Currently: Comprehensive coverage of the Trump-Musk Payments Crisis of 2025
Subscribe I have ended up taking a lot longer to write up my biggest picture thoughts on the dollar than I initially expected. Partially this is because things seem to have stabilized- for now- and thus I didn’t feel the pressure to rush
Subscribe I have ended up taking a lot longer to write up my biggest picture thoughts on the dollar than I initially expected. Partially this is because things seem to have stabilized- for now- and thus I didn’t feel the pressure to rush
I have a lot of writing to get out over the next couple of weeks, especially following up on the Trump Tariff Crisis and the Future of the Dollar. I also need to dig back into the state of play at the Bureau of
After my Rolling Stone piece on March 13th, I received a flurry of messages asking me about how my reporting was related to an op ed in the Seattle Times. Many people even generously said that my Rolling Stone reporting was confirmed correct by that article.
Given recent events, I felt it was finally time to come back and publish this piece. Most of my writing was going to be devoted to piercing the ideology of central bank independence so that the Federal Reserve would be treated like an independent administrative agency like any other.
Exactly seven weeks since the first interview Krugman did with me was published, I have another interview to bring readers -- it's focused on the bread and butter elements that make up a modern financial crisis.
This talk, entitled “Monetary Sovereigns, Monetary Subjects and Monetary Vassals: A Spectrum Approach to Monetary Sovereignty and Our Dollar World”, lays out the basic building blocks of how I think about the international monetary order.
For those just tuning in: I wrote a piece a day for the first three days of this week on what we should probably now term the “Trump Tariff Financial Crisis”. The only missing piece was the international financial architecture part, which is the subject of today’s piece.
Understanding what’s going on during the Trump Tariff stock market panic each day is extremely difficult. All of the most intricate and obscure questions about the Financial System’s “plumbing” become relevant all at once.
I have a confession to make. Two months ago I tried to crash the stock market. Let me explain.
It has been a little more than three weeks since my last piece, simultaneously published by Notes On The Crises and Rolling Stone, assessing the extremely alarming implications of the Federal Government taking 80.5 million dollars right out of New York City’s bank account.
Federal Government’s mugging of New York City for FEMA funds suggests yes.
At the end of my Paul Krugman interview, I made a point to plug Modern Money Network president and Willamette University law professor Rohan Grey’s then-unfinished article on payments bottlenecks at the Federal Reserve and Treasury. The interview itself explains why: