The war on Iran is transforming the global economy: Economist Michael Hudson explains how

The US-Israeli war on Iran is transforming the geopolitical order, and could even unleash a global economic crisis. The conflict has caused the largest oil shock in history, disrupting global markets and driving up fuel and food prices. To better understand the implications for the world, Geopolitical Economy Report editor Ben Norton interviewed economist Michael Hudson, who discussed how Iran is challenging US dollar dominance and undermining Washington’s control over the global oil market, which has been a key pillar of US foreign policy. VIDEO: https://www.youtube.com/watch?v=kocFwbTbs1Q Read the transcript here: https://www.geopoliticaleconomy.report/p/war-iran-change-economy-michael-hudson Topics 0:00 Intro 4:29 Highlights 7:21 Interview starts 10:10 US plan to control oil 12:25 USA war strategy 18:55 Struggle for sovereignty 21:06 Why the war started now 26:05 Petrodollar system 30:16 Strait of Hormuz 32:02 Largest oil crisis ever 34:14 Energy & food crisis 37:10 Debt crisis 39:31 Outro