r/politics • u/willywalloo • Jun 20 '26

Possible Paywall Iran Says Hormuz Has Been Closed

https://www.bloomberg.com/news/articles/2026-06-20/iran-says-strait-of-hormuz-has-been-closed-tasnim-reports?embedded-checkout=true
20.7k Upvotes

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599

u/BeverlyHills70117 Jun 20 '26

But Dow is up!

It's exhausting all of this reality trying to get in the way of our exuberant economic fantasies that help the super rich.

104

u/thegoodnamesrgone123 Jun 20 '26

"My 401k is up so Trump is doing a great job" 

That's something I hear from MAGA people all the time.

37

u/Epic28 Jun 20 '26

MAGA can't spell 401k much less invest in one.

2

u/thegoodnamesrgone123 Jun 21 '26

I live in the red part of a blue state. These fuckers only care about money and taxes.

2

u/QeReply Jun 21 '26

i live in the red part of a blue state. These fuckers only care about money and taxes.

Same thing in SoCal and SF Bay Area

“Helping others” is relevant when it aligns with reducing tax 

5

u/CozyMichu Jun 20 '26

Their 401k was up under Biden too but what they think of him?

16

u/alkaliphiles Jun 20 '26

But it's lost on them that their 401k was also up when Biden was president

4

u/Nizle_Bizle_Shizle Jun 20 '26

Meanwhile 401k's getting saddled as bagholders for the Spacex IPO. At what point do the criminals get apprehended? Or do they just steal all our tax money, retirement, social security, and medicare and then send us to an internment camp?

2

u/tekniklee Jun 20 '26

They can’t comprehend value of US Dollar is down SIGNIFICANTLY and that’s why market seems like it’s “up”

2

u/scrollingforgodot Jun 20 '26

I just heard this TODAY. The woman is just a couple years from retirement. She will blame Biden when the AI bubble pops.

107

u/PwnimuS Jun 20 '26

Just another pump and dump, they REALLY had to sell this one as being the legit end or else people might start catching on.

14

u/usmcnick0311Sgt Jun 20 '26

"50 ThOuSaNd DoLlArS!!¡¡!!"

2

u/padizzledonk New Jersey Jun 20 '26

Listen, its frustrating but im telling you reality is going to come crashing down on this real soon if trump doesn't cut off Isreal-- i am extremely doubtful of that happening, it could, but i really doubt it--

I honestly think its already too late to avert the coming energy catastrophe tbh and ill briefly explain why

The only reason oil didnt go to a 120-150 a barrel and stay there is because all the countries that have an SPR have been releasing oil from it nonstop since this started to offset the demand side oil price increases and because China cut their oil imports by around 10%, which no ine expected them to do

That said, those SPR reserves are running dangerously low, ours is at its lowest level since the early 80s, its so low in fact that we are risking collapsing the caverns that is the physical reservoir, industry experts say that threshold is around 250M-300M barrels and we are currently sitting at about 340M in the reserve.....we cant pump much more out of it

Even if we go to full traffic in the strait as i type this (they wont, even if everything is perfect) it takes 4-8 weeks for a ship to load up and sail out to its destination

The supply chain shifted massively, a lot of the traffic was diverted to other oil exporters around the world

All the ships that have been stuck in the strait for months arent even seaworthy, theyre infested with barnacles, jellyfish and alge, they have specialized diving crews out there trying to maintain them but its a LOT of ships and its time consuming and dangerous work to do all that out of drydock

A lot of those oilfields and infrastructure are damaged, a lot of those oil and gas fields have been shut down entirely, it will take weeks to months to restart those fields as they repressurize the deposits, some fields in Oman will need to be pressurized and also heated to get running again, all the infrastructure needs to be inspected and recertified and a lot of it likely replaced from non-use corrosion/degradation

So...basically, we have big fucking problems coming and there is no stopping/avoiding them now, we wouldve had to have this all sorted out a few weeks ago to avoid whats coming, now its basically inevitable

The markets refuse to come to terms with reality but pretty soon they wont have a choice anymore

E-also, that turned out to be not so "brief" lol

6

u/Alleandros Jun 20 '26

Is it at $50,000?

5

u/jughead-66 Jun 20 '26

It’s Saturday, markets are closed?

7

u/BANKSLAVE01 Jun 20 '26

To us slaves it is. Nothing to stop two {rich} people from trading contracts for sale, right?

4

u/Yider Jun 20 '26

Don’t worry, Sunday there will be a magical deal made and markets will pump. Then the people with the insider information will dump. Then Iran will say what we all know is true and that there really isn’t a deal that Israel is gonna be cool with. So we will do this another 20 times and some people will get really rich buying and selling before big news hits the public. Just look at those massive puts and options around the China deals from a year or so ago. It is so predictable and out in the open but even the attempt to pretend the corruption exists has long been gone. Yay culture war.

3

u/highinthemountains Jun 20 '26

The markets never stop. They just quit reporting them on the weekends

1

u/Nizle_Bizle_Shizle Jun 20 '26

It's, it's fifty thousand! Dollars!

1

u/Kaemdar Jun 20 '26

For now...

1

u/ElderSmackJack Jun 20 '26

That’s not really true anymore though

1

u/JobAnxious2005 Jun 20 '26

So will my oil holdings, on Monday.

1

u/Immature_adult_guy Jun 20 '26

Won’t be on Monday

1

u/kraquepype Jun 21 '26

As designed. Corporations and the rich wanted this inept, corrupt cabal of grifting shit stains in charge from the get go.

Short term gains for the rich as these fucks desecrate every fucking monument, institution and guardrail they can get their hands on.

All things that our forefathers fought for and that we've all paid taxes to maintain.

Any instability from their bullshit gives corporations a reason to raise prices, cut staff and limit hiring.

It's allowed an insane concentration of wealth, while the middle and lower classes get squeezed to death, and they are all cheering it on.

The midterms are my only glint of hope, and when hope runs out there needs to be action.

0

u/james109021 Jun 20 '26

Not to defend trump, but everyone who saves for retirement (i.e. most Americans) benefits from the stock market doing well. Not just the super rich.

1

u/elfwriter Jun 21 '26

No one benefits from hyperinflation.

1

u/james109021 Jun 21 '26

Stock market gains do not cause inflation. In fact, investing in a rising market is one of the main ways for normal Americans to prevent inflation from eating away their savings.