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Iranian men monitor the stock market at Tehran Stock Exchange on July 1, 2019. - Iran's stock market is thriving, despite US sanctions which have battered its economy and an uncertain future as geopolitical tensions soar in the Gulf. Its main index, TEDPIX, has steadily risen over the last 12 months, accelerating in the most recent quarter to hit a historic high of 248,577 last week--more than twice its level a year ago. (Photo: Atta Kenare /AFP/Getty Images)
Trump's Economic War on Iran: 88% Reduction in Oil Exports, 6% Shrinkage of Economy
The United States is already at war with Iran, squeezing its economy down to nothingness. If another country tried to do this to the US just on a whim and with no UN or international-law basis, the US would certainly launch a war over it. Iran's choices are much more limited because it is a small, weak, Third World country, with not so much as a proper air force. But countries without conventional military capabilities that are squeezed like this by an enemy reply with unconventional tactics.
Jul 08, 2019
The United States is already at war with Iran, squeezing its economy down to nothingness. If another country tried to do this to the US just on a whim and with no UN or international-law basis, the US would certainly launch a war over it. Iran's choices are much more limited because it is a small, weak, Third World country, with not so much as a proper air force. But countries without conventional military capabilities that are squeezed like this by an enemy reply with unconventional tactics.
Trump did this to Iran despite Iran's adherence to the 2015 nuclear deal or Joint Comprehensive Plan of Action (JCPOA), as certified quarterly by the UN International Atomic Energy Agency.
Iran oil exports before Trump Breach of Treaty and Severe Sanctions of 2017:
- 2.5 million barrels per day (# 6 exporter in world after Canada)
Iran oil exports in June 2019:
- (# 27 in world, after Equatorial Guinea and Australia)
Iran's economy grew an incredible 12.9% in 2016 after the UN Security Council signed the nuclear deal with Tehran and lifted sanctions.
- under US sanctions will shrink an incredible 6%
Al-Jazeera English reports that "the rial, plummet[ed] by about 60% over the past year. Inflation is up to 37% and the cost of food and medicine has soared by 40% to 60%, according to EU figures."
Note that Trump's sanctions are unilateral. They haven't even been approved by Congress, and are actively rejected by the United Nations Security Council.
They are a form of financial blockade. Physical blockades of this sort are considered legitimate causes for war in international law.
We are at a crossroads
This country and this world are at a monumental crossroads. US voters have an opportunity to beat back the forces of fascism and confront the billionaires who are rigging the economy, our media system, and our democracy, making it increasingly impossible for ordinary people to get by. We’re not just talking about the election. We’re talking about what must be done once these fascist elements are vanquished from power. We need a bolder set of solutions than what either major party has so far been willing to offer and a working-class movement ready to fight like hell for it. Trump didn't emerge from nowhere. The conditions that fueled MAGA authoritarianism were created by decades of radical neoliberal economic policies and a corrupt political system dominated by corporate interests. They slashed taxes on the super-rich, promising that the benefits would trickle down. They said giveaways to the corporate titans would make life more affordable for the rest of us. It was all bullshit. And when a bitter, betrayed populace searches for someone to blame, right-wing demagogues have little trouble finding scapegoats. People know when they're being lied to, but you won't hear any of this from the corporate media. Only independent journalism—powered and funded by people who believe in building a better world—can deliver truly trustworthy daily news. If you share our vision, please contribute whatever you can to sustain our work. |
© 2023 Juan Cole
Juan Cole
Juan Cole teaches Middle Eastern and South Asian history at the University of Michigan. His newest book, "Muhammad: Prophet of Peace Amid the Clash of Empires" was published in 2020. He is also the author of "The New Arabs: How the Millennial Generation Is Changing the Middle East" (2015) and "Napoleon's Egypt: Invading the Middle East" (2008). He has appeared widely on television, radio, and on op-ed pages as a commentator on Middle East affairs, and has a regular column at Salon.com. He has written, edited, or translated 14 books and has authored 60 journal articles.
The United States is already at war with Iran, squeezing its economy down to nothingness. If another country tried to do this to the US just on a whim and with no UN or international-law basis, the US would certainly launch a war over it. Iran's choices are much more limited because it is a small, weak, Third World country, with not so much as a proper air force. But countries without conventional military capabilities that are squeezed like this by an enemy reply with unconventional tactics.
Trump did this to Iran despite Iran's adherence to the 2015 nuclear deal or Joint Comprehensive Plan of Action (JCPOA), as certified quarterly by the UN International Atomic Energy Agency.
Iran oil exports before Trump Breach of Treaty and Severe Sanctions of 2017:
- 2.5 million barrels per day (# 6 exporter in world after Canada)
Iran oil exports in June 2019:
- (# 27 in world, after Equatorial Guinea and Australia)
Iran's economy grew an incredible 12.9% in 2016 after the UN Security Council signed the nuclear deal with Tehran and lifted sanctions.
- under US sanctions will shrink an incredible 6%
Al-Jazeera English reports that "the rial, plummet[ed] by about 60% over the past year. Inflation is up to 37% and the cost of food and medicine has soared by 40% to 60%, according to EU figures."
Note that Trump's sanctions are unilateral. They haven't even been approved by Congress, and are actively rejected by the United Nations Security Council.
They are a form of financial blockade. Physical blockades of this sort are considered legitimate causes for war in international law.
From Your Site Articles
- Opinion | Snapback Sanctions on Iran Can't Be Allowed to Make Another War Inevitable | Common Dreams ›
- 'The Situation Is Scary': Global Economic Chaos as Trump’s Iran War Sends Markets Diving | Common Dreams ›
- Trump's Illegal Iran War to Push US Inflation Sharply Higher, OECD Projects | Common Dreams ›
Juan Cole
Juan Cole teaches Middle Eastern and South Asian history at the University of Michigan. His newest book, "Muhammad: Prophet of Peace Amid the Clash of Empires" was published in 2020. He is also the author of "The New Arabs: How the Millennial Generation Is Changing the Middle East" (2015) and "Napoleon's Egypt: Invading the Middle East" (2008). He has appeared widely on television, radio, and on op-ed pages as a commentator on Middle East affairs, and has a regular column at Salon.com. He has written, edited, or translated 14 books and has authored 60 journal articles.
The United States is already at war with Iran, squeezing its economy down to nothingness. If another country tried to do this to the US just on a whim and with no UN or international-law basis, the US would certainly launch a war over it. Iran's choices are much more limited because it is a small, weak, Third World country, with not so much as a proper air force. But countries without conventional military capabilities that are squeezed like this by an enemy reply with unconventional tactics.
Trump did this to Iran despite Iran's adherence to the 2015 nuclear deal or Joint Comprehensive Plan of Action (JCPOA), as certified quarterly by the UN International Atomic Energy Agency.
Iran oil exports before Trump Breach of Treaty and Severe Sanctions of 2017:
- 2.5 million barrels per day (# 6 exporter in world after Canada)
Iran oil exports in June 2019:
- (# 27 in world, after Equatorial Guinea and Australia)
Iran's economy grew an incredible 12.9% in 2016 after the UN Security Council signed the nuclear deal with Tehran and lifted sanctions.
- under US sanctions will shrink an incredible 6%
Al-Jazeera English reports that "the rial, plummet[ed] by about 60% over the past year. Inflation is up to 37% and the cost of food and medicine has soared by 40% to 60%, according to EU figures."
Note that Trump's sanctions are unilateral. They haven't even been approved by Congress, and are actively rejected by the United Nations Security Council.
They are a form of financial blockade. Physical blockades of this sort are considered legitimate causes for war in international law.
From Your Site Articles
- Opinion | Snapback Sanctions on Iran Can't Be Allowed to Make Another War Inevitable | Common Dreams ›
- 'The Situation Is Scary': Global Economic Chaos as Trump’s Iran War Sends Markets Diving | Common Dreams ›
- Trump's Illegal Iran War to Push US Inflation Sharply Higher, OECD Projects | Common Dreams ›
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