What Does Global Ban On Russian Oil Mean
It means permanent $8-10/Gal gas for USA. It means wages start chasing higher food costs and energy costs. It Means business's start shutting down as competition increases. This cycle keeps on ramping up until the USA and global economy collapses. We are already seeing another ARab Spring because of food costs. This will spread as food costs which are already high in USA because of broken supply chains continue to worsen.
As America loses the Petro Dollar/Reserve Currency Status, people globally and countries globally will dump dollars and the USA will have to absorb incredible flows of USA Dollars returning onshore USA which will drive down the purchasing power of the dollar.
It will be far worse than the 1930's, as there are Trillions of dollars to be absorbed and mopped up.
Far worse crash than the collapse of the USSR in 1990's.
You can not just lose off and wall up a market of over 3B people and expect everything will be fine.
As USA costs of projecting power globally will no longer be able to be sustained, same as when the British Empire Failed, American Power will vacate the arena.
Nature hates a vacuum, and it will be filled by an ascending power. Probably the Eurasian Block of Russia, China, Iran, India, Turkey etc.
"The Day Of The Globalists Is Over. The Time Of The Orcs Has Arrived"
Analysts warn of supply shock akin to 1979 crisis if moves by US and others trigger broad blockade
www.ft.com