Glenn Diesen - Greater Eurasia Podcast Michael Hudson: World Will Not Be the Same After the Iran War
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Apr 1, 2026 
Michael Hudson, classical economist and author critical of financialization and debt, warns the Iran war has permanently reshaped the global economy. He discusses oil control and sanctions strangling trade. He highlights fertilizer and energy shocks, looming defaults, and a shift of economic power toward Asia. He calls for new international institutions as Western dominance unravels.
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War on Iran Broke The Global Economic Foundation
- The Iran war has made the global economy permanently unstable by interrupting oil, fertilizer, helium and other exports.
- Michael Hudson argues U.S. attempts to control oil routes and seize petroleum revenues created irreversible breaks in global supply and payments.
Cheap Credit Built A Fragile Financial Pyramid
- U.S. zero interest rate policy after 2008 created asset-price inflation and a fragile financial pyramid dependent on cheap credit.
- Hudson explains low rates fueled private equity leverage, housing and stock bubbles that now unravel as rates and defaults rise.
Europe's Self-Imposed Energy Suicide
- Europe's sanctions on Russia and cutting Russian gas are pushing its economy toward decline and possible structural collapse.
- Hudson warns Germany's GDP fall after cutting Russian gas foreshadows broader European economic pain and social retrenchment.