The US-Israeli war on Iran is transforming the geopolitical order, and could even unleash a global economic crisis. The conflict has caused the largest oil shock in history, disrupting global markets and driving up fuel and food prices.
To better understand the implications for the world, Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson, who discussed how Iran is challenging US dollar dominance and undermining Washington’s control over the global oil market, which has been a key pillar of US foreign policy.
VIDEO: https://www.youtube.com/watch?v=kocFwbTbs1Q
Read the transcript here: https://www.geopoliticaleconomy.report/p/war-iran-change-economy-michael-hudson
Topics
0:00 Intro
4:29 Highlights
7:21 Interview starts
10:10 US plan to control oil
12:25 USA war strategy
18:55 Struggle for sovereignty
21:06 Why the war started now
26:05 Petrodollar system
30:16 Strait of Hormuz
32:02 Largest oil crisis ever
34:14 Energy & food crisis
37:10 Debt crisis
39:31 Outro
