Paul Krugman:

"On Wall Street, TACO — Trump Always Chickens Out — has abruptly been replaced as a favorite meme by NACHO — Not a Chance Hormuz Opens. As a result, oil futures have soared.

So what is preventing the reopening of the Strait? Three factors: Trump’s ego, his ignorance, and the Iranians’ unfortunately justified belief that any agreement they reach with America would be effectively worthless."

paulkrugman.substack.com/p/the…
#UsPol
1/n

The Logic of NACHO

The only available deal is no deal

^{Paul Krugman}