“The big winner” of the war in Iran is Russia, while ordinary people pay the bill, declared on Tuesday the American economist Joseph Stiglitz, Nobel Prize laureate, according to Agerpres. Also, the economist predicted price increases for food and many raw materials in the upcoming period, if the war continues.
“We see Americans paying the price in terms of rising oil prices and the prices of everything they import, with effects along the entire supply chain. The United States already had a cost of living crisis, and now it is even more severe.
So far, Iran has caused sharp increases in oil and gas prices, but we expect that if the situation continues, these increases will extend to food, aluminum, and many other raw materials,” Stiglitz noted in an interview given before participating in the 2026 edition of the EU Symposium on Taxes in Brussels.
Joseph Stiglitz added that while ordinary people only have to lose from this conflict, there are also a few winners, and by far the biggest is Russia.
“There are a few winners. Oil companies are doing very well. (…) I was joking with a representative of the Norwegian government and he told me: It’s a very good thing for Norway,” Stiglitz mentioned, to conclude that, “so, there are winners and, unfortunately, Russia is a big winner”.
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