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.comMerch: https://neutralitystudies.com/shopDonation: https://neutralitystudies.com/donateTimestamps:00:00:00 Intro and Steve Jermy return00:01:18 More Gallows and the war economy00:12:46 MOU, Israel, and US pressure00:22:22 Oil, diesel, and real shortages00:27:34 Ukraine war and budget strain00:31:52 How Russia may respond00:42:51 Drone war and reciprocity00:48:29 Economic crisis as the off-ramp00:52:17 Closing remarks