Iran

Will the War in Iran Crash the Global Economy?

Plus: Kristi Noem is fired as DHS secretary, a listener asks about libertarian drug use, and new polling reveals Americans distrust AI and each other.

Peter Suderman, Katherine Mangu-Ward, Matt Welch, and Nick Gillespie | 3.9.2026 7:39 PM

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Will the War in Iran Crash the Global Economy?

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This week, editors Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Matt Welch discuss the escalating war with Iran and its growing economic consequences. With oil prices surging past $100 a barrel, the panel examines the risks to global energy markets and the broader economy. They also debate the war's trajectory after Iran elevates a new hardline supreme leader and launches wider counterattacks, raising fears of global escalation, nuclear proliferation, and the White House signaling that Cuba could be the next target.

They also discuss the removal of Kristi Noem as secretary of Homeland Security and what her turbulent tenure says about the popularity of hardline immigration tactics. Then, the editors look at new polling showing that Americans dislike artificial intelligence more than Immigration and Customs Enforcement (ICE), continue to view government as the country's biggest problem, and report collapsing levels of social trust. They also answer a listener's question about drug use in libertarian circles.

0:00—Economic fallout of war with Iran

10:12—China and the risk of global escalation

25:04—Noem removed as secretary of Homeland Security

35:36—Listener question on libertarian drug use

44:27—New polling on AI, social trust, and government approval

57:30—Weekly cultural recommendations

Mentioned in the podcast:

"Regime Change in Cuba: 'Just a Matter of Time,'" by Matt Welch

"What Is Life Like Beneath the Bombs of the Iran War?" by Matthew Petti

"Jobs Are Down While the U.S. Spends $2 Billion a Day on War With Iran," by
Joe Lancaster

"Trump Bragged About Lower Gas Prices. Then He Bombed Iran," by Joe Lancaster

"Senate Punts on Iran War Powers as Ground War Grows More Likely," by Matthew Petti

"Yes, the Iran War Is a 'War of Choice,' and a Bad One," by Nick Gillespie

"The Iran War Is Unconstitutional," by Damon Root

"Temporary Doves," by Matt Welch

"Kristi Noem's Lies About DHS Shootings Don't Seem To Have Figured in Trump's Decision To Fire Her," by Jacob Sullum

"Trump Fires Kristi Noem From DHS," by Robby Soave

"In Senate Testimony on DHS Shootings, Kristi Noem Lies About Her Lies," by Jacob Sullum

"DHS Spent $220 Million on Ads Featuring Kristi Noem. Both Parties Grilled Her About It in the Senate," by Autumn Billings

"Reason's Classic Pot Brownies," by Katherine Mangu-Ward

What are we consuming this week?

Nick Gillespie

Peter Suderman

Matt Welch

Katherine Mangu-Ward

NEXT: Kristi Noem, Iran War Predictions, Playing Video Games

Peter Suderman is features editor at Reason.

Katherine Mangu-Ward is editor in chief of Reason.

Matt Welch is an editor at large at Reason.

Nick Gillespie is an editor at large at Reason and host of The Reason Interview With Nick Gillespie.

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