The David Lin Report 'Complete Catastrophe': Economist Says U.S. Losing The War And Going Broke | Steve Hanke
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Mar 30, 2026 Steve Hanke, Johns Hopkins Professor of Applied Economics and currency expert, breaks down how the Iran war is disrupting oil markets and exposing U.S. fiscal vulnerabilities. He discusses tanker maneuvers, physical oil shortages versus paper markets, Iran’s leverage over the Strait of Hormuz, rising bond yields, and why gold could surge to multi-thousand dollar levels.
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Iran Is Exporting More Oil At Higher Prices
- Iranian oil exports increased since the war started and are sold at higher prices with smaller discounts.
- Steve Hanke cites reports and his own inflation/currency measures showing Iran's rial appreciated ~6% while inflation eased from >80% to ~67% annually.
Control Of The Strait Gives Iran Strategic Leverage
- Iran controls the Strait of Hormuz and that control gives it leverage to sustain elevated oil prices.
- Hanke argues Tehran can maintain a 'rope-a' strategy, absorbing strikes while choking Gulf throughput and hurting Western economies.
US Chooses Market Stability Over Interdiction
- The US Navy avoids stopping Iranian tankers to prevent further oil price spikes and keeps oil flowing.
- Hanke says sanctions on shadow fleets were relaxed to let Russian oil into markets and blunt price surges.