The war on Iran is transforming the global economy: Economist Michael Hudson explains how
From Geopolitical Economy Report by Ben Norton
March 29, 2026 · 40 min
About this episode
Economist Michael Hudson discusses the implications of the US-Israeli war on Iran for the global economy and oil market.
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
People in this episode
Host: Ben Norton
Guest: Michael Hudson
Topics covered
- geopolitical order
- global economy
- oil market
- US foreign policy
- economic crisis
- Iran
- US dollar dominance
Keywords
- Iran
- US-Israeli war
- global economy
- oil shock
- Michael Hudson
- US dollar
- energy crisis
- food prices
- debt crisis
Mentioned in this episode
Organizations: US dollar, Washington
Places: Iran, USA, Strait of Hormuz
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