Today’s ongoing sanctions against Iran cannot be understood in their full weight and international ramifications without this historical background.
2020 has brought us two so far: the COVID-19 and the collapse of oil prices. Each will have potent consequences for the American Empire.
If the bailout doesn’t happen, there’s always another war in the Middle East to look toward.
The days of unconstrained growth are past; so, to, are the days of unrestrained domestic oil production. The U.S. will have to learn how to live in a world where the price of oil is jointly set based upon production quotas jointly agreed to. The U.S. will be, once again, a net importer of oil. The short-lived era of U.S. energy independence has been resigned to the pages of history.