Beware the Ides of March

The spectre of stagflation looms over the global economy

- AJAY CHHIBBER

“Beware the Ides of March” was a warning to Roman Emperor Julius Caesar, signifying misfortune in the month of March. United States President Donald Trump should have heeded the warning that unleashing a whimsical war in March on Iran, to stop its nuclear programme, would lead to catastrophe. The war has spread across West Asia, upended the world’s energy and financial markets, and caused enormous loss of lives and livelihoods. Iran’s ability to shut the Strait of Hormuz is turning out to be more dangerous than a nuclear weapon.

Mr Trump promised he would never drag America into costly foreign wars. The Iraq war cost $3 trillion and thousands of lives, according to Nobel Prizewinning economist Joseph Stiglitz. Another $2.3 trillion was spent on Afghanistan, with nothing to show for it in return. Yet, here we are again, with another costly US-initiated war of choice, which could spread even wider unless sense prevails. It reminds me of the song, “When will they ever learn?”