Jeffrey Sachs

Yeah.

It's the place where rich people go to put their money in the region.

Of course, it's completely destabilized by all of this.

It's a complete disaster for them, what's happened.

But they are girding

for the downstream effects of what I'm talking about, which is that first you get the physical destruction, then you get the real economy, so-called, the actual physical production of industrial products, of employment in the manufacturing sector and cascading across the economy, having a huge impact

negative consequences, but then you get the financial effects because people say, is this place viable anymore?

I'm withdrawing my money.

But the Emirates operates on a U.S.-backed dollar standard, and suddenly you have a run on your banks.

You have a run on your financial markets.

So they're already asking, can we have emergency lines of credit?

And maybe yes, maybe no, but that's the tip of the iceberg of the financial consequences that can come from all of this.

So you get a huge cascade of effects.

And then I want to mention, because I want to mention for completeness, it's more speculative, but the daily evidence is growing, that the

what we call the inter-annual phenomenon of ENSO, which is fluctuations in air pressure and currents or sea surface temperatures in the Pacific, which cause El Niños, which people know about, and La Niñas.

It looks like a very large, maybe what they're calling a super El Nino, is building for later this year.

And it may not happen, but the evidence is growing that it seems like that's the case.

So people might be curious, what does that mean?

It means that warm surface water over the Pacific would spread to basically the west coast of South America.

When you get a very powerful El Nino,