The war in Iran isn't just America's problem — the rest of the world is already feeling it. Thailand's news anchors are ditching jackets on air to save energy. The Philippines moved to a four-day workweek. Japan is telling people to take shorter showers. Obama economic adviser and former UBS Americas chairman Robert Wolf returns to break down the global ripple effects of the Strait of Hormuz shutdown — from fertilizer shortages threatening grocery prices to the UK energy crisis to why Treasury rates may be the most important number no one is watching. He also weighs in on whether Trump's "two weeks" timeline is realistic, the real risk of stagflation if oil hits $150 a barrel, and why Iran is not Venezuela. 0:00 – The global energy crisis: Thailand, Philippines, Japan cutting back 0:41 – When does the U.S. feel the ripple? Trump says "just leave" 1:54 – It's not just oil — fertilizer and helium are choking off too 3:20 – How long before the U.S. hits recession? 5:50 – Treasury rates: the most powerful number in the market 6:53 – $30 trillion in debt and rising interest costs 7:35 – Trump's "two weeks" deadline: realistic or rolling fiction? 9:41 – Trump's exit strategy: declare victory and hand it to Europe and Asia 10:01 – Iran is not Venezuela — and that comparison doesn't hold water Learn more about your ad choices. Visit podcastchoices.com/adchoices

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“What did the council decide on item 42?” — answered with the speaker and the moment.

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