Paul Krugman: People close to Trump are trading based on national secrets (Excerpt)

READ THE REST:
https://paulkrugman.substack.com/p/treason-in-the-futures-markets

Paul Krugman Substack
https://paulkrugman.substack.com

Paul Krugman YouTube Channel
https://www.youtube.com/channel/UCjY8KAGllKyZZd2FYF1vbPw

Paul Krugman YouTube Shorts
https://www.youtube.com/@PKrugman/shorts

Paul Krugman Bluesky
https://bsky.app/profile/pkrugman.bsky.social

Paul Krugman is generous with his writing:
MON-FRI: Free Essays
SAT: Interview with an intellectual VIP (Free to Read)
SUN: Primer on a topic of interest — Much of it is behind a paywall because the extra money one day a week provides inventive to write.

Paul Krugman: “Treason in the Futures Markets. People close to Trump are trading based on national secrets.” Substack (24 March 2026)
There’s a broader lesson here: You can’t trust a corrupt government to protect national security. And our government is now utterly corrupt: It’s hard to find a single senior official, from the president on down, who treats public office as a grave responsibility rather than an opportunity for personal self-aggrandizement and profit.
Among other things, deeply corrupt governments tend to be very bad at waging war, no matter how much they may exalt “warrior ethos” and “lethality.” When we do a post-mortem on how the Iran debacle happened, arrogant ignorance may still get top billing. But grotesque venality will come a close second.
https://paulkrugman.substack.com/p/treason-in-the-futures-markets

Paul Krugman: “When Hyperglobalization Meets Chaos. Choke points are everywhere you look.” Substack (23 March 2026)
So what we are facing now isn’t simply a matter of consumers losing the ability to purchase imports. Instead we are facing a scenario in which producers lose access to crucial inputs they need to keep producing. The crisis in the Strait of Hormuz is raising prices at the pump, which is bad. But it is also threatening to deprive American farmers of fertilizer during planting season, to cut off essential helium supplies to semiconductor producers in Asia, to deprive pharmaceutical producers of crucial materials, and more.
In short, terrifying as the Hormuz crisis is, I worry that it may be only the beginning. For a world economy that is riddled with multiple potential choke points can no longer rely on a strong, reliable and trustworthy America to act as a guarantor of the system. While things are bad now, they may very well get a lot worse.
https://paulkrugman.substack.com/p/when-hyperglobalization-meets-chaos

Paul Krugman: “How to Burn Less Oil. Reducing our dependence should be easy. But it will be hard to do it fast.” Substack (22 March 2026)
… in the short run – which means several years — the only way to consume less oil is for people to change their behavior, mainly by driving less. So to induce a major decline in oil consumption prices would need to go high enough that people turn to carpooling, working from home, taking the bus where that’s an available option (which for most Americans it isn’t.) Or, in the worst-case scenario, oil prices will have to reduce consumers’ purchasing power so much that the economy falls into a recession, which would among other things reduce the demand for oil.
In the longer run, by contrast — defined as a period long enough to replace a large fraction of vehicles on the road — there is much greater potential for consuming much less oil, with small or zero adverse effects on economic growth and purchasing power. This was true even before the technological innovations that have made electric vehicles (EVs) competitive with internal consumption vehicles (ICEs). Fuel-efficient vehicles provide most of the benefits of gas-guzzling SUVs, and consumers may not realize how much money they save. And now that EVs are competitive, drastic reductions in gas consumption are possible with minimal disruption.
https://paulkrugman.substack.com/p/how-to-burn-less-oil

Paul Krugman: “Talking With Robin Brooks” Substack (21 March 2026)
Trying to figure out the Hormuz shock.
https://paulkrugman.substack.com/p/talking-with-robin-brooks

Paul Krugman: “Scenes from the Death of the Pax Americana” Substack (20 March 2026)
I think I’m just going to crawl back under the covers.
https://paulkrugman.substack.com/p/scenes-from-the-death-of-the-pax

J.D. HUTCHISON

J.D. Hutchison Playlist
https://www.youtube.com/watch?v=I-MxhdcJqKE&list=PL8u1qlROcOeGjDJ2xP-uOAG_7vMSU2XqV

J.D. Hutchison: “Another Fool’s Café” (Line Drawings)
https://youtu.be/Fv9Hf330hI8
J.D. Hutchison: “Approximately Love”
https://youtu.be/ZaPpr8s6W7I
J.D. Hutchison: “Approximately Love” (Line Drawings)
https://youtu.be/1BNV5_vNrkM
J.D. Hutchison: “Devil Getcha Baby” (Line Drawings)
https://youtu.be/t6tT8O3l50Q
J.D. Hutchison: “Don’t Talk About Love” (Line Drawings)
https://youtu.be/w_Ntnq_C8tc
J.D. Hutchison: “I Pity the Son and the Daughter” (Line Drawings)
https://youtu.be/MJbzXoxh0SA
J.D. Hutchison: “I Walk the Sidewalk”
https://www.youtube.com/watch?v=oFU0ljCprCU
J.D. Hutchison: “Ivory Bones and Ebony Dots”
https://youtu.be/VZKdJNL7Xn8
J.D. Hutchison: “Little Legs Moan” (Line Drawings)
https://youtu.be/a88duvZGuwY
J.D. Hutchison: “My Little Darlin’”
https://www.youtube.com/watch?v=LuZhS70-vVE
J.D. Hutchison: “Oobly Doobly” (Line Drawings)
https://youtu.be/HeNnhSb69ew
J.D. Hutchison: “Since My Bird Has Flied Away” (Line Drawings)
https://www.youtube.com/watch?v=t9_CN3uRpw4
J.D. Hutchison: “The Song Around Your Life” (Line Drawings)
https://youtu.be/iRAPZFWimMc
J.D. Hutchison: “That Ain’t All of Me” (Line Drawings)
https://youtu.be/I-MxhdcJqKE
J.D. Hutchison: “You and the World Outside” (Line Drawings)
https://youtu.be/S6F_VYxqcoY

J.D. HUTCHISON: COVERS (Written by J.D. Hutchison)
Tim O’Brien: “The Drunkard’s Walk” (Written by J.D. Hutchison)
https://youtu.be/71wtr7Z1rQ8
Rusty Smith and Friends: “The Deep End.” (Written by J.D. Hutchison)
https://youtu.be/y3fwFE7Z_-Y