This week, editors Peter Suderman, Katherine Mangu-Ward, Nick Gillespie, and Matt Welch discuss the escalating war with Iran and its growing economic consequences. With oil prices surging past $100 a barrel, the panel examines the risks to global energy markets and the broader economy. They also debate the war's trajectory after Iran elevates a new hardline supreme leader and launches wider counterattacks, raising fears of global escalation, nuclear proliferation, and the White House signaling that Cuba could be the next target.

They also discuss the removal of Kristi Noem as secretary of Homeland Security and what her turbulent tenure says about the popularity of hardline immigration tactics. Then, the editors look at new polling showing that Americans dislike artificial intelligence more than Immigration and Customs Enforcement (ICE), continue to view government as the country's biggest problem, and report collapsing levels of social trust. They also answer a listener's question about drug use in libertarian circles.

0:00—Economic fallout of war with Iran

10:12—China and the risk of global escalation

25:04—Noem removed as secretary of Homeland Security

35:36—Listener question on libertarian drug use

44:27—New polling on AI, social trust, and government approval

57:30—Weekly cultural recommendations

Will the War in Iran Crash the Global Economy?