Economic Implications of the U.S. War on Iran
Economic Update with Richard D. Wolff
Democracy at Work
4.8 • 2.1K Ratings
🗓️ 14 April 2026
⏱️ 31 minutes
🧾️ Download transcript
Summary
This week on Economic Update, Professor Wolff discusses the 3800 Colorado meatpackers on strike before diving into a presentation on how the war on Iran and the closure of the Strait of Hormuz have disrupted the production and transportation of oil and gas sufficiently to drive up oil and gas prices globally, while also raising the prices of fertilizer and plastic and, via rising diesel fuel prices, all products brought to retail by trucks. In short, inflation was stoked by the war. Requesting $200 billion for the war on Iran deepens the U.S. fiscal crisis even further, stretching NATO almost to the breaking point. Trump's popularity appears to be in a tailspin.
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Transcript
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| 0:00.0 | Welcome, friends, to another edition of Economic Update, a weekly program devoted to the economic |
| 0:27.2 | dimensions of our lives and those of our children. |
| 0:31.5 | I'm your host, Richard Wolfe. |
| 0:35.0 | Before we begin today, I want to remind everyone that recordings of my latest online |
| 0:40.8 | course, Marxian class analysis with Professor Sharam Azar, are available for purchase on our |
| 0:48.7 | website throughout the month of April. Lecture summaries and presentation materials are also included with these recordings. |
| 0:58.9 | Our goal is to make the information presented in these courses available for those who could not |
| 1:04.9 | attend the live sessions and to give you the opportunity to go through it all at your leisure. |
| 1:12.5 | And to sign up for the live online Q&A recap with both Professor Azar and myself, |
| 1:20.5 | which will happen a little bit later. |
| 1:23.8 | For more information, visit our website at Democracy at Work.Info slash classes, and remember to sign up for our weekly newsletter for exact details about this and other events coming this spring. |
| 1:40.0 | And please remember to like, subscribe, and share this video with others. |
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| 1:57.0 | Go to patreon.com slash Democracy at Work, or you can find the link in the description below. |
| 2:06.6 | Okay, today's economic update wants us to catch up in a way, catch up with the labor movement because of what's |
| 2:22.3 | happening to it in the United States, and then catch up to the enormous economic |
| 2:29.8 | influence and importance of the war of Israel and the United States against Iran. |
| 2:37.7 | So let me begin with the strike story. |
| 2:41.6 | 3,800 workers, that's a big plant, are striking the JBS-owned Swift Meat Company plant in Greeley, Colorado. |
| 2:56.3 | This is the first strike in meatpacking in 40 years. |
| 3:01.1 | Now right there is an important reality. |
... |
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