Economic meltdown of 2033

Here is the extract of the Economic Meltdown of 2033 from the Black Earth timeline.

''2033, May 6th - Three major banks default in the midst of the largest energy crisis the world had ever seen. Oil prices explode, major oil producing countries mainly in the Persian Gulf attempt to extort the rest of the world which leads to a major diplomatic breakdown. By the end of the month millions of people lose their job and their homes and the US, EU and China mobilize for war with a clear ultimatum against the oil production cartel.''

''2033, June 4th -  The world falls in disarray as a third world war seems to be imminent with Russia’s involvement and China being on the fence about their military alliance with the west. As a deus ex machina the International Thermonuclear Experimental Reactor (I.T.E.R.) announces that nuclear fusion has finally been achieved. Mankind’s energy problem was on the way to be a thing of the past. The news from ITER was enough to allow countries to take a step back from the imminent hostilities. Oil would no longer rule the world’s economy.''

''2033, September 10th - Having the know how of nuclear fusion with hundreds of reactors being scheduled to be built throughout the world, US, UK and Australia bring forth a bold UN proposition to bring all nations of the free world under a single political entity, in essence upgrading the political status of the UN. Months of negotiations and public discourse follow and people throughout the world seem to converge to a global political union. This is of course not without incident as a good part of the citizens take to the streets in an attempt to protest the UN proposal.''