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From Energy Shock to Global RecessionGagarin Iurii/ShutterstockThis is not a conventional energy shock. Rising oil and LNG prices are reinforcing a strengthening US dollar, sharply amplifying the burden on import-dependent economies while leaving others largely insulated. The result is an uneven, fragmented crisis in which demand destruction could arrive faster and more forcefully than expected, spilling beyond energy into the broader global economy. Unlike past disruptions, there is little sign of coordinated leadership to manage the fallout. If these dynamics persist, the current crisis risks tipping from a supply shock into a deeper, dollar-driven economic downturn with global recessionary consequences.This energy crisis differs from earlier ones in some critical ways. First, the magnitude of the lost oil and LNG supplies appears to be larger than in other crises and, due to the Iranian attacks on Gulf energy infrastructure, longer lasting. Most informed observers believe the lost supply will lead to an extended period of higher oil and gas prices. Crude oil and LNG prices will be pushed higher, perhaps much higher, when measured in US dollars.The rise in the dollar price of oil and LNG also creates an as yet unacknowledged threat to the world economy, because the US dollar just happens to be the world’s reserve currency. The dollar’s exchange rate will rise as LNG and crude oil prices rise, absent intervention by the US Treasury or the Federal Reserve. The strengthening dollar will impose greater strain on the economies of countries that must import oil and gas. It will also place increased strain on the non-energy sectors of the US economy.The extraordinarily uneven geographic impact of the supply cuts resulting from the attacks on facilities in the Mideast Gulf and the closure of the Strait of Hormuz further distinguishes this disruption from previous episodes. Nations accounting for one-third of global oil use have seen no impact on their oil supply, leaving the countries consuming the remaining volumes to bear most of the shortfall burden, many of them in Asia. The impacts are similar for natural gas.Together, these characteristics lead to a single conclusion: In this crisis, the price elasticity of consumption for global consumers is much higher than previously estimated. Quite simply, oil and LNG consumption will drop much more rapidly than most studies project. The decline will occur because the real prices of petroleum products and natural gas in many nations will increase by unheard-of magnitudes as the dollar’s value surges. A serious global recession could follow if these factors are not addressed quickly.Not Your Grandfather’s Oil DisruptionMany commentators have looked back to the 1973 oil embargo or the 1978 collapse of Iran to find episodes of disruptions that most closely resemble current events. However, the comparisons miss one important detail: the US was an oil importer during those past episodes.The supply reductions then were more or less evenly spread across the world when the US imported large volumes of oil. In addition, the dollar declined as higher oil prices widened the US trade deficit. These adjustments moderated the impact of oil price increases outside the US because oil, then as now, was priced in dollars.This pattern was evident between the Arab embargo in 1973 and the beginning of the Iran-Iraq War in 1980. Over those eight years, the dollar lost almost 30% of its value against the Japanese yen and German mark, while dropping 40% against the Swiss franc. The strengthening of those currencies cut the impact of price increases by a third or more, moderating the economic effects of the crisis tied to the oil market disruptions.The current situation is significantly different. The US’ emergence as a key oil and LNG exporter has had a greater impact this time because the dollar’s exchange rate now rises, rather than declines, with crude oil and LNG prices. The stronger dollar magnifies the effect of higher oil and natural gas prices on nations reliant on exports from the Mideast Gulf.Japan’s situation exemplifies the contrast in exchange-rate dynamics between 50 years ago and today. During the 1970s, the yen increased by 60% as the US energy deficit rose. The exchange rate has declined by 50% over the past year since the US became a net oil and natural gas exporter and has lost another 4% in March. It could fall much further in the coming months and years.The situation of other oil- and LNG-importing nations is similar. Rising oil and LNG prices are magnified by a strengthening dollar. The South Korean won also declined by 4% in March, while the euro lost 3%. Additional drops will likely follow.Sluggish ResponsesThe consequences of the current disruption will be magnified by policymakers’ sluggish responses to the loss of supply.European nations, acting primarily through the EU, have reacted slowly to the disruption caused by the war in Iran despite the extent of the resulting supply problem. Asian nations, lacking any coordinating organization, have responded independently.Some countries are now jealously protecting their supplies. South Korea, for example, has limited oil exports to past volumes. China, a significant supplier of petroleum products to Asia, has banned exports and is considering price controls. Thailand, a major supplier of petroleum products to Vietnam, has imposed a “temporary” ban on exports.The multinational oil companies also no longer manage global distribution. Instead, it is every nation, every trader, every company for itself. This creates a series of disparate situations in which some countries and some consumers can meet their needs without difficulty, albeit at higher prices, while others find their supplies limited, if available at all.The situation in Europe is better than in Asia at the moment but will likely worsen in April after the last jet and diesel cargoes to exit the Strait of Hormuz before the war reach the region.Global Leadership VacuumWhereas prior US presidents and/or secretaries of the state, treasury and energy departments have worked to coordinate the global response to disruptions, the current administration seems unconcerned, as Secretary of Energy Chris Wright made clear with this remark at the recent CERAWeek by S&P Global conference in Houston: “Markets do what markets do. Prices went up to send signals to everyone that can produce more, please, produce more. The prices have not risen high enough yet to drive meaningful demand destruction.”At the same conference, Secretary of the Interior Doug Burgum chimed in with the following: “President Donald Trump is super empathetic, as we all are, about the fact that there’s been a temporary increase in pricing.” Neither Wright nor Burgum spoke of the disruption’s impact on the rest of the world. Others, however, did: “The fuel supply shortages would spread to Europe in April if the conflict continues,” Shell CEO Wael Sawan said, adding that “countries cannot have national security without energy security.”Sawan echoed words spoken in 1974 by Henry Kissinger before a joint Congressional committee, where Kissinger described the construction of international “cooperative institutions” after World War II and then added this admonishment: “We face another such moment today. The stakes are as high as they were 25 years ago. The challenge to our courage, our vision and our will is as profound.”Kissinger also noted that “international collaboration, particularly among the industrial nations of North America, Western Europe and Japan, is an inescapable necessity,” warning that “dangerous political consequences” would follow, absent cooperation, along with a global recession. Evidently, those in the Trump administration have decided to test Kissinger’s hypothesis.
German men need military permit for extended stays abroadSrinivas Mazumdaru4 - 5 minutesA new military service law took effect in Germany at the start of 2026 aimed at boosting the strength of the armed forces amid threats to European security in the wake of Russia's ongoing war against Ukraine. The legislation was contentious and many people even took to the streets to protest the potential reintroduction of mandatory military service — after conscription was suspended in 2011 — for men.But another provision in the law has so far gone largely unnoticed.It relates to a requirement for men between the ages of 18 and 46 to "obtain an approval from the relevant Bundeswehr Career Center if they wish to leave the Federal Republic of Germany for more than three months."The Frankfurter Rundschau, which reported on the provision on Friday, said the rule would apply regardless of whether a German man "planned a semester of studying abroad, working in a foreign country or going on a backpacking trip around the world."Germany seeks to recruit 80,000 more active soldiersWhat's the German military's take on it?A Bundeswehr spokesperson confirmed the report, telling the DPA news agency that in the event of a war breaking out, the military needed to know how many men were living long-term outside the country. While the law requires men to request the permit, the spokesperson clarified, it also obliges the military career center to issue it, if "no specific military service is expected during the period in question.”"Since military service under current law is based exclusively on voluntary participation, such permissions must generally be granted,” the official added.Acknowledging the "profound" impact of the amended conscription law, the Defense Ministry said it is working on new rules for exceptions to the exit permit requirement.It's unclear what consequences men who leave the country for longer than three months without the proper permit will face. When asked, the ministry spokesperson pointed out that "the regulation was already in place during the Cold War and had no practical relevance; in particular, there are no penalties for violating it.”Germany agrees on conscription frameworkWhat to know about the new military service lawThe new law that took effect on January 1, the so-called Military Service Modernization Act, aims to raise the number of active-duty soldiers from roughly 180,000 men and women at present to 260,000 by 2035.The legislation laid down the path to reach that goal.Chancellor Friedrich Merz's governing coalition was divided over compulsory military service.After heated debates, they finally agreed on a compromise, deciding that military service would remain voluntary for the time being.At the same time, starting from this year, all men turning 18 will have to fill out a form answering questions about their education, health status and willingness to serve in the armed forces.For women, answering the questions is voluntary, as they cannot be required to perform military service under the Constitution.From mid-2027, all men turning 18 will also be required to appear for a fitness test to determine who could be drafted in the event of conflict — a highly controversial measure that has been slammed by critics as a first step towards full conscription. Edited by: Sean Sinico
https://www.dw.com/en/german-men-need-military-permit-for-extended-stays-abroad/a-76662677CitarGerman men need military permit for extended stays abroadSrinivas Mazumdaru4 - 5 minutesA new military service law took effect in Germany at the start of 2026 aimed at boosting the strength of the armed forces amid threats to European security in the wake of Russia's ongoing war against Ukraine. The legislation was contentious and many people even took to the streets to protest the potential reintroduction of mandatory military service — after conscription was suspended in 2011 — for men.But another provision in the law has so far gone largely unnoticed.It relates to a requirement for men between the ages of 18 and 46 to "obtain an approval from the relevant Bundeswehr Career Center if they wish to leave the Federal Republic of Germany for more than three months."The Frankfurter Rundschau, which reported on the provision on Friday, said the rule would apply regardless of whether a German man "planned a semester of studying abroad, working in a foreign country or going on a backpacking trip around the world."Germany seeks to recruit 80,000 more active soldiersWhat's the German military's take on it?A Bundeswehr spokesperson confirmed the report, telling the DPA news agency that in the event of a war breaking out, the military needed to know how many men were living long-term outside the country. While the law requires men to request the permit, the spokesperson clarified, it also obliges the military career center to issue it, if "no specific military service is expected during the period in question.”"Since military service under current law is based exclusively on voluntary participation, such permissions must generally be granted,” the official added.Acknowledging the "profound" impact of the amended conscription law, the Defense Ministry said it is working on new rules for exceptions to the exit permit requirement.It's unclear what consequences men who leave the country for longer than three months without the proper permit will face. When asked, the ministry spokesperson pointed out that "the regulation was already in place during the Cold War and had no practical relevance; in particular, there are no penalties for violating it.”Germany agrees on conscription frameworkWhat to know about the new military service lawThe new law that took effect on January 1, the so-called Military Service Modernization Act, aims to raise the number of active-duty soldiers from roughly 180,000 men and women at present to 260,000 by 2035.The legislation laid down the path to reach that goal.Chancellor Friedrich Merz's governing coalition was divided over compulsory military service.After heated debates, they finally agreed on a compromise, deciding that military service would remain voluntary for the time being.At the same time, starting from this year, all men turning 18 will have to fill out a form answering questions about their education, health status and willingness to serve in the armed forces.For women, answering the questions is voluntary, as they cannot be required to perform military service under the Constitution.From mid-2027, all men turning 18 will also be required to appear for a fitness test to determine who could be drafted in the event of conflict — a highly controversial measure that has been slammed by critics as a first step towards full conscription. Edited by: Sean Sinico
Sector inmobiliario>Un techo para especular con él: así se pervirtió la vivienda y disparó la desigualdadEl ladrillo, convertido en el mayor depósito de riqueza del planeta, se ha transformado en el principal motor de exclusiónLo siento, pero es un artículo bastante largo y con gráficos incrustados (y es domingo de resurrección):https://archive.is/3BDO0
A raíz de que se está comentando que ya hay más gente cobrando la pensión máxima que la pensión mínima y del típico debate de que ellos han cotizado por ello y que lo que nos tendría que preocupar son los que cobrar sin cotizar he visto la siguiente respuesta/ejemplo de un tal Joan Gonales ingeniero/economista, es cierto?”Lo pongo en numeritos sencillitos con un ejemplo exagerado*. Siempre ajustado a inflación:Pensión no contributiva: - Cotizado: 0€ - Percibido: 628,80€ * 14 pagas * 21,87 años = 192.526€ - Diferencia: -192.526€Pensión 3.000€ contributiva**: - Cotizado: 3.000€ * 14 pagas * 45 años * 28,3% = 534.870€ - Percibido: 3.000€ * 14 pagas * 21,87 años = 918.540€ - Diferencia: -383.670€Que viene a ser que, en vuestros términos, se le "regala" el doble que a quien no cotizó.* ¿Por qué es un ejemplo exagerado?1) Los pensionistas no contributivos rara vez han cotizado 0€. Simplemente con cotizar un día menos de 15 años ya se percibe una no contributiva.2) He puesto 45 años, porque aquí todos empezasteis a trabajar con 7 años en las minas de carbón, pero el ejemplo funciona perfectamente con 38-39 años.3) He puesto 28,3% de tipo de cotización, realmente no todas las contingencias comunes sirven para financiar las pensiones contributivas. En estudios actuariales se utiliza una cifra que ronda más el 25% del salario bruto.4) He utilizado la misma esperanza de vida para ambos (la promedio en 2024 para >65), pero todos sabemos quién vivirá en promedio más años.** El cálculo de las pensiones viene a simplificarse en que, para una jubilación ordinaria con los años requeridos cotizados, si has percibido en los últimos 25 años un salario X ajustado a la inflación (donde X es superior a la base mínima e inferior a la máxima), tú pensión ajustada a la inflación será X.”https://x.com/jongonzlz/status/2040564736014659773?s=46
Perdonen el cambio de tercio. Traigo esto del directo del Confidencial Guerra de Irán contra Israel y EEUU: noticias de Trump y última hora del estrecho de Ormuz, hoy en directo https://share.google/XPp0wf2HR6hTZc880. Trump exige a los "locos cabrones" de Irán que abran para el martes "el puto estrecho" de OrmuzEl presidente de Estados Unidos, Donald Trump, ha enviado este domingo su amenaza más contundente, plagada de insultos, a las autoridades iraníes desde que bloquearon la navegación en el estrecho de Ormuz: o abren el paso para el martes que viene u ordenará un ataque masivo contra las infraestructuras iraníes."El martes que viene será el Día de las Plantas Energéticas y el Día de los Puentes, todo en uno", ha declarado Trump antes de asegurar que no habrá "nada que se parezca" al ataque que va a desencadenar si Teherán no acepta su ultimátum.Un aviso que Trump ha repetido en los términos más contundentes posibles: "Abrid el puto estrecho, locos cabrones, o vais a vivir en el infierno. Esperad y mirad. Alabado sea Alá", ha zanjado. Por cierto, Javier Gil sale en El País hoy.
El presidente Donald Trump tenía muchas buenas razones para despedir a la fiscala general Pam Bondi; eligió la única mala.Cuando el presidente anunció el jueves la salida de Bondi de su gabinete, ofreció los falsos elogios de rigor y el frío consuelo que acompañan a tales defenestraciones. Pero el verdadero motivo del descontento de Trump con la fiscala general era, al parecer, la incapacidad de esta para satisfacer la necesidad de venganza de Trump contra sus enemigos. No procesó a suficientes adversarios de Trump y los casos que llevó resultaron un fracaso.
Cómprate ahora un terreno rústico y constrúyete una vivienda, a ver que pasa. En territorio Español hay miles de estas que describe el artículo, son unas generaciones que han hecho lo que les ha salido de los huevos, con total impunidad. Ahora son los que se quejan absolutamente de cualquier proyecto urbanístico pidiendo solo zonas verdes, peatonales, huertos urbanos, trabas medioambientales, etc.HIPÓCRITAS!!!LA VIVIENDA EN ÁREAS TURÍSTICASUrbanismo ilegal en suelo rústico en Mallorca: las 15.817 casas que no existenUn estudio del MIT pone a la isla frente al espejo de una realidad inmobiliaria ignoradaEn Mallorca hay 15.817 casas que no existen. Están diseminadas en el campo, en suelo rústico con vocación agraria, pero no existen porque son ilegales y porque ni las administraciones ni los ciudadanos han querido verlas a lo largo de los años y han preferido mirar hacia otro lado. Un estudio elaborado por un equipo de investigadores del Instituto Tecnológico de Massachussets (MIT) ha puesto por fin a Mallorca frente al espejo de una realidad conocida por todos y a la vez ignorada de forma premeditada.[...]