Khaberni - Michael Hudson, an economics professor from the University of Missouri-Kansas City, warned that the world is on the verge of an unprecedented economic collapse since the 1930s due to conflicts in the Middle East.
Hudson confirmed in a talk on "YouTube" that avoiding this disaster has become impossible under the current circumstances.
He pointed out that the most severe repercussions are not only in oil prices but in the shortage of fertilizers and helium, which now threaten the global agriculture and industry sectors.
With Iran banning fertilizer exports through the Strait of Hormuz, the world enters its agricultural season without sufficient fertilizer coverage, signaling a complex food crisis, in addition to the destruction of helium reserves coming from the region without available alternatives, prompting major companies to reduce their usage of this vital element in the aerospace, medical, and semiconductor industries.
Hudson explained that the crisis has exceeded the stage of political decision-making, noting that even if Washington immediately abandoned its approach and committed to the principles of the United Nations, the structural damage that has occurred to global supply chains is now difficult to repair quickly.
He concluded that the world will inevitably face the most severe economic recession since the Great Depression of the 1930s, regardless of the political and military outcomes of the ongoing conflict.
These warnings come in the context of ongoing joint American-Israeli military operations against Iran since February 28, while Tehran affirms its right to self-defense and refuses to return to the negotiation table.
