Economic consequences of a war with Iran

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Ben Cohen
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If you thought the wars in Iraq and Afghanistan were expensive, a quagmire in Iran would almost completely destroy the U.S economy. From Chris Hedges of Truthdig:

An attack on Iran, which Israeli and Bush
administration officials appear set to carry out if Iranian uranium
enrichment is not halted, would ignite a regional war in the Middle
East and lead to economic collapse and political upheaval in the United
States.

“In short and simple terms, we would be
plunged into a depression that would make the Great Depression of the
1930s in which I spent my childhood look like boom times,” said William R. Polk,
former professor of history at the University of Chicago and a member
of the Policy Planning Council under President Kennedy. “Industries
would fail, banks would collapse, government revenues would dry up,
universities would have to close, health care, even as limited as it
now is for roughly 75 million Americans, would virtually cease. In
short, something like [what] the South suffered at the end of the Civil
War would plague the country.” Continue reading...