Notes on the Crises
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May 13, 2025

Can China “Buy” America? Fifty Years Ago Last Week the Ford Administration Created the Government Body That Stops That From Happening.

Can China “Buy” America? Fifty Years Ago Last Week the Ford Administration Created the Government Body That Stops That From Happening.

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

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May 9, 2025

New York City’s Trump Administration Lawsuit Was Fundamentally Amended Based on Notes on the Crises Memo No. 1

New York City’s Trump Administration Lawsuit Was Fundamentally Amended Based on Notes on the Crises Memo No. 1

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

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Apr 25, 2025

The Crisis at Social Security Illustrates Elon Musk and DOGE’s Plan: Explode the Number and Severity of Improper Payments.

The Crisis at Social Security Illustrates Elon Musk and DOGE’s Plan: Explode the Number and Severity of Improper Payments.

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.

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Apr 22, 2025

Just Another Administrative Agency: Preserving Central Bank Discretion Without Illusions

Just Another Administrative Agency: Preserving Central Bank Discretion Without Illusions

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.

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Apr 19, 2025

Liquidity, Volatility and Market Craziness: Paul Krugman Interviews Nathan Tankus Again

Liquidity, Volatility and Market Craziness: Paul Krugman Interviews Nathan Tankus Again

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.

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Apr 17, 2025

A Spectrum Approach to Monetary Sovereignty and Our Dollar World

A Spectrum Approach to Monetary Sovereignty and Our Dollar World

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.

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Apr 13, 2025

Is the Trump Tariff Financial Crisis A Crisis of the Dollar? It Doesn’t Seem to Be … Yet

Is the Trump Tariff Financial Crisis A Crisis of the Dollar? It Doesn’t Seem to Be … Yet

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.

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Apr 9, 2025

104% China Tariffs Came into Effect at Midnight. We Instantly Entered this Crisis’s “Lehman Brothers” Moment

104% China Tariffs Came into Effect at Midnight. We Instantly Entered this Crisis’s “Lehman Brothers” Moment

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.

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Apr 8, 2025

The Stock Market is a Conventional Wisdom Processor: Why Trump’s Tariffs Crashed the Stock Market While the Trump Musk Payments Crisis Hasn’t (Yet)

The Stock Market is a Conventional Wisdom Processor: Why Trump’s Tariffs Crashed the Stock Market While the Trump Musk Payments Crisis Hasn’t (Yet)

I have a confession to make. Two months ago I tried to crash the stock market. Let me explain.

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Apr 7, 2025

Trump’s “Liberation Day” and the Ongoing Stock Market Crash: The Key Lessons to Take into the Second Week of the Market Bloodbath.

Trump’s “Liberation Day” and the Ongoing Stock Market Crash: The Key Lessons to Take into the Second Week of the Market Bloodbath.

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.

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Mar 13, 2025

Can the Trump Administration Arbitrarily Take Money from Anyone’s Bank Account?

Can the Trump Administration Arbitrarily Take Money from Anyone’s Bank Account?

Federal Government’s mugging of New York City for FEMA funds suggests yes.

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Mar 11, 2025

Special Notice: My Colleague Rohan Grey Has Finished the Defining Law Review Article of the Trump-Musk Treasury Payments Crisis

Special Notice: My Colleague Rohan Grey Has Finished the Defining Law Review Article of the Trump-Musk Treasury Payments Crisis

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:

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