Richard D. Wolff & Michael Hudson: Oil Prices About to Surge? Persian Gulf & Red Sea Threat
Examines Middle East tensions and Iran conflict risks. Markets remain stable despite war rhetoric—oil up <2%. Conflict could spike prices, block Hormuz, trigger Global South debt crises. Explores US shift toward military-centric colonialism, rejecting UN/international law for a power-based "rules order." China/Russia backing Iran raises escalation risks; any strike could prompt rapid, total retaliation. Vietnam/Afghanistan parallels warn of overreach amid relative US decline. Covers energy security, China's renewable transition, and dangers of weaponizing oil supplies. As global institutions…
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