26/03/2026
Douglas Macgregor invokes Jacques Necker in connection with Iran. Rightly so. Necker, finance minister under Louis XVI, had already understood during the American War of Independence that war is never purely military; it is always also about credit, debt, and institutional exhaustion. The fact that a Necker letter recently surfaced at Drouot from the collection of André Kostolany sharpens the parallel: states rarely break from a single battle, but far more often from financial self-deception.
