294 - Michael Hudson: Iran, Oil, and Global Depression

Michael Hudson is Distinguished Research Professor of Economics at the University of Missouri, Kansas City and President of the Institute for the Study of Long-Term Economic Trends. He researches domestic and international finance, economic history, and the role of debt in shaping economies and societies. In this episode, Michael and Robinson discuss the war in Iran and Michael’s prediction that it will cause a global depression. More particularly, they talk about oil and the Strait of Hormuz, which countries Michael thinks will suffer most, his skepticism about the changes the 2026 elections can deliver, and his criticisms of how economists describe the American economy. They also discuss AI and the future of employment, Donald Trump’s foreign policy, China’s role in the international economic order, instability in Europe, and the future of the United States. Michael’s recent book is Temples of Enterprise (ISLET, 2024).

Michael’s Website: https://michael-hudson.com

Temples of Enterprise: https://a.co/d/a3c53dm

OUTLINE00:00 Introduction00:23 Iran War Will Cause a Global Depression10:57 The 2026 Elections Mean Nothing19:45 2026 Voters Can Do Nothing About AI, Israel, or Iran30:51 Economists Are Lying About the State of the Economy38:02 Different Economic Metrics42:25 AI and an Employment Collapse48:35 Trump Is Choking the World's Oil59:32 The Strait of Hormuz1:04:16 The Iran War Will Destroy These Countries First1:12:27 Trump Wants the World to Pay Tribute1:17:43 Is China the Hero?1:28:16 Destabilization in Europe1:37:32 Anti-Protest Drone1:40:20 What Does Chinese Dominance Look Like?1:46:15 Where Does History Go from Here?1:55:39 Where Does the United States Go from Here?

Robinson Erhardt researches symbolic logic and the foundations of mathematics at Stanford University, where he is also a JD candidate in the Law School.