News Summary

• Atul Singh and Glenn Carle argue that the Iran war has triggered a massive supply shock to the economy.
• Oil, gas, fertilizers and industrial inputs are scarce, causing shortages and price rises in the real economy.
• The resource, financial and security architectures of the post-World War II era are crumbling as the limits of American power become visible to the entire world.
• Atul calls the crisis the most severe supply-side shock since the 1970s, which has disrupted energy flows, industrial inputs and shipping routes.