The Age of Magic Money
Can Endless Spending Prevent Economic Calamity?
After a year of complaining about the Iran nuclear deal, formally known as the Joint Comprehensive Plan of Action (JCPOA), U.S. President Donald Trump finally resorted to threats. In January, he gave Congress and Europe an ultimatum: if they did not fix what he considered the agreement’s shortcomings by May, he would kill the deal.
Trump’s chief objection is that certain restrictions on Iran’s nuclear program expire, or “sunset,” after 10–15 years. He has also raised concerns about Iran’s support for Hezbollah in Lebanon and various Shiite militia groups in Iraq, Syria, and Yemen, and has decried the absence of measures to address Iran’s ballistic missile program. These latter concerns are broadly shared, but Trump seems to harbor unrealistic expectations that the nuclear agreement address all of Iran’s problematic activities. In the rough and tumble world of international diplomacy, it is impossible to get