GoodFellows: Conversations on Economics, History & Geopolitics Iran, Tariffs, Epstein | GoodFellows | Hoover Institution
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Feb 25, 2026 
H. R. McMaster, retired lieutenant general with national-security expertise; John Cochrane, economist focused on tariffs and macro policy; Sir Niall Ferguson, historian of economic and international history. They debate U.S. options on Iran and timing of action. They unpack the Epstein revelations and their reach in Britain. They analyze the Supreme Court ruling on tariffs and political and economic fallout.
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Regime Alteration Is Targeted Leadership Removal
- Regime alteration aims to remove leadership without imposing Western-style democracy.
- Niall Ferguson argues the U.S. could seek to decapitate Khamenei-era rule and install a government more aligned with Washington, similar to Venezuela tactics.
Iran Strikes Risk Global Economic Shock
- Iran's retaliation risk includes disrupting the Strait of Hormuz and possible state collapse.
- Ferguson warns that strikes could provoke scorched-earth tactics harming global oil flows or trigger chaotic collapse like post-2003 Iraq.
Royal Scandals Hurt Individuals Not Monarchy
- The royal family endures scandals because institutions outlast individuals.
- Niall Ferguson notes second sons historically embarrass the monarchy and public reverence for the crown limits Republican sentiment.
