Secondary effects and global poverty

In this episode of The Econoclasts, Yanis Varoufakis and Wolfgang Munchau dismantle the narratives surrounding the closure of the Strait of Hormuz, breaking down how the resulting energy shock could trigger a permanent global recession. As the West faces systemic economic damage and a depleted military arsenal, and Russia reaps a massive financial windfall, is the West sleepwalking into a dual defeat in both Iran and Ukraine?

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