Geopolitics
Economist David Morgan Warns Iranian Oil Won't Solve US Debt Crisis
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Putin Warns West as NATO Targets Russian Energy Infrastructure, Tucker Drops Bombshell | Redacted
"The core thesis is Iranian oil coming back is deflationary at the margin, but it's not a cure for the debt-based system. Cheap oil can buy time. It cannot buy monetary systems built on debt deficits and the political class."
Economist David Morgan argued that while Iranian oil returning to market through the Strait of Hormuz may temporarily lower gas prices, it does nothing to address the fundamental $39 trillion US debt problem. Morgan warned that gold has replaced the US dollar as the main reserve asset for central banks globally for the first time since the gold standard era, signaling loss of confidence in the dollar. He stated America can no longer produce its way out of debt like post-WWII because manufacturing has been outsourced.
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