Governments around the world are struggling to deal with the economic impacts of the Iran war.
That is somewhat understandable. They were blindsided by the Trump administration’s decision to ignore the risk that Iran would close the Strait of Hormuz if it was attacked, a contingency that had deterred every previous U.S. government.
The black swan, then, is the Trump administration’s decision to attack, not the energy crisis that it created. Nevertheless, the pain is proof that while economic security is a proclaimed priority for governments around the world, they aren’t doing it right.
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