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Niall Ferguson: The Gap Between Truth (Social) and Reality on Iran
A member of the Basij paramilitary, affiliated with Iran’s Revolutionary Guard, salutes during a parade of pro-government Iranian women in Tehran on April 17. (Sobhan Farajvan/Pacific Press/LightRocket via Getty Images)
The Strait of Hormuz remains closed and the economic costs of the war keep mounting. Yet markets are trading like the war is over. The wisdom of crowds? Or delusion?
By Niall Ferguson
04.20.26 — International
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If you’re trying to keep up with the latest in the Iran war, you’d be forgiven for being a little confused. Just this weekend, we went from Donald Trump declaring on Friday that the Strait of Hormuz was “COMPLETELY OPEN AND READY FOR BUSINESS” to accusing Iran on Sunday of violating the ceasefire by firing in those same waters. Hours later, U.S. forces reportedly seized an Iranian-flagged vessel attempting to cross the strait, with Trump signaling that it’s “highly unlikely” he’ll extend the two-week ceasefire—set to expire Wednesday—without a deal.

It’s a head-spinning sequence of events. And it raises a basic question: How much of what’s being said online—including by the president—tracks with what’s actually happening on the ground? For an answer, we turn to historian and Free Press columnist Niall Ferguson. In today’s Big Read, he examines the widening gap between Truth Social and reality—and what that space in between tells us about where this war is headed. —The Editors

President Barack Obama was fond of the phrase the arc of history. His supporters, he said on the evening of his first election in 2008, had voted to “put their hands on the arc of history and bend it once more toward the hope of a better day.”

I have long doubted that history has an arc any more than it follows predictable cycles. Obama was, in fact, adapting something the Reverend Martin Luther King Jr. said in a sermon at Washington’s National Cathedral in 1968. “The arc of the moral universe is long,” King declared, “but it bends toward justice.”

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Niall Ferguson
Sir Niall Ferguson, MA, DPhil, FRSE, is the Milbank Family Senior Fellow at the Hoover Institution, Stanford University, and a senior faculty fellow of The Belfer Center for Science and International Affairs at Harvard. He is the author of 16 books, including The Pity of War, The House of Rothschild, and Kissinger, 1923-1968: The Idealist, which won the Council on Foreign Relations Arthur Ross Book Award. He is a columnist with The Free Press. In addition, he is the founder and managing director of Greenmantle, a New York-based advisory firm, a co-founder of the Latin American fintech company Ualá, and a co-founding trustee of the new University of Austin.
Tags:
Strait of Hormuz
Donald Trump
Foreign Policy
Iran
Diplomacy
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