The Most Expensive Boomerang in History

The gist

1. A memorandum of understanding is only a starting point, and only 30 to 50 percent ever become actual deals, so treating one as a win signals weakness.
2. Galloway and Richardson argue that swapping experienced diplomats and intelligence staff for political loyalists produces measurably worse outcomes across agencies.
3. Iran's control of the Strait of Hormuz gives it growing leverage every day a binding agreement is delayed, Richardson says, inverting normal negotiating dynamics.
4. Tariff-driven inflation combined with falling oil reserves squeezes consumer purchasing power in a pattern Galloway compares to conditions before the 1929 Depression.