Hormuz: The bill for America’s strategic miscalculation
The initial assumption may have been that pressure on Iran would remain confined to a limited, controlled, and manageable framework. But the vortex of the Strait of Hormuz has shown that in today's deeply interconnected economy, war does not flow only where the missiles land. Part of the bill is now showing up in diesel prices, gas contracts, shipping insurance, the Treasury bond market, the Federal Reserve's interest rate, and the cost of financing America's $40 trillion debt.