"How the War With Iran Will Trigger a
Global Financial Crisis (w/Yanis Varoufakis)"
The Chris Hedges Report, 3/17/26
"Alongside the death and destruction occurring all throughout the Middle East as the war in Iran rages on, the rest of the world is experiencing the economic blowback of the conflict. Oil and natural gas prices are skyrocketing in the West as well as the Global South following the closing of the Strait of Hormuz.
Yanis Varoufakis, economist and former Greek finance minister, joins The Chris Hedges Report to explain how the war will continue to mangle the global economy and what countries can expect in the coming months. “The vast majority of the very people, the blue collar workers that voted Trump in, are suffering exorbitant increases in their transport costs. Let’s not forget that the average MAGA supporter, voter, travels 100 miles a day in very thirsty SUVs, cars, and that… increase in the gas price goes straight into their family budget,” Varoufakis explains.
“Europe is in an awful situation,” Varoufakis says. “I was looking at electricity prices today across Europe and I saw that in Spain, a kilowatt hour was worth 35 euros, something like 40 bucks. In Germany, it was 98. And in my godforsaken country, Greece, it was 144 euros. So it is not just that a wave has hit us in Europe from this recessionary tsunami. It has hit us asymmetrically. And the asymmetries are due to the relative power of the local oligarchies.”
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