Harold asked a series of questions, and of course I had to answer. Here's my statement of his scenario: the US declares victory: Persia delenda est.what remains is no longer the Iranian state. Missiles striking Israel and the Gulf monarchies are being shot by individual warlords. Israel continues to operate against launchers. Only RMB-denominated cargoes pass Hormuz.

Why wouldn't the Iranians stop fighting? How could they go on fighting? Where would they get money to rebuild?

I'm sure I left a bunch of unanswered questions, though. I only had 15 minutes!

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