Iran War could crash world economy – here's how... Share Tweet All the warning lights are flashing. After a month of the US and Israel relentlessly bombing Iran, and with the Strait of Hormuz still closed, the economic consequences of the Iran war mean serious trouble for economies worldwide. Stagflation, factory shutdowns, falling crop yields, and rising interest rates are no longer hypotheticals – they are unfolding in real time, and growing more severe by the day.Who will be hardest hit by the fallout from this US-Israeli aggression? As with any imperialist war, it is the working class who are made to pay the price. An estimated 45 million people are projected to fall into severe poverty as a result of the war.In the advanced capitalist economies, any gains made by ordinary people since the end of the pandemic are being wiped out. Serious bourgeois economists and commentators are growing anxious – not because their own fortunes are at stake, but because of the revolutionary implications of a new global slump.In this week's episode of Against the Stream, Hamid and Jorge examine the enormous economic fallout of the Iran war. They also take on a viewer's question about whether socialism can be achieved through parliament.New episodes of Against the Stream air every Thursday at 6pm GMT on YouTube.
