How the Iran War Could Lead to a Crash Worse Than 2008

Photo: New York Stock Exchange trading floor on Wall Street, New York, New York. Photo credit: Carol M. Highsmith via the Library of Congress. Public Domain. Article by Richard Heinberg. Common Dreams – March 21, 2026.

Several commentators have remarked that the United States’ war on Iran carries echoes of 2008. I’ll argue here that a potential financial crash this year could actually be much worse. The Global Financial Crisis (GFC) of 2008 was the biggest economic crunch since the Great Depression. Unemployment surged, topping 10% in the US. Global stocks lost trillions of dollars in value. Major brokerage houses collapsed. The US auto industry only survived thanks to enormous government bailouts. How could another crash top that? […]

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