook between the older and younger generation. I consider this more or less a time bomb, as governments keep putting pressure on the younger generations which have have it much worse relative to their parents and even grand parents in some cases.

Finally, there is an issue with capital in this world. Financial assets have become more and more a decisive factor in how well you will fare in life as opposed to hard work, talent or degree. This pushes money hoarding behavior and a general sentiment of instability & fragility amongst most people who, for example, find themselves indebted to the neck, forced to work 30 years just to own something as basic as a house (should be a basic right to have somewhere to live and pay a reasonable price for it not 30yrs mortgage)

 

While we obviously don't know for a fact, and probably never will, but I think the majority of people (including myself) think that the world is ruled by money, and those that have the most are the ones calling the shots rather than the so called elected politicians. While I'm no conspiracy theorist, here in the UK we are told about just how influential the Queen is for example and how much money the Royal family have in assets throughout the world and not just England. How close they are with the Rothschild family who practically run the global banking and financial institutions and it does make me wonder exactly who does control our lives.

The politicians that we elect might claim to make the rules and do what's best for us, but secretly are they controlled by other more powerful institutions and are they just puppets that are put in place to mask what they don't want us to know?

 

You may be right but I recently read that the Queens worth, money and assets combined made her as wealthy as the Saudi Royal family and the Russian oligarchs so for a frail and little old lady, I'd rather not underestimate her, put it that way! People who have that amount of money and the amount of power that she has, can pretty much do whatever they want in the world and have the money, power, respect and influence ti make anything happen.

Just ask princess Diana, but that's an whole different issue, haha!

 

The U.S. economy is booming . Unfortunately a lot of countries are rapidly spiraling down . Regardless of what someone thinks about China and their communist ways their economy effects the entire planet . I heard yesterday about one hundred and forty ship yards closed in China over roughly the last ten years . This created ghost towns that were depending on the ship yards for jobs for the local population . This is just one example of many of the industrial jobs disappearing in China . In varying degrees this seems to be happening around the globe . This is a slow walk toward the apocalypse . Venezuela seems to be in the forefront of this march with it's neighboring countries not for behind . Perhaps it will stall and level off at some point but where will the stall out point be ? Has the die off begun ? Are more dying from lack of resources than are being born in some countries ? Smoke and dust can get into the atmosphere and travel by wind half way around the earth and I suspect the smell of rotting corpses could to .

 

"The Agony of Venezuela; The Toll of ‘21st Century Socialism’"

https://traditioninaction.org/HotTopics/i99ht_125_Venez.html

https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article223950330.html

 

Be still my heart!

Dutch Central Bank admits need for gold holdings to restart after a system collapse.

https://www.zerohedge.com/markets/c...re-system-collapses-gold-will-be-needed-start

Q.E. / inflation on the way:

https://www.zerohedge.com/markets/qe-people-endgameand-gold-will-see-it-coming-first

 

Our current economy is a pretty mask on a cadaver.

https://www.zerohedge.com/political/underestimating-them-overestimating-us

Borrowing money to pay the interest on the money borrowed to pay a loan payment on a loan needed to ...

 

Good morning Old Geezer,

Our bloated defense budget is SMALLER than the debt service budget.

This is scary.

"The United States - bounded on the north by the Aurora Borealis, on the south by the procession of the equinoxes, on the east by the primeval chaos and on the west by the day of judgment."

JOHN FISK 1842 - 1901

 

Wealth has always been the moving force in politics. That is nothing new. At the time that he held office George Washington was one of if not THE wealthiest man in America. What has change is that the politicians no longer respect nor fear the "we the people". They have at every oppertunity imported as many NEW welfare people as possible. these people were mostly losers in their originating country and came here mostly for the free handout.

My ancesters came here as paulpers. They went straight to work and becamse pretty successful people with large farms. NOBODY gave them those farms. The worked hard and saved their money until they could afford a small bit of land and then over the years that land grew until it was a pretty big place. It especially grew after the civil war when the Yankees gave the freed slaves 40 Acres and a mule. A lot of them immediatly sold that 40 acres and a mule for about a weeks wage and headed north where they were sure that they would be welcomed and loved.

It didn't work out well for them. the ones that stayed and workd their land had some troubles but in the end they were men with pride and a willingness to work and more than you would imagne became very successful. My Hrandfather died at 37 leaving behind two young sons. The Black people that had ties to my family that went back to well before the civil war and the men of my Grandfathers lodge made sure that that young widow and her sones always had a roof over their heads and food on the table. They ALL worked, my Grandmother in a General Store and her boys in the fields.

When I was little I had three Grandmothers. Granny, Nanny and Mammy. Now days if has become that if you don't almost worship black folks you are a bigot. I have a sort of Black attitude. If you won't work you are TRASH irregardless of skin color. If you do work and take care of your families and are not a criminal I am mostly color blind. This is mostly how people in Texas see things. There are people that are so low that they have to be bigots to feel better about themselves. These are also of both colors.

What does all of this have to do with economic collapse?? That is simple. Our government encourages the trash to breed like rats and offers them a lifestyle that most low end working people can't afford. They are importing the trash of the world. They force our kids to accept bad educations that are more about making kids equally unprepared to be successful in their adult lives. Both of my kids have degrees and neither one of them learned a danm thing that has helped them in their professional life. The ONLY thing that counts is that they have that piece of paper. One owns and runs a construction company and the other is an assistant division manager for a department for the state of Texas department of Corrections. NEITHER of them found anything that was useful in their education other than being able to say that they had a degree.

More tomorrow... Nite y'all...

 

https://www.gawker.com/5879254/which-companies-are-using-aborted-human-fetuses-in-their-food --- Quite frankly I don't know whether to take the above link seriously . Have we already reached the point of cannibalism ? I will wait for you guys opinion on this .

 

In my E-Mail this morning - GM and Toyota are shutting down manufacturing plants .

 

This is stem cell research crap in their labs.

These tissue lines were started from a small number of aborted fetuses during the 1980s.

Just goes to show you how greed makes people cut morality corners.

In the same vein (excuse the pun), question: I wonder if a blob of liver cells was developed, how could one distinguish it from real calves' liver?



"Inquiring minds want to know!"

 

"Bank Of America Sees Oil Hitting $120 By June; Could Rise Much Higher"

https://www.zerohedge.com/markets/b...hitting-120-june-could-rise-much-higher-after

 

Yes Venezuela " show us the way " . Like Venezuela we are also sitting on huge oil deposits . Also like Venezuela because of inept leadership are about to experience like the rime from the ancient mariner " water water everywhere but not a drop to drink " become reality with oil . --- The unprepared will soon see their folly .

 

Same as that.

 

We hunkered down in the hills could survive indefinitely without cranking up a fossil fueled motor . However when oil goes up so does the price of every thing else . This will compound the inflation problem that people are already seeing . The more desperate people become will have a direct result on the prepared as they have to be more vigilant guarding their resources from thieves . You can't hide livestock like you can a few extra cans of food . When things had a economic downturn a few years ago , I sometimes slept outside with a shotgun to be able to confront any want to be thieves from an unexpected position . Even the prepared will be effected by rising oil prices .

 

Banks are catching on fire around the globe. The giant banks are sending-in their fire trucks to attempt to put out the fires before the fires engulf them as well.

"UBS To Buy CS For $3 Billion As AT1 Bonds Get Wiped Out In Record Bail-In; Swiss Govt Grants CHF9BN Guarantee; SNB Offers $100 Billion Liquidity Backstop"

https://www.zerohedge.com/markets/u...suisse-1bn-025-share-takeunder-cs-balks-offer

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"Nearly 200 banks at risk for same fate as SVB: study "

https://nypost.com/2023/03/18/nearly-200-banks-could-fail-the-same-way-svb-did-study/

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"Why the Bank Crisis Is Not Over"

https://www.unz.com/mhudson/why-the-bank-crisis-is-not-over/


"The underlying problem is that interest-bearing debt grows exponentially, but the economy follows an S-curve and then turns down. And when the economy turns down – or is deliberately slowed down when labor’s wage rates tend to catch up with the price inflation caused by monopoly prices and U.S. anti-Russian sanctions that raise energy and food prices, the magnitude of financial claims on the economy exceeds the ability to pay.

"That is the real financial crisis that the economy faces. It goes beyond banking. The entire economy is saddled with debt deflation, even in the face of Federal Reserve-backed asset-price inflation. So the great question – literally the “bottom line” – is how can the Fed maneuver its way out of the low-interest Quantitative Easing corner in which it has painted the U.S. economy. The longer it continues to save FIRE sector investors from taking a loss, the more violent the ultimate resolution must be.

"The severity has been a policy choice to keep 'kicking the can down the road,' bailing out one financial squeeze after another at least until the next election year."
.

 

I don't think we are at a point of potential collapse just yet. There have been previous crashes and this is to as bad as any of those but, it does have the potential to escalate quite seriously.

 

Yes.

All of these little dominoes falling is a portent of things to come. Which is to say the BIG dominoes / national banks / government credit ratings.
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One of my sons works for an outfit that preps building sites for Large structures; ex. hospitals. The company also oversees the rebuilding / repair of dams and bridges. There are those that say that America's infrastructure is crumbling bit by bit. My son describes the situation as unbelievable / near-catastrophic. That company recently oversaw the re-piping, both clean water and sewage lines, of one section of the downtown of a small town. EVERYTHING had to be ripped up and replaced with new piping. It is the same all across this nation.
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"Stanford business study shows bank values are actually $2trillion lower than book value"

https://www.investmentwatchblog.com...are-actually-2trillion-lower-than-book-value/

"... A case study of the recently failed Silicon Valley Bank (SVB) is illustrative. 10 percent of banks have larger unrecognized losses than those at SVB. Nor was SVB the worst capitalized bank, with 10 percent of banks having lower capitalization than SVB. On the other hand, SVB had a disproportional share of uninsured funding: only 1 percent of banks had higher uninsured leverage. Combined, losses and uninsured leverage provide incentives for an SVB uninsured depositor run. We compute similar incentives for the sample of all U.S. banks. Even if only half of uninsured depositors decide to withdraw, almost 190 banks are at a potential risk of impairment to insured depositors, with potentially $300 billion of insured deposits at risk. If uninsured deposit withdrawals cause even small fire sales, substantially more banks are at risk. Overall, these calculations suggest that recent declines in bank asset values very significantly increased the fragility of the US banking system to uninsured depositor runs."
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"Two major banks in Europe look to regulators for reassurance"

https://www.reuters.com/business/fi...ok-regulators-reassurance-sources-2023-03-19/

"LONDON, March 19 (Reuters) - At least two major banks in Europe are examining scenarios of contagion in the region's banking sector and are looking to the Federal Reserve and the ECB for stronger signals of support, two senior executives close to the discussions told Reuters.

"The fallout from the crisis of confidence in Credit Suisse Group AG (CSGN.S) and the failure of two U.S. banks could ripple through the financial system next week, the two executives separately told Reuters on Sunday.

"The two banks have held their own internal deliberations on how soon the European Central Bank should weigh in to highlight banks' resilience, specifically their capital and liquidity positions, the people said.

"In Europe, companies still rely mostly on bank loans to fund their growth, meaning the real economy is more sensitive to banks.

"The U.S., UK and Swiss central banks all hold scheduled meetings this week.

"espite still-high inflation, the banking turmoil has forced traders to rapidly re-price expectations for further rate hikes as overly high interest rates can cause a fall in demand for new loans, damaging banks' profits."
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"Analysis: Turmoil turns tide on Europe's banks after long recovery"

https://www.reuters.com/markets/eur...europes-banks-after-long-recovery-2022-10-05/

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"Is a full-blown global banking meltdown in the offing?"

By Satyajit Das

https://www.newindianexpress.com/web-only/2023/mar/23/a-new-global-banking-crisis-2558810.html

"If everything is fine, then why have US banks borrowed $153 billion at a punitive 4.75% against collateral at the discount window, a larger amount than in 2008/9?

"Financial crashes like revolutions are impossible until they are inevitable. They typically proceed in stages. Since central banks began to increase interest rates in response to rising inflation, financial markets have been under pressure.

"In 2022, there was the crypto meltdown (approximately $2 trillion of losses).

"The S&P500 index fell about 20 percent. The largest US technology companies, which include Apple, Microsoft, Alphabet and Amazon, lost around $4.6 trillion in market value The September 2022 UK gilt crisis may have cost $500 billion. 30 percent of emerging market countries and 60 percent of low-income nations face a debt crisis. The problems have now reached the financial system, with US, European and Japanese banks losing around $460 billion in market value in March 2023.

"While it is too early to say whether a full-fledged financial crisis is imminent, the trajectory is unpromising.

"The crisis is not exclusively American. Credit Suisse has been, to date, the highest-profile European institution affected. The venerable Swiss bank -- which critics dubbed 'Debit Suisse' -- has a troubled history of banking dictators, money laundering, sanctions breaches, tax evasion and fraud, shredding documents sought by regulators and poor risk management evidenced most recently by high-profile losses associated with hedge fund Archegos and fintech firm Greensill. It has been plagued by corporate espionage, CEO turnover and repeated unsuccessful restructurings.

"In February 2023, Credit Suisse announced an annual loss of nearly Swiss Franc 7.3 billion ($7.9 billion), its biggest since the financial crisis in 2008. Since the start of 2023, the bank's share price had fallen by about 25 percent. It was down more than 70 percent over the last year and nearly 90 percent over 5 years. Credit Suisse wealth management clients withdrew Swiss Franc 123 billion ($133 billion) of deposits in 2022, mostly in the fourth quarter.

"While the circumstances of individual firms exhibit differences, there are uncomfortable commonalities - interest rate risk, uninsured deposits and exposure to loss of funding.

"Higher rates resulted in unrealised losses on these investments exceeding $600 billion as at end 2022 at
Federal Deposit Insurance Corporation-insured US banks. If other interest-sensitive assets are included, then the loss for American banks alone may be around $2,000 billion. Globally, the total unrealised loss might be two to three times that.

"The fact is that events have significantly weakened the global banking system. A 10 percent loss on bank bond holdings would, if realised, decrease bank shareholder capital by around a quarter. This is before potential loan losses, as higher rates affect interest-sensitive sectors of the economy, are incorporated.

"One vulnerable sector is property, due to high levels of leverage generally employed.

"House prices are falling albeit from artificially high pandemic levels. Many households face financial stress due to high mortgage debt, rising repayments, cost of living increases and lagging real income. Risks in commercial real estate are increasing. The construction sector globally shows sign of slowing down. Capital expenditure is decreasing because of uncertainty about future prospects. Higher material and energy costs are pushing up prices further lowering demand.

"Heavily indebted companies, especially in cyclical sectors like non-essential goods and services and many who borrowed heavily to get through the pandemic will find it difficult to repay debt. The last decade saw an increase in leveraged purchases of businesses. The value of outstanding US leveraged loans used in these transactions nearly tripled from $500 billion in 2010 to around $1.4 trillion as of August 2022, comparable to the $1.5 trillion high-yield bond market. There were similar rises in Europe and elsewhere.

"Business bankruptcies are increasing in Europe and the UK although they fell in the US in 2022. The effects of higher rates are likely to take time to emerge due to staggered debt maturities and the timing of re-pricing. Default rates are projected to rise globally resulting in bank bad debts, reduced earnings and erosion of capital buffers."

 

Reportedly the biggest shipping company has now announced they will not be sending anymore ships through the red sea / Suez canal due to attacks from Muslims . Expect more shipping Companys to do the same . This will effect prices of things setting on the shelves . Things are tightening up as the war escalates . --- My last report was the Panama canal was becoming impassable due to low water levels they need for raising or lowering the shipping locks for ship passage . This will effect prices of things sitting on the shelves . --- When the Muslims eventually either stop selling oil to other countries or the oil fields are blown up , this will effect prices of things sitting on the shelves .

 

Yep. Can't tell you how much this constant upset in other countries pisses me off. Prices are already freaking ridiculous to the extent that some people have to go without. Meanwhile, there's always SOMETHING elsewhere that affects their quality of life.

Nationally we already struggled after the 2019 bushfires , then came the floods. Then came bloody COVID. With each of these disasters, prices went up to obscene levels.

COVID internationally flocked everything and screwed everybody. Building companies collapsed at an extraordinary level here in Aus due to them not being able to get basic materials. All the container ships with precious cargo weren't permitted to land or were held up. Once again, everything went up or wasn't even available. Pharmaceutical medicines imported into Australia are only now catching up.

Then we had Ukraine and Russia. More disruption, more price hikes affecting everyday items, including all important fuel, which affects truck deliveries, which again affects the cost of basic, essential items.

And now? As you point out above, shipping companies won't pass through the Red Sea and Suez Canal due to the risk factors. So once again, it will affect everyone worldwide to some extent.

I wish everything would come to a head finally, rather than this slow death that is strangling the life out of this planet. At least then, we can "get on with it", for better or worse.

 

Couldn't seem to find a reply link to your post Old Geezer, so am reply down here.

I'm curious, why do you say "we humans were once better".

Not from where I'm standing. Humans have always been a bunch of ratbags and no doubt will continue to be so until this planet explodes or something equivalent happens.

 

Yes. Very true.

 

--- To be on the optimistic side and presume things don't get too sideways in the next few hours or next few days , present this link concerning the shutting down of shipping in the red sea / Suez canal . Probably most will only want to watch the first few minutes on this link as that is where it updates on the shipping situation .

 

I do wish they would date these videos. The bloke should say "blah, blah, ..... December 2023. Drives me insane.

What an absolute travesty! The world is in an economic crisis and all the chooks and eggs wasted. Totally unacceptable.

Geez, crucial medications aren't available? There is so much circumstantial evidence floating around. Looks like another COVID catastrophe, whereby people were unable to source various commodities, with the inclusion of medical supplies.

God help us all!

 

The human species is flawed. The species reeks of insufficient evolution.

Seems like the America of the 1950's pulled-off at least a semblance of civilized behavior. The faults of the nation at that time needed a lot of work to be sure; however, the "fixes" attempted during the 1960's not only didn't fix our country, they have led to its steady and now precipitous decline.

As to currency collapse, all fiat currencies crash and burn if not backed by something tangible. The "full faith and credit of the U.S. Government" sure is a bad joke.

 

This one was put on YouTube 8 hours ago today, Sunday 17 December 2023. The content and context seems genuine.



We're going to be flocked. Totally flocked. It's going to be a wonderful Christmas and New Year. NOT

"Just when you thought it was save to go into the water" ...

 

I have to come clean. I'm a few stubbies short of a six pack when it comes to economics. I was too busy wagging school to be bothered with boring economics. It gave me massive headaches! Hahahaha

https://www.abs.gov.au/statistics/e...consumer-price-index-australia/latest-release

From what I gather, or can understand, our inflation went up and by the looks of things generally, I think it will continue to do so.

In any case, I think with what is happening overseas at present, which I feel is only going to get worse, things aren't going to improve any time soon.

Makes me think we're going back to the type of problems that COVID exposed.

 

"New data reveals a crash not seen since Great Depression could hit in 2024"

https://www.foxbusiness.com/economy/new-data-reveals-crash-not-since-great-depression-could-hit-2024

Begin quote

As the White House continues to tout the alleged achievements of the president’s "Bidenomics" agenda, a growing amount of data indicates that a gigantic economic crisis could be right around the corner.

Most disturbingly, one important economic indicator that’s currently flashing hasn’t appeared since the 1930s, during the height of the Great Depression.

If the White House and Congress do not cut inflation-causing government spending soon, the results could be catastrophic.

In 2020, during the height of the coronavirus government lockdowns, President Donald Trump and the Democratic-led Congress spent vast amounts of money to keep the economy, financial system and stock market afloat. Trillions of dollars in additional government spending occurred, all of which was financed with debt and money printing.

The never-before-seen levels of money creation were fueled by policies set by the Federal Reserve, which encouraged Congress to spend more money and kept interest rates extremely low, despite warnings from economists about the threat of future inflation.

When President Biden entered the White House in January 2021, it appeared that the economic crisis caused by the pandemic lockdowns would end soon. A COVID-19 vaccine had been developed, and many states had already started reopening or preparing to reopen their economies.

But rather than return spending to normal levels, Biden and congressional Democrats — with the blessing of the Federal Reserve — opted to keep government expenditures significantly higher than they had been prior to the pandemic.

The decision to continue high levels of government spending, coupled with the Fed’s choice to keep interest rates low and the fallout from the crisis in Ukraine, caused inflation to soar to levels not experienced in four decades. Prices for nearly all consumer items, from eggs and milk to gasoline, skyrocketed.

In an effort to fix its mistakes and curb out-of-control inflation, the Fed started dramatically increasing interest rates in 2022, a policy that has continued thus far in 2023.

Incredibly, however, the money supply — the amount of cash, checkable deposits and bank savings accounts — has substantially decreased. That means even though prices are still going up, the amount of money available is continuing to drop, putting an unprecedented strain on American families.

The latest economic data shows the annual M2 money supply growth rate has been negative for the past three quarters, meaning the amount of money available is shrinking rapidly.

In the past 110 years, the only other time Americans have seen the money supply drop this sharply was in the early 1930s, during the height of the Great Depression.

There is a significant difference this time around, however. In the '30s, when the money supply annual rate turned negative, prices dropped as well. In our current situation, prices are still going up despite the collapse in the money supply. To the extent we're seeing it today, this has never occurred before.

The combination of higher prices and reduced availability of money has caused people to depend on credit cards and other forms of consumer debt at higher numbers than we’ve ever seen. In the spring, Americans’ collective credit card debt topped $1 trillion for the first time in history.

Higher prices, more government spending and debt, and lower levels of household savings — that’s what Bidenomics actually looks like.

The U.S. economy is walking on thin ice. If prices and inflation don’t come down soon, something that can only occur if Congress and the White House reduce spending, then the U.S. is soon going to find itself in yet another massive economic crisis.

End quote

The government is down 33.9 trillion dollars and that debt continues to grow. Witness the Debt Clock:

https://www.usdebtclock.org/index.html?taxpayer

 

Economic crash to a magnitude not even fathomed but for a few , may be here sooner than most grasp . With the growing World War Three , oil will be used to deprive countries of fuel for about everything with a liquid fueled motor . Already some Muslims are eyeing Saudia Araba 's oil fields and talks are on-going as to destroy the oil wells . --- Already as we know shipping through the red sea has basically now stopped . -- If this continues on the present trajectory , what is coming will make the U.S. 's touted great depression and dust bowl era look like a trivia occurrence .