economy
Iran could be the US's Boer war: a hollow victory that marks the beginning of the end of empire
US leaders anticipated a walkover. Now they’re embroiled in a conflict that could hasten the end of US economic dominance
TL;DR
- The war in Iran is compared to the Boer War, where superior military power achieved victory at a high cost and damaged prestige.
- The conflict has spilled into the wider Middle East, causing disruptions to oil and gas facilities and the Strait of Hormuz.
- Rising oil and gas prices have increased inflation and are contributing to fears of a global recession.
- The assumption of a quick US victory has proven questionable, as Iran continues to fight back and inflict economic damage.
- The war highlights the vulnerability of global supply chains and the need for greater self-sufficiency, particularly in renewable energy.
- The US faces a choice between ending the war with the Iranian regime intact or prolonging it, risking economic pain and political backlash at home.