Episode Details

The global economy is starting to panic, as the war in Iran is not only a military war, but an economic war... and everything from Iran's restrictions on the Strait of Hormuz, to the various attacks on energy infrastructure across West Asia, as the U.S. and Israel have continued to escalate the conflict, has put the world's supply of oil, gas, fertilizer, etc. in a dire position.

Prof. Richard Wolff, an American Economist and founder of Democracy at Work, noted that the Petrodollar as we know it is OVER with the War in Iran, because the Gulf states are learning the hard way that they can no longer rely on the U.S.

He also predicted it will be the start of a major shift away from reliance on oil and gas, and towards new partnerships, as countries like Russia and China continue to stand with Iran, and U.S. allies from Europe to Asia, feel the pain of this war.

Source links: https://rachelblevins.substack.com/p/iran-war-energy-economy-richard-wolff/

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