Trump’s ‘deal’ with Iran represents the end of Trumps’ futile search for an off ramp from the conflict that can be tarted up to look like a victory, at least to the most credulous and loyal of his dwindling following. Michael Hudson and Radhika Desai assess this defeat and its implications for the US economy, for US politics, the dollar system and on how it will accelerate the construction of more democratic institutions of international governance.