After decapitating the Iranian regime and bombing Islamic Revolutionary Guard Corps positions for 40 days, the Trump administration has failed to secure a surrender and left Iran in control of the Strait of Hormuz. With Iran striking critical infrastructure across the Gulf Cooperation Council states and threatening shipping, the United States reverted to TACO (Trump Always Chickens Out) mode by agreeing to a ceasefire. And now, rising inflation and slowing economic activity imply a bout of stagflation - just in time to anger voters ahead of the US midterm elections.

So, what happens next? Th...