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 face defunding, unilateral moves may isolate the US and destabilize world economies. Discussion highlights how short-term geopolitical gambles intersect with long-term structural shifts, questioning whether current strategies manage decline or accelerate disorder.

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