00:00Who looks to you, which side looks to you like it has the upper hand right now?
00:04Well, in the larger sense, Tom, this is lose-lose, in the sense that both sides are taking a massive
00:10hit, as is the global economy.
00:13It's just a question of who can take more pain, the sort of two clocks problem.
00:19The U.S. has a blockade on Iran, that's causing pain, but Iran's not facing election and that pain's being
00:25transferred to the Iranian people who are silent.
00:27But in the U.S., the shutting of the Strait of Hormuz has already had significant economic effects, and we've
00:34got a midterm coming up.
00:35So I would say Iran has the upper hand, but they are risking overplaying it.
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