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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