294 - Michael Hudson: Iran, Oil, and Global Depression
Summary
Michael Hudson argues that the Iran war will trigger a global depression by spiking energy and food costs, forcing nations to default on dollar-denominated debts. He contends that US economic policy, which weaponizes the dollar and oil, is driving allies and the Global South to decouple from the American system. The discussion also critiques misleading GDP metrics, the deindustrialization of the US economy, and the impracticality of AI-driven labor displacement.
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