Economic Implications of the U.S. War on Iran

This week on Economic Update, Professor Wolff discusses the 3800 Colorado meatpackers on strike before diving into a presentation on how the war on Iran and the closure of the Strait of Hormuz have disrupted the production and transportation of oil and gas sufficiently to drive up oil and gas prices globally, while also raising the prices of fertilizer and plastic and, via rising diesel fuel prices, all products brought to retail by trucks. In short, inflation was stoked by the war. Requesting $200 billion for the war on Iran deepens the U.S. fiscal crisis even further, stretching NATO almost to the breaking point. Trump's popularity appears to be in a tailspin. The d@w Team Economic Update with Richard D. Wolff is a DemocracyatWork.info Inc. production. We make it a point to provide the show free of ads and rely on viewer support to continue doing so. You can support our work by joining our Patreon community: https://www.patreon.com/democracyatwork Or you can go to our website: https://www.democracyatwork.info/donate Every donation counts and helps us provide a larger audience with the information they need to better understand the events around the world they can't get anywhere else. We want to thank our devoted community of supporters who help make this show and others we produce possible each week. We kindly ask you to also support the work we do by encouraging others to subscribe to our YouTube channel and website: www.democracyatwork.info