Deal or no deal? For the last few days, that has been the question swirling around the

U.S. and Iran. Both countries said they were planning to extend their on-again off against ceasefire.

Neither country seemed eager to share the terms of that agreement in writing until yesterday.

It's a page and a half.

Justin Wolfer's from over at Platypus Economics had been waiting for this moment.

Not like he had high hopes about what he was going to find.

If someone has something awesome, they can't wait to show it to you.

Therefore, if they can wait to show it to you, you should infer its...

Not so great.

In process, being workshopped.

President Trump was certainly keeping his options open. He got in front of multiple

microphones to say he could renege on this ceasefire anytime, that if he did, he could

simply blame J.D. Vance. But if this thing holds,

I wanted Justin to explain what happens then? I think of the war in Iran as a crisis of many

kinds. Yeah. Like it's a human crisis. People have been killed, thousands of people. It's a crisis of democracy because the way we went to war here did not involve Congress, incredibly ham-handed, just stumbling into war. I think of it as a crisis of international diplomacy because of how little we looped in our allies, right? But it was also an economic crisis or is an economic crisis.

How big of an economic crisis? The answer is really, really big.

Economically, was this a different kind of crisis than you expected at the beginning of the war?

Because you came on at the start and you were like, listen, everyone keep your powder

dry for a second.

This isn't the 1970s.

The United States is more energy independent.

We're going to have to see how this goes.

...