Can the West Stop Russia by Strangling its Economy?

Can the West Stop Russia by Strangling its Economy?

There’s the Russia-Ukraine war that’s easy to follow in the news right now. We can watch Russian bombs falling on Ukraine, see Russian tanks smoking on the side of the road, hear from Ukrainian resistance fighters livestreaming their desperate defense.

But there’s another theater to this war that’s harder to see, but may well decide the outcome: the economic war that West is waging on Russia. Europe and the United States initially responded with a limited set of sanctions but then expanded them into a counterattack capable of crushing the Russian economy. Vladimir Putin, for one, understands the danger: As the force of the West’s measures multiplied, he readied his nuclear forces in a bid to warn Europe and the United States off. This is terrifying territory.

So I asked Adam Tooze — a brilliant economic historian, the director of the European Institute at Columbia, and the author of the indispensable “Chartbook” newsletter — to explain how the war in the financial markets is shaping the war in streets of Ukraine. What he gave me was a whole new way to see how Putin had readied his country for conflict, the leverage that Russia’s energy exports gave it, how the dreams of the globalizers had cracked, and what the West both was and wasn’t doing in response.

But this is two conversations, not one. On Friday, Tooze and I recorded just as the war began. That was a conversation about the economics of the war as both Russia and the West understood it when the bombing began. But on Monday, we spoke again, because so much had changed. Rather than splice the two discussions into an artificial omniscience, I’ve linked them, because I think they reveal more in sequence: They show how fast this war is reshaping the politics around it, how quickly the escalation is coming, how rapidly the plans are crumbling.

So we discuss the sanctions that the West has deployed against Russia, how Europe’s dependence on Russian energy exports undermined the West’s response, what Putin understood about the dark side of economic interdependence, how Ukraine’s remarkable resistance — and the remarkable leadership of its president, Volodymyr Zelensky — reshaped the politics and policies in the West, how this war could alter the geopolitical calculus of China and Taiwan, the new economic order that is emerging, and more.

Mentioned:

“Putin’s Challenge to Western hegemony - the 2022 edition” by Adam Tooze (Chartbook)

“The economic consequences of the war in Ukraine” (The Economist)

Book Recommendations:

The Economic Weapon by Nicholas Mulder

The End of the End of History by Alex Hochuli, George Hoare and Philip Cunliffe

The Future of Money by Eswar S. Prasad

Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.

You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.

“The Ezra Klein Show” is produced by Annie Galvin, Jeff Geld and Rogé Karma; fact-checking by Michelle Harris; original music by Isaac Jones; mixing by Jeff Geld; audience strategy by Shannon Busta. Our executive producer is Irene Noguchi. Special thanks to Kristin Lin and Kristina Samulewski.

Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

Episoder(459)

‘Why Haven’t the Democrats Completely Cleaned the Republicans’ Clock?’

‘Why Haven’t the Democrats Completely Cleaned the Republicans’ Clock?’

Political analysts used to say that the Democratic Party was riding a demographic wave that would lead to an era of dominance. But that “coalition of the ascendant” never quite jelled. The party did benefit from a rise in nonwhite voters and college-educated professionals, but it has also shed voters without a college degree. All this has made the Democrats’ political math a lot more precarious. And it also poses a kind of spiritual problem for Democrats who see themselves as the party of the working class.Ruy Teixeira is one of the loudest voices calling on the Democratic Party to focus on winning these voters back. He’s a senior fellow at the American Enterprise Institute and the politics editor of the newsletter The Liberal Patriot. His 2002 book, “The Emerging Democratic Majority,” written with John B. Judis, was seen as prophetic after Barack Obama won in 2008 with the coalition he’d predicted. But he also warned in that book that Democrats needed to stop hemorrhaging white working-class voters for this majority to hold. And now Teixeira and Judis have a new book, “Where Have All the Democrats Gone?: The Soul of the Party in the Age of Extremes.”In this conversation, I talk to Teixeira about how he defines the working class; the economic, social and cultural forces that he thinks have driven these voters from the Democratic Party; whether Joe Biden’s industrial and pro-worker policies could win some of these voters back, or if economic policies could reverse this trend at all; and how to think through the trade-offs of pursuing bold progressive policies that could push working-class voters even further away.Mentioned:“‘Compensate the Losers?’ Economic Policy and Partisan Realignment in the U.S.”Book Recommendations:Political Cleavages and Social Inequalities, edited by Amory Gethin, Clara Martínez-Toledano, and Thomas PikettyVisions of Inequality by Branko MilanovicThe House of Government by Yuri SlezkineThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

1 Feb 20241h 9min

‘The Strongest Democratic Party That Any of Us Have Ever Seen’

‘The Strongest Democratic Party That Any of Us Have Ever Seen’

If you’re a Democrat, how worried should you be right now? It’s strangely hard to answer that question. On the one hand, polls suggest Democrats should be very worried. President Biden looks weaker than he did as a candidate in 2020, and in matchups with Donald Trump, the election looks like a coin flip. On the other hand, Democrats staved off an expected red wave in the 2022 midterm elections. Biden has a strong record to run on, and Trump has a lot more baggage than he did in 2020.So, in an effort to put all those pieces together, I had two conversations with two people who have polar opposite perspectives — starting with a more optimistic take for Democrats.Simon Rosenberg is a longtime Democratic political strategist, the author of the newsletter Hopium Chronicles and one of the few people who correctly predicted the Democrats’ strong performance in 2022. He argues that the Democratic Party is in a better position now than it has been for generations. In this conversation, we talk about why he isn’t worried about Biden’s polling numbers, how anti-MAGA sentiments have become a motivating force for many voters, what he thinks about the shifts in working-class support of the Democratic Party, why there’s such a huge gap between Biden’s economic track record and how voters perceive the economy right now, how Biden’s age is affecting the campaign, whether his foreign policy might alienate young voters and more.Mentioned:Columnist Assistant applicationBook Recommendations:A New Deal for the World by Elizabeth BorgwardtOn Tyranny by Timothy SnyderThe Collector by Daniel SilvaThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

25 Jan 20241h 8min

‘I Have No Idea How This Ends. I’ve Never Seen It So Broken.’

‘I Have No Idea How This Ends. I’ve Never Seen It So Broken.’

It’s been just over 100 days since Hamas’s attack on Israel, and the costs of the war are staggering. In polling from late fall, 64 percent of Gazans reported that a family member had been killed or injured. Nearly two million Gazans — almost the entire population — have been displaced from their homes, and analysis of satellite imagery reveals that about half the buildings in the Gaza Strip have probably been destroyed or damaged.Israel believes that more than 100 hostages are being held captive in Gaza, and polling reveals that Hamas has gained popularity among Palestinians while support for Israel has plummeted around the world. When this war ends, will Israel really be safer? Who will govern Gaza? What will be left of Gaza?Thomas L. Friedman is a New York Times Opinion columnist and the author of “From Beirut to Jerusalem,” among other books. He has covered the Middle East for decades and won a Pulitzer for his reporting from Israel. And so I wanted to ask him: What does he think of where Israel is now, and what does he imagine comes next?Mentioned:Columnist Assistant applicationThomas L. Friedman’s recent columns“‘Joe Biden May Be the Last Pro-Israel Democratic’” by Thomas L. FriedmanBook Recommendations:The Little Drummer Girl by John Le CarréThe Splendid and the Vile by Erik LarsonI’m Your Man by Sylvie SimmonsThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Annie Galvin. Fact-checking by Michelle Harris, with Kate Sinclair. Our senior engineer is Jeff Geld, with additional mixing by Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Sonia Herrero. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

19 Jan 20241h 8min

A Republican Pollster on Trump’s Undimmed Appeal

A Republican Pollster on Trump’s Undimmed Appeal

The fact that Donald Trump is the front-runner for the G.O.P. nomination in 2024 has created a chasm in our politics. In the past, Democrats and Republicans at least understood why members of the other party liked their chosen candidates. Most conservatives weren’t confused why liberals liked Barack Obama, and vice versa for George W. Bush. But for a lot of Democrats, it feels impossible to imagine why anyone would cast a vote for Trump. And as a result, the two parties don’t just feel hostile toward each other; they feel increasingly unknowable.Kristen Soltis Anderson is a veteran Republican pollster, a founding partner of the opinion research firm Echelon Insights and a CNN contributor. She spends her days trying to understand the thinking of Republican voters, including hosting focus groups for New York Times Opinion. So I wanted to get her insights on why Republicans like Trump so much — even after his 2020 electoral loss, the Jan. 6 insurrection and over 90 criminal charges. What really explains Trump’s enduring appeal?Mentioned:Researcher applicationAssociate engineer applicationGallup's Presidential Job Approval CenterBook Recommendations:Subtract by Leidy KlotzParty of the People by Patrick RuffiniWelcome to the O.C. by Josh Schwartz, Stephanie Savage and Alan SepinwallThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Kristin Lin. Fact-checking by Michelle Harris, Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Rollin Hu. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

16 Jan 202448min

Should Trump Be Barred From the Ballot?

Should Trump Be Barred From the Ballot?

There’s this incredible dissonance at the center of our politics right now. On the one hand, all the polling suggests that Donald Trump is about to win Iowa Republican caucuses and the New Hampshire primary. He seems overwhelmingly likely to be his party’s nominee, and so possibly our next president. On the other hand, he could be constitutionally disqualified from taking office.Colorado and Maine concluded as much, and tossed him off their ballots. And now the Supreme Court is poised to take on this unprecedented question of whether a little-known provision of the Constitution, written in the aftermath of the Civil War, can bar Trump from running and scramble the election in 2024.The Times Opinion columnist David French has been on the show before, as both a guest and a guest host, to break down the criminal cases against Trump. This time, I’ve asked David back to make his case for why Trump is constitutionally disqualified. We discuss some of the biggest objections, what the Supreme Court is likely to do, and how the possible options risk destabilizing the country in different ways.Mentioned:Researcher applicationAssociate engineer application“The Sweep and Force of Section Three” by William Baude and Michael Stokes Paulsen“The Case for Disqualifying Trump Is Strong” by David French“Snakebit” by Nick CatoggioBook Recommendations:Operation Pedestal by Max HastingsInto the Heart of Romans by N. T. WrightManhunt by James L. SwansonThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Rollin Hu. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Our senior engineer is Jeff Geld, with additional mixing by Efim Shapiro. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

12 Jan 20241h 2min

How to Discover Your Own Taste

How to Discover Your Own Taste

Being on the internet just doesn’t feel as fun anymore. As more of our digital life is driven by algorithms, it’s become a lot easier to find movies or TV shows or music that fits our preferences pretty well. But it feels harder to find things that are strange and surprising — the kinds of culture that help you, as an individual, develop your own sense of taste.This can be a fuzzy thing to talk about. But Kyle Chayka, a staff writer at The New Yorker, has written a whole book on it, the forthcoming “Filterworld: How Algorithms Flattened Culture.” We talk about how today’s internet encourages everything to look more the same and is even dulling our ability to know what we like. And we discuss what we can do to strengthen our sense of personal taste in order to live a richer, more beautiful life.Mentioned:“Quartets: Two: II. Warmth” by Peter GregsonAmbient 1: Music for Airports by Brian EnoBook Recommendations:“In Praise of Shadows” by Junichiro Tanizaki (essay)Seeing Is Forgetting the Name of the Thing One Sees by Lawrence WeschlerThe Mushroom at the End of the World by Anna Lowenhaupt TsingThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” is produced by Rollin Hu. Fact-checking by Michelle Harris. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Annie Galvin, Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. And special thanks to Carole Sabouraud. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

9 Jan 20241h 2min

Tired? Distracted? Burned-Out? Listen to This.

Tired? Distracted? Burned-Out? Listen to This.

I’m convinced that attention is the most important human faculty. Your life, after all, is just the sum total of the things you’ve paid attention to. And we lament our attention issues all the time: how distracted we are, how drained we feel, how hard it is to stay focused or present. And yet, while there’s no shortage of advice on how to improve our sleep hygiene, or spending, or physical fitness, there’s hardly any good information about how to build and replenish our capacity for paying attention.So for the start of the new year, I wanted to have a conversation with Gloria Mark, a professor at the University of California, Irvine, author of the book “Attention Span,” and one of the few people who’s deeply studied the way our attention works, how that’s been changing, and what we can do to stop frittering our attention budgets away.Book recommendations:“The Challenger Launch Decision” by Diane Vaughan“The Undoing Project” by Michael Lewis“The God Equation” by Michio KakuMentioned:We’re looking for a researcher to join our team. Learn more and apply here.And we’re looking for an associate engineer. Learn more and apply here.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This episode of “The Ezra Klein Show” was produced by Claire Gordon. Fact-checking by Michelle Harris, Mary Marge Locker and Kate Sinclair. Our senior engineer is Jeff Geld. Our senior editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Isaac Jones. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

5 Jan 202456min

Best Of: The Most Amazing — and Dangerous — Technology in the World

Best Of: The Most Amazing — and Dangerous — Technology in the World

“We rarely think about chips, yet they’ve created the modern world,” writes the historian Chris Miller.He’s not exaggerating. Semiconductors power everything from our phones and computers to cars, planes, advanced military equipment, and A.I. systems. Chips are the foundation of modern economic prosperity, military strength and geopolitical power.This conversation with Chris Miller, author of “Chip War: The Fight for the World’s Most Critical Technology,” was recorded back in April. But we wanted to re-air it, because what Miller lays out in that book, and in this conversation, is essential to understanding where we are in 2023, and the faultlines that will shape the world ahead. Because semiconductors have  one of the most concentrated supply chains of any technology today. One Taiwanese company, TSMC, produces around 90 percent of the most advanced chips. A single Dutch firm, ASML, produces all of the world’s EUV lithography machines, which are essential to produce leading-edge chips. The entire industry is built like this.That doesn’t just make the chip supply chain vulnerable to external shocks; it also makes it easily weaponizable by the powers that control it. In 2022, the Biden administration banned exports of advanced chips — and the equipment needed to produce those chips — to China, and then further tightened those rules this October. In August 2022, President Biden signed into law the bipartisan CHIPS and Science Act, which includes a $52 billion investment to on-shore U.S. chip manufacturing. China has invested tens of billions of dollars over the past decade to build a domestic semiconductor industry of its own. Chips have become to the geopolitics of the 21st century what oil was to the geopolitics of the 20th.In this conversation, Miller talks me through what semiconductors are, why they matter and how they are shaping everything from U.S.-China relations and the Russia-Ukraine war to the Biden policy agenda and the future of A.I.Mentioned:“The Problem With Everything-Bagel Liberalism” by Ezra KleinBook Recommendations:The World For Sale by Javier Blas and Jack FarchyNexus by Jonathan Reed WinklerPrestige, Manipulation and Coercion by Joseph TorigianThoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.You can find transcripts (posted midday) and more episodes of “The Ezra Klein Show” at nytimes.com/ezra-klein-podcast, and you can find Ezra on Twitter @ezraklein. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.“The Ezra Klein Show” is produced by Annie Galvin, Emefa Agawu, Jeff Geld, Rogé Karma and Kristin Lin. Fact-checking by Michelle Harris. Mixing by Jeff Geld. Original music by Isaac Jones. Audience strategy by Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Pat McCusker and Kristina Samulewski. Subscribe today at nytimes.com/podcasts or on Apple Podcasts and Spotify. You can also subscribe via your favorite podcast app here https://www.nytimes.com/activate-access/audio?source=podcatcher. For more podcasts and narrated articles, download The New York Times app at nytimes.com/app.

26 Des 202358min

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