How Energy Markets Are Shaping Putin’s Invasion — and the World

How Energy Markets Are Shaping Putin’s Invasion — and the World

Nearly every dimension of the Ukraine-Russia conflict has been shaped by energy markets.

Russia’s oil and gas exports have long been the foundation of its economy and geopolitical strength. Vladimir Putin’s decision to invade Ukraine — like his annexation of Crimea in 2014 — coincided with high energy prices. While Western sanctions have dealt a major blow to Russia’s financial system, European carve-outs for Russian oil and gas have kept hundreds of millions of dollars flowing to Moscow every day.

As a result, energy policy has become foreign policy. European countries are doubling down on their commitments to decarbonize in order to reduce their dependence on Russian energy as quickly as possible. The United States has banned Russian oil and gas imports, and in the wake of spiking gasoline prices, the Biden administration is looking for any opportunity to increase the world’s oil supply, including the possibility of normalizing trade relations with previously blacklisted countries like Venezuela and Iran.

But the intersection of energy and geopolitics extends far beyond this conflict. Energy is the bedrock of nations’ economic prosperity, military strength and geopolitical power. Which means energy markets are constantly shaping and reshaping global dynamics. You can’t understand the way the world operates today if you don’t understand the global flow of energy.

There are few people who have studied energy markets as closely as Daniel Yergin has. He is an economic historian and writer who has been called “America’s most influential energy pundit” in The New York Times. And he’s the author of numerous books on the intersection of energy and geopolitics, including the Pulitzer Prize-winning “The Prize: The Epic Quest for Oil, Money, and Power” and, most recently, the best-selling “The New Map: Energy, Climate, and the Clash of Nations.”

We discuss how Putin’s invasion halfway across the world caused gasoline prices to rise in California; what would happen to European economies if they decided to cut off Russian gas; how the U.S. shale revolution has transformed the global political landscape; why, when it comes to China and Russia, Yergin believes that “a relationship that was once based on Marx and Lenin is now grounded in oil and gas”; whether Donald Trump was right to be skeptical of Nord Stream 2; why decarbonization is not only beneficial for the climate but also crucial for national security; whether the Biden administration’s response to spiking energy prices is putting its climate agenda in jeopardy; why Yergin thinks hydrogen power could become central to combating climate change; and much more.

Book recommendations:

Putin’s World by Angela Stent

The Power of Law by Sebastian Mallaby

The Cloud Revolution by Mark P. Mills

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 Andrea López-Cruzado; 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(470)

What the Heck Is Going on With the U.S. Economy?

What the Heck Is Going on With the U.S. Economy?

Should we be celebrating a Biden boom? Lamenting inflation and its consequences? Both?We know how to talk about booms, like the ’90s. We know how to talk about busts, like after the financial crisis. We know how to talk about stagnation. What we don’t know how to talk about is contradictory extremes coexisting together. But that’s the economy we have right now. And a lot rides on figuring out how to balance those extremes. Because if we solve inflation while killing the labor market, we’ll have blown a hole in our foot to save our hand.And so I wanted to talk today to Jason Furman, an economist at Harvard and the chair of Barack Obama’s Council of Economic Advisers from 2013 to 2017. What I appreciate about Jason is he doesn’t pretend the economy is only one thing or there’s only one lens for looking at it. He’s an unusually multimodeled thinker.We discuss whether families and workers are making it out ahead given the dual realities of rising wages and rising prices, why so many economists and forecasters got this economy wrong, to what extent the Biden stimulus is responsible for both the booming economy and spiking inflation, whether the economic lessons of the financial crisis were overlearned, why Furman thinks supply-chain issues are “overrated” as a cause of inflation, what the Great Resignation misses, how the Biden administration should restructure its Build Back Better bill, and more.Book Recommendations:The Myth of the Rational Voter by Bryan CaplanThe Weirdest People in the World by Joseph HenrichWho We Are and How We Got Here by David ReichThoughts? 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. 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.

8 Feb 20221h

Let’s Talk About How Truly Bizarre Our Supreme Court Is

Let’s Talk About How Truly Bizarre Our Supreme Court Is

“Getting race wrong early has led courts to get everything else wrong since,” writes Jamal Greene. But he probably doesn’t mean what you think he means.Greene is a professor at Columbia Law School, and his book “How Rights Went Wrong” is filled with examples of just how bizarre American Supreme Court outcomes have become. An information processing company claims the right to sell its patients’ data to drug companies — it wins. A group of San Antonio parents whose children attend a school with no air-conditioning, uncertified teachers and a falling apart school building sue for the right to an equal education — they lose. A man from Long Island claims the right to use his homemade nunchucks to teach the “Shafan Ha Lavan” karate style, which he made up, to his children — he wins.Greene’s argument is that in America, for specific reasons rooted in our ugly past, the way we think about rights has gone terribly awry. We don’t do constitutional law the way other countries do it. Rather, we recognize too few rights, and we protect them too strongly. That’s created a race to get everything ruled as a right, because once it’s a right, it’s unassailable. And that’s made the stakes of our constitutional conflicts too high. “If only one side can win, it might as well be mine,” Greene writes. “Conflict over rights can encourage us to take aim at our political opponents instead of speaking to them. And we shoot to kill.”It’s a grim diagnosis. But, for Greene, it’s a hopeful one, too. Because it doesn’t have to be this way. Supreme Court decisions don’t have to feel so existential. Rights like food and shelter and education need not be wholly ignored by the courts. Other countries do things differently, and so can we.This is a crucial moment for the court. Stephen Breyer is retiring. And in this term alone, the 6-3 conservative court is expected to hand down crucial decisions on some of the most divisive issues in American life: abortion, affirmative action, guns. So this is, in part, a conversation about the court we have and the decisions it is likely to make. But it’s also about what a radically different court system could look like.We discuss the Supreme Court’s recent decisions on vaccine mandates, why Greene thinks judicial decision-making is closer to punditry than constitutional interpretation, the stark differences in how the German and American Supreme Courts handled the issue of abortion, Greene’s case for appointing nearly 200 justices to the U.S. Supreme Court, why we even have courts in the first place and much more.Mentioned:The Ezra Klein Show is hiring a managing producer. Learn more here.Book Recommendations:Rights Talk by Mary Ann GlendonLaw and Disagreement by Jeremy WaldronCult of the Constitution by Mary Anne Franks 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 and Kristina Samulewski; 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. 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.

4 Feb 20221h 6min

Democrats Chase Shiny Objects. Here's How to Build Real Power.

Democrats Chase Shiny Objects. Here's How to Build Real Power.

There’s good reason to worry about the future of democracy, and little reason to believe Democrats have a viable plan for protecting it. They built their strategy around passing a major suite of voting reforms and protections through Congress, and a few weeks back, their whole agenda collapsed in the face of the filibuster. So what now? Is there a Plan B for protecting democracy?Yes. But it begins with realizing that there is no national solution in a country that administers elections at the state and local levels. Which means it begins with realizing that many Democrats have made a mistake: They’ve focused so much on national conflicts that they’ve ceded state and local power to the right, with dangerous results. Trumpists can’t pass some big national bill putting Trump back in office, so they are organizing to win the state and local offices that will hold power over the process next time. Democracy’s defenders need to do the same. And that means you.Amanda Litman is a co-founder of Run for Something, which recruits and supports young, progressive candidates who want to run for office. And so this is a conversation about the mechanics of American democracy, the confusions and myths that keep so many of us from participating in them and the practical question of what it means to step off the sidelines and, well, run for something. We talk about why Democrats tend to chase “shiny objects” over real political power, what right-leaning organizations have been up to that liberals should envy, how you probably have more control over issues like abortion and climate change than you think, what it actually takes to run a local campaign, the three questions prospective candidates should be able to answer, and more.This isn’t a conversation raging against the decaying of American democracy. This is a conversation about saving that democracy by participating at its most fundamental level: the local level. The one where you can have the most impact. And so it’s the rare conversation about democracy that left me feeling better, rather than worse, about what’s possible. I think it’ll do the same for you.This episode contains strong language.Mentioned:The Ezra Klein Show is hiring a managing producer. Learn more here.From ProPublica: “Heeding Steve Bannon’s Call, Election Deniers Organize to Seize Control of the GOP — and Reshape America’s Elections” by Isaac Arnsdorf, Doug Bock Clark, Alexandra Berzon and Anjeanette DamonWhat It Takes by Richard Ben CramerFind out what elected offices you can run forBook recommendations:The Heart Principle by Helen HoangOlga Dies Dreaming by Xochitl GonzalezLet’s Get Physical by Danielle FriedmanThoughts? 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. 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 20221h 5min

Learning to Listen to the Voices Only You Hear

Learning to Listen to the Voices Only You Hear

The world has gotten louder, even when we’re alone. A day spent in isolation can still mean a day buffeted by the voices on social media and the news, on podcasts, in emails and text messages. Objects have also gotten louder: through the advertisements that follow us around the web, the endless scroll of merchandise available on internet shopping sites and in the plentiful aisles of superstores. What happens when you really start listening to all these voices? What happens when you can’t stop hearing them?Ruth Ozeki is a Zen Buddhist priest and the author of novels including “A Tale for the Time Being,” which was shortlisted for the Booker Prize, and “The Book of Form and Emptiness,” which I read over paternity leave and loved. “The Book of Form and Emptiness” is about Benny, a teenager who starts hearing objects speak to him right after his father’s death, and it’s about his mother, Annabelle, who can’t let go of anything she owns, and can’t seem to help her son or herself. And then it’s about so much more than that: mental illnesses and materialism and consumerism and creative inspiration and information overload and the power of stories and the role of libraries and unshared mental experiences and on and on. It’s a book thick with ideas but written with a deceptively light, gentle pen.Our conversation begins by exploring what it means to hear voices in our minds, and whether it’s really so rare. We talk about how Ozeki’s novels begin she hears a character speaking in her mind, how meditation can teach you to detach from own internal monologue, why Marie Kondo’s almost animist philosophy of tidying became so popular across the globe, whether objects want things, whether practicing Zen has helped her want less and, my personal favorite part, the dilemmas posed by an empty box with the words “empty box” written on it.Mentioned:The Ezra Klein Show is hiring a managing producer. Learn more here.The Great Shift by James L. KugelBook recommendations:When You Greet Me I Bow by Norman FischerThe Aleph and Other Stories by Jorge Luis BorgesVibrant Matter by Jane BennettThis episode contains a brief mention of suicidal ideation. If you are having thoughts of suicide, call the National Suicide Prevention Lifeline at 1-800-273-8255 (TALK). A list of additional resources is available at SpeakingOfSuicide.com/resources.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.

25 Jan 202259min

The View From the White House

The View From the White House

It’s been a year since Joe Biden was sworn in as the 46th president of the United States. And what a roller coaster of a year it’s been.The Biden administration blew past its Covid vaccination goal of 100 million shots in 100 days, only to run into the realities of vaccine skepticism, the Delta wave and now Omicron. The president oversaw an unprecedented economic recovery — including the sharpest one-year drop in unemployment in American history — but now faces the highest inflation in decades, supply chain crises and souring approval ratings. Congress passed the $1.9 trillion American Rescue Plan and the $1 trillion bipartisan infrastructure law, but negotiations collapsed over the administration’s signature Build Back Better bill, and on Thursday the Senate failed to pass any voting rights legislation.Ron Klain is President Biden’s chief of staff and one of the most influential members of the current administration. We discuss what the United States can learn from Asian countries’ pandemic strategies, what went wrong with America’s testing regime, the administration’s plan for tackling inflation, what it will take to be prepared for the next variant, what Klain has learned about what private sector can — and can’t — accomplish on its own, the fate of Build Back Better, what can excite Democrats for the 2022 midterms, the status of relations between the White House and Joe Manchin, how the administration is thinking about the 6-to-3 conservative Supreme Court majority and more.Mentioned:The Ezra Klein Show is looking for a managing producer. Learn more.Book Recommendation:The Gatekeepers by Chris WhippleThoughts? 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, Mary Marge Locker and Kate Sinclair; 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. 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.

21 Jan 202245min

The Pandemic Lessons We Clearly Haven’t Learned

The Pandemic Lessons We Clearly Haven’t Learned

I remember thinking, as Covid ravaged the country in December 2020, that at least the holidays the next year would be better. There would be more vaccines, more treatments, more immunity. Instead, we got Omicron and a confusing new phase of the pandemic. What do you do with a variant that is both monstrously more infectious and somewhat milder? What do you say about another year when we didn’t have enough tests, enough ventilation or the best guidance on masks? And how do you handle the fracturing politics of a changing pandemic in an exhausted country?Zeynep Tufekci is a sociologist and New York Times Opinion columnist who does a better job than almost anyone at assessing the pandemic at a systems level. To solve a public-health crisis, it’s not enough to get the science right. There are also challenges with supply chains, infrastructure, research production, mass communication, political trust and institutional inertia. I’ve found Tufekci’s ability to balance the epidemiological data and the sociological realities uniquely helpful across the pandemic, and you can hear why in this conversation.We discuss how the Covid crisis has changed, as well as Tufekci’s sobering conclusion: that the virus, at this point, is feeding on our dysfunction. We look at what Omicron is and isn’t, where the Biden administration has succeeded and failed, the debate over closing schools, why so many Asian countries have so powerfully outperformed the West, how the role of vaccines has changed, what a pandemic-prepared society would actually look like, and what should be true of our pandemic policy in a year that isn’t now.Book recommendations:The Theory and Practice of Group Psychotherapy by Irvin D. Yalom and Molyn LeszczChaos by James GleickThe Dead Hand by David HoffmanThoughts? 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, Mary Marge Locker and Kate Sinclair; 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. 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.

18 Jan 20221h 15min

Chris Hayes on How Biden Can Have a Better 2022

Chris Hayes on How Biden Can Have a Better 2022

Nothing like a newborn and paternity leave to leave you feeling a bit out of the loop. So for my first podcast back since October, I wanted to wander through the thickets of where we are politically and how we got here.Because where we are is strange: the Omicron wave and the breakdown of the liberal Covid consensus that preceded it; a hot economy with low unemployment, rising wages and high inflation; a Build Back Better bill for which the eventual compromise seems obvious even as the legislation is stalled; the anniversary of Jan. 6, which comes as both of the Democrats’ major democracy bills are languishing; and a Biden administration that has passed big, popular policies, only to watch its poll numbers fall.Chris Hayes is the host of MSNBC’s “All In” and the podcast “Why Is This Happening?” He’s also one of my favorite people to process politics with, so I asked him to help me track back through the past few months of the news and look into how 2022 could be better.Mentioned:“The Ronald Reagan Guide to Joe Biden’s Political Future” by Jamelle Bouie“How Michel Foucault Lost the Left and Won the Right” by Ross Douthat“Ten Million a Year” by David Wallace-Wells“On the Internet, We’re Always Famous” by Chris HayesBook recommendations:The Braindead Megaphone by George SaundersThe Three-Body Problem Series by Cixin LiuThe Racial Contract by Charles W. MillsThoughts? 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. 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.

11 Jan 20221h 3min

Best Of: This Conversation Will Change How You Think About Thinking

Best Of: This Conversation Will Change How You Think About Thinking

For decades, our society’s dominant metaphor for the mind has been a computer. A machine that operates the exact same way whether it’s in a dark room or next to a sunny window, whether it’s been working for 30 seconds or three hours, whether it’s near other computers or completely alone.But that’s wrong. Annie Murphy Paul’s “The Extended Mind” argues, convincingly, that the human mind is contextual. It works differently in different environments, with different tools, amid different bodily states, among other minds.Here’s the problem: Our schools, our workplaces, our society are built atop that bad metaphor. Activities and habits that we’ve been taught to associate with creativity and efficiency often stunt our thinking, and so much that we’ve been taught to dismiss — activities that look like leisure, play or rest — are crucial to thinking (and living!) well.Paul’s book, read correctly, is a radical critique of not just how we think about thinking, but how we’ve constructed much of our society. In this conversation, originally released in July 2021, we discuss how the body can pick up on patterns before the conscious mind knows what it’s seen, why forcing kids (and adults) to “sit still” makes it harder for them to think clearly, the connection between physical movement and creativity, why efficiency is often the enemy of productivity, the restorative power of exposure to the natural world, the dystopian implications of massive cognitive inequality, why open-plan offices were a terrible idea and much more.Mentioned: "The extended mind" by Andy Clark and David J. ChalmersBook recommendations: Supersizing the Mind by Andy ClarkMind in Motion by Barbara TverskyThoughts Without a Thinker by Mark EpsteinYou 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.Thoughts? Guest suggestions? Email us at ezrakleinshow@nytimes.com.“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. Special thanks to Kristin Lin and Alison Bruzek. 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.

4 Jan 20221h 8min

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