America’s war, America’s recession

[WASHINGTON] There is no good time for an economy to face an energy and food-price shock, but some moments are worse than others.

And for the US today – with its strained credit market, stretched equity-price valuations, unsustainable public finances and inflationary import-tariff policy – now is about as bad as it gets.

The precise magnitude of the shock the US will face as a result of its war of choice in Iran is difficult to predict, given the array of factors at play.