I am old enough to remember the 1973 oil shock which threw the global economy into two years of recession. All the US bases in the Persian Gulf have been demolished by Iranian missiles and drones. From everything that has happened this past week, it is certain the global economy will go into a deep slump. We have not even convened a high-level national security meeting to assess the coming crash. While facing possible oil supply shortages and the thinning of remittance flows, our politicians are trying to impeach the Vice President.

Source: Philippine Star March 06, 2026 17:39 UTC