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The global economy is flashing red — and Ray Zucaro explains why. Alex Christoforou and Alexander Mercouris sit down with Ray for a wide-ranging financial analysis covering the UAE's shock exit from OPEC, mounting capital flight from the Gulf running at an estimated $40 billion a week into Hong Kong, and the last major oil deliveries arriving on European shores as the Iran war continues to strangle global energy supply. Ray delivers a stark verdict: with demand destruction accelerating, diesel prices spiking in the American heartland, Jerome Powell refusing to cut rates, and inflation potentially hitting 6% in Britain by August, the world is entering a classic stagflation environment with no obvious exit. From the fragility of European bond markets to the startling possibility of an Argentine move on the Falklands triggering a global liquidity crunch, this is one of the most sobering and clear-eyed financial assessments The Duran has aired this year. Is the global recession already underway — and just how severe could it get?
00:00:00 - Introduction: Ray Zucaro Returns to The Duran
00:01:22 - UAE Quits OPEC: Financial Stress or Strategic Move?
00:03:36 - Capital Flight from the Gulf: $40 Billion a Week Into Hong Kong
00:05:55 - What Gulf Financial Stress Means for the Global System
00:07:42 - Last Oil Deliveries Arrive in Europe: What Comes Next
00:08:59 - Airline Cancellations & the Coming GDP Collapse
00:10:33 - Asia Under Pressure: China Opens Refined Products to the Region
00:12:26 - Is the US Truly Energy Independent? The Reality Behind Trump's Claims
00:13:54 - Jerome Powell Refuses to Resign: What It Means for Interest Rates
00:14:57 - UK Heading for 6% Inflation by August — Eurozone Next?
00:16:23 - Is This Stagflation? Ray Zucaro's Verdict
00:17:43 - How Do You Escape Stagflation? Nobody Has the Answer
00:19:35 - Will Trump Impose Oil Export Bans? The Pressure Is Building
00:21:29 - Global Recession: How Severe Could It Get?
00:22:15 - European Bond Markets & the Liz Truss Scenario
00:23:22 - Falklands Risk: Could Argentina Move & Trigger a Liquidity Crisis?
00:25:00 - Final Thoughts & Where to Follow Ray Zucaro
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