Throughout the world, rising oil and gas prices will force economies to choose between having to cut back domestic social spending in order to pay their dollar debts. This war is splitting the US/NATO West from the Global Majority, by creating strains that Japan, Korea and even Europe no longer can afford. The chaotic effect of the U.S. attack has destroyed the narrative that has enabled U.S. diplomats to demand subsidy and “burden sharing” for its global military spending. The predicate fiction is that the world needs U.S. military support to protect it against Russia and China, and now Iran, as if these countries pose a real threat to Europe and Asia.
But instead of protecting the rest of the world by waging the present Cold War . the chaos in world oil and gas markets resulting from its attack on Iran show that the United States actually is the greatest threat to the security, stability and prosperity of its allies. Its attack has fallen largely on its closest allies – Japan, South Korea and Europe. Their gas prices have soared by 20% and are now on their way further upward today. Korea’s stock market has plunged 18% in the last two days. All this is shifting support for removing U.S. control of Near Eastern oil and reorienting it to a market free from U.S. demands for control and dollarization of the world’s energy trade.
- How China Can Burst the Bubble of Donald Trump’s American Empire
Ron Unz • The Unz Review • January 19, 2026 • 10,100 Words
I think that the result would be the sort of American financial collapse that might produce a swift surrender, forcing the immediate end of the Iran War and saving the world from a looming nuclear disaster.
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