Why is everything dropping?

> This is a classic petrodollar shock, the system is being forced to find dollars, fast.
With oil ripping toward $100, this has caused a global funding event. Every oil-importing country (China, India, Europe, Japan, South Korea, they buy 70% of the world's oil) now needs more dollars to pay the same volume of crude.
At the same time, most cross-border liabilities are denominated in dollars, and total outstanding liabilities far exceed annual cashflows. That creates structurally inelastic USD demand: debt servicing requirements remain fixed while cashflows adjust slowly, especially under rising energy costs.
The only solution is by selling assets. So the response reflexive:
→ Sell what you can (equities, gold, crypto)
→ Raise dollars
→ Pay for energy + service USD-denominated debt
This is why the selloff is broad and synchronized.