We all know about the total physical destruction the US military brought about in Iran with Operation Epic Fury. Perhaps less well known, but equally lethal, is the total economic destruction that has been caused by Operation Economic Fury, orchestrated by Treasury Secretary Scott Bessent. The campaign’s aim was to fully sever Iran’s remaining financial lifelines by targeting global networks involved in Iran’s oil trade.
The first action was “Secondary Sanctions.” Every nation buying Iranian oil was told in no uncertain terms “If you buy Iranian oil, we will sanction your banks, we will sanction your industries, we will cut you off from the American financial system.” No bank, no corporation, no government could afford to ignore this promise.
Secondly, the military blockaded Iran’s main port for exporting oil, Kharg Island. Iran has run out of storage facilities so is being forced to cap wells, which leads to permanent damage.
Third, Bessent has gone after the regime’s money. The Islamic Revolutionary Guard Corp (IRGC) has hidden billions of Iranian assets in Crypto currency accounts, foreign banks and global properties like villas in the South of France. The US has seized hundreds of millions of dollars, frozen accounts and seized properties around the world. Instead of funding luxurious retirements for thugs and despots, the funds are being held “for the Iranian people.”
The Iranian Rial has lost over 60% of its value against the USD. The Iranian military and the various terror groups Iran has sponsored for decades (Hezbollah, Hamas, the Houthi rebels) are not being paid. There is no more money for weapons.
The US consumer is suffering temporarily at the gas pump, but think about all that Trump has ended! It seems a very good tradeoff to me.