Oil Prices, Housing Crisis, and Economic Turmoil

This chapter explores the potential implications of OPEC's decision to cut oil production, predicting a rise in oil prices to $100 per barrel and its impact on global economies, especially the U.S. The discussion also highlights the challenges faced by Americans due to rising mortgage rates and a declining housing market, which are exacerbated by inflation and financial strain on consumers. Furthermore, it draws parallels between current economic conditions and the Great Depression while cautioning against simultaneous rate increases by global central banks.