Ordinary people will have to pay the bill for the war between the US-Israel and Iran, and Russia is the real winner of the conflict, the renowned American economist Joseph Stiglitz, winner of the Nobel Prize, said on Tuesday, quoted by the Italian news agency ANSA.
“We're seeing the Americans paying the price in terms of higher oil prices and higher prices for everything they import, with effects all along the supply chain,” Stiglitz noted in an interview before attending the 2026 edition of the EU Tax Symposium in Brussels.
“The United States already had a crisis of the cost of living, and now it is even more severe. So far, Iran has caused sudden increases in oil and gas prices, but we expect that, if the situation continues, these increases will also extend to food, aluminum and many other raw materials,” the economist also said, according to Agerpres.
“A Few Winners”
“There are some winners. The oil companies are doing very well. (…) I was joking with a representative of the Norwegian government and he said to me: 'it's a very good thing for Norway'”, said Professor Joseph E. Stiglitz, laureate of the Nobel Prize for Economics in 2001.
The American economist pointed out that, “so there are winners, and unfortunately, Russia is a big winner.”
“Not only has (US President Donald) Trump reduced sanctions against Russia, but the price of Russian oil has skyrocketed. This is one of the worst things you can imagine for democracy,” Stiglitz added.
