Sometimes, as the old saying goes, it’s difficult to see the forest through the trees.
But the Iran war has been going on long enough now for us to see some clear patterns taking shape.
The Iranians have made good on their prewar threat to shut down the Strait of Hormuz, a vital waterway directly off their coastline through which 20 percent of the world’s oil and nearly 50 percent of the world’s fertilizer supplies must pass.
To seal it off for a significant amount of time, not to everyone but to Iran’s U.S.-backed enemies, will bring a global recession while helping Russia and China. Some analysts say the war has already accomplished that purpose and if it ended tomorrow it would take six months to a year to recover. But if the strait stays closed for another month or two we could be headed for not just a recession but a global depression the likes of which have not been seen in many decades.
History tells us that wars, pandemics and economic upheavals inevitably cause tremendous global …
