Jun 22, 2026 · 1 hr 14 min · 14 segments
Scott Galloway and Ed Elson break down the memorandum of understanding between the United States and Iran and explain why the agreement was unlikely to succeed from the start. Then, they unpack the…
Scott GallowayHost
Ed ElsonHost
The United States and Iran have signed a memorandum of understanding that pauses the conflict and reopens the Strait of Hormuz to commercial shipping for the next sixty days.
Key negotiations, including the future of Iran's nuclear program, have been deferred to a second round of talks scheduled over the next two months.
Let me just go through quickly what this memorandum of understanding actually says, and then we can, uh, get into what it means.
I've collected some of the most important takeaways here, which I'm just gonna go through right now.
So first off, both sides declare an immediate end to military operations on all fronts, including Lebanon.
But importantly, that no charge clause ends after the sixty days, meaning w- we can go back to normal for sixty days, and then Iran has the right to basically jack up costs and charge a fee for any ship that goes through it.
Both parties agreed to discuss the issue of enrichment, but Iran will, quote, "maintain the current status quo of its nuclear program." So what I take away from that is nothing has changed there.
The US will undertake with regional partners a three hundred billion dollar reconstruction fund to rebuild Iran.
The US will also undertake, that's the word they use, undertake, to unfreeze all of the currently frozen Iranian assets, and the US will terminate all sanctions on Iran.
If I could summarize what it gets us, it basically gets us nothing because the nuclear program will basically continue as is, and lots more to negotiate there, and the strait which was open before the war will be reopened.
And then in exchange, we paid in fourteen American lives, uh, a hundred billion dollars in taxpayer funds to fund this war.
Also, a full percentage point of inflation, which will amount to billions of dollars in household expenses.
The United States and Iran have signed a memorandum of understanding that pauses the conflict and reopens the Strait of Hormuz to commercial shipping for the next sixty days.
Key negotiations, including the future of Iran's nuclear program, have been deferred to a second round of talks scheduled over the next two months.
Let me just go through quickly what this memorandum of understanding actually says, and then we can, uh, get into what it means.
I've collected some of the most important takeaways here, which I'm just gonna go through right now.
So first off, both sides declare an immediate end to military operations on all fronts, including Lebanon.
But importantly, that no charge clause ends after the sixty days, meaning w- we can go back to normal for sixty days, and then Iran has the right to basically jack up costs and charge a fee for any ship that goes through it.
Both parties agreed to discuss the issue of enrichment, but Iran will, quote, "maintain the current status quo of its nuclear program." So what I take away from that is nothing has changed there.
The US will undertake with regional partners a three hundred billion dollar reconstruction fund to rebuild Iran.
The US will also undertake, that's the word they use, undertake, to unfreeze all of the currently frozen Iranian assets, and the US will terminate all sanctions on Iran.
If I could summarize what it gets us, it basically gets us nothing because the nuclear program will basically continue as is, and lots more to negotiate there, and the strait which was open before the war will be reopened.
And then in exchange, we paid in fourteen American lives, uh, a hundred billion dollars in taxpayer funds to fund this war.
Also, a full percentage point of inflation, which will amount to billions of dollars in household expenses.
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