Niall Ferguson: The U.S. Should Finish the Job in Iran

January 15, 2026

Iran is in crisis. The largest protests in years have brought millions into the streets, and sparked a brutal crackdown by the regime. More than 12,000 people are reported to have been killed.

To understand what triggered the protests and why they matter so profoundly, I sat down with historian and Free Press contributor Niall Ferguson.

Niall and I discussed the Islamic Republic’s crisis of legitimacy. Unlike earlier protest movements, this one features explicit calls for regime change and, in some cases, even the restoration of the monarchy. The protesters’ chants of “Neither Gaza nor Lebanon” make clear that these demonstrations are not simply pro-Western, as the regime claims, but are nationalist—they are demands that Iranian resources serve Iranian citizens rather than be spent on Hamas and Hezbollah.

Niall gave me his thoughts on the dilemma facing President Trump, who has alternated between threatening action against the regime and signaling a desire to avoid military intervention. We revisit the lessons of 1953, 1979, Iraq, Syria, and the Arab Spring, and consider whether U.S. intervention would help Iran’s protesters or risk discrediting them. Niall argues that inaction also carries costs, and contends that the collapse of the Islamic Republic would fundamentally reshape the Middle East, with implications stretching from Israel and Saudi Arabia to China, Russia, and Taiwan.

WWSG exclusive thought leader Sir Niall Ferguson is one of the world’s foremost historians of economics, international relations, and global power. His incisive analysis illuminates the geopolitical forces and economic undercurrents shaping the 21st century. From great power competition to emerging security challenges, Ferguson offers unparalleled historical context and strategic insight — helping global leaders, policymakers, and business executives anticipate what lies ahead. To invite Sir Niall Ferguson to your next event, contact WWSG

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