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(471)

Opinion Crossover: California Republicans, Facebook and Media Navelgazing

Opinion Crossover: California Republicans, Facebook and Media Navelgazing

Today, we’re doing something a little different. Instead of a normal interview, we wanted to let you in on a special round table discussion I recently had with my fellow Opinion Audio hosts: Jane Coaston of “The Argument” and Kara Swisher of “Sway.” We discuss California’s recall election, the future of the Republican Party, the recent “Facebook Files” revelations, the case for and against breaking up Big Tech, why so many Americans distrust the media and much more. So enjoy! And remember to subscribe to “Sway” and “The Argument” wherever you get your podcasts.Mentioned: “Gavin Newsom Is Much More Than the Lesser of Two Evils” by Ezra Klein“How California conservatives became the intellectual engine of Trumpism” by Jane Coaston “The Facebook Files” Book recommendations: The Fall of Berlin 1945 by Anthony BeevorFuzz by Mary RoachThis is Your Mind On Plants by Michael PollanThe Grace of Kings by Ken LiuYou 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 our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.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. 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.

24 Sep 202134min

We’re on the Precipice of a Post-Roe World

We’re on the Precipice of a Post-Roe World

A few weeks ago, the Supreme Court let stand a Texas law creating a system of vigilante legal enforcement against anyone who participates in an abortion after the point of fetal cardiac activity. In effect, Texas’ law bans abortions after about six weeks, which is long before many women even know they’re pregnant. And soon the court will hear arguments on a Mississippi abortion ban that will give the justices the chance to overturn Roe v. Wade directly.We may be on the precipice of a post-Roe world.But what does that actually mean? Leslie Reagan is the author of “When Abortion Was a Crime” and “Dangerous Pregnancies.” Reagan has done groundbreaking historical work to reveal what happened when U.S. states began criminalizing abortion in the early 19th century. There are lessons in our past that should inform our future, if we’ll listen.This is also a particularly personal episode for me.My partner is 33 weeks pregnant. This is our second pregnancy. Both have been unusually dangerous and physically damaging. For the state to say that it will force any people to undergo that against their will is a remarkable assumption of power over individuals. Reagan and I talk about what that means, what the state is saying about the personhood, or lack thereof, of those who become pregnant.Mentioned: "Behind the Texas Abortion Law, a Persevering Conservative Lawyer" by  Michael S. SchmidtBook recommendations: How All Politics Became Reproductive Politics by Laura BiggsKilling for Life by Carol MasonRadical Reproductive Justice, edited by Loretta J. Ross, Lynn Roberts, Erika Derkas, Whitney Peoples, and Pamela BridgewaterYou 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 our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.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. 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 Sep 202159min

Economics Needs to Reckon With What It Doesn’t Know

Economics Needs to Reckon With What It Doesn’t Know

“The world discovered that John Maynard Keynes was right when he declared during World War II that ‘anything we can actually do, we can afford,’” writes Adam Tooze. “Budget constraints don’t seem to exist; money is a mere technicality. The hard limits of financial sustainability, policed, we used to think, by ferocious bond markets, were blurred by the 2008 financial crisis. In 2020, they were erased.”Tooze is an economic historian at Columbia University, co-hosts the podcast “Ones and Tooze,” writes the brilliant Chartbook blog and is the author of “Crashed,” the single best history of the 2008 financial crisis. He’s now out with a new book, “Shutdown: How Covid Shook the World’s Economy,” which tells the story of the unprecedented global economic response to the pandemic.The central thread of Tooze’s work is how the past decade of crises has upended many of the core assumptions that have guided economic policymaking for the past 50 years — including ones that many contemporary economists and policymakers continue to cling to. So that’s what we mainly talk about here. But we also discuss how the boundaries of acceptable thought in the economics profession are policed, the actual risk of runaway inflation, the limits of green monetary policy, the fight over Jerome Powell’s reappointment as Fed chair, what the Covid crisis reveals about our ability to respond to the climate crisis, the need for a supply-side progressivism and more.Mentioned: “Declining worker power and American economic performance” by Anna Stansbury and Larry Summers “The green swan: Central banking and financial stability in the age of climate change”Book recommendations: The Deficit Myth by Stephanie KeltonStalingrad by Vasily GrossmanEssays in Persuasion by John Maynard KeynesYou 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.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. 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.

17 Sep 20211h 15min

How Colson Whitehead Writes About Our ‘Big Wild Country’

How Colson Whitehead Writes About Our ‘Big Wild Country’

“If he got a thrill out of transforming these ill-gotten goods into legit merchandise, a zap-charge in his blood like he’d plugged into a socket, he was in control of it and not the other way around,” writes Colson Whitehead in his new novel, “Harlem Shuffle.” “Dizzying and powerful as it was. Everyone had secret corners and alleys that no one else saw — what mattered were your major streets and boulevards, the stuff that showed up on other people’s maps of you.”Whitehead is the author of “The Underground Railroad,” which won the Pulitzer Prize and the National Book Award, and “The Nickel Boys,” which also won a Pulitzer, the first time two consecutive books by an author won. But he actually started “Harlem Shuffle” in between those two books. And now that he’s finished it, he can’t quite put it down. He’s working on a sequel, he told me. The first time he’s tried one.“Harlem Shuffle” is both a joyous and a troubled book. It’s built around Ray Carney, a furniture salesman and fence for stolen goods, and a series of capers around 1960s-era Harlem. But at its core it’s about patrimony, capitalism, ambition, race and the moral costs of striving in an unjust system.We talk about all that, and more: how Marvel Comics made Whitehead want to be a writer, how parenthood changed him, why he hopes to distill it all down to a haiku, whether the writing world is a just or unjust system, the nature of zombies, the nonfiction of the late-Aughts internet, the legacy of 9/11, his favorite heist movies, what his wife thinks his characters know that he doesn’t — and I could keep going.This one’s a fun one.Mentioned: "Wow, Fiction Works!" by Colson WhiteheadHarlem Shuffle by Colson WhiteheadThe Underground Railroad by Colson WhiteheadThe Nickel Boys by Colson WhiteheadZone One by Colson WhiteheadSag Harbor by Colson WhiteheadThe Noble Hustle by Colson WhiteheadBook recommendations: Love Goes to Buildings on Fire by Will HermesThe Buddha in the Attic by Julie OtsukaWhen the Emperor Was Divine by Julie OtsukaMad As Hell by Dave ItzkoffYou 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.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. 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.

14 Sep 202156min

Tyler Cowen on the Great Stagnation’s End

Tyler Cowen on the Great Stagnation’s End

Tyler Cowen is an economist at George Mason University, the co-founder of the blog Marginal Revolution, and host of the podcast “Conversations With Tyler.” But more than that, he’s a genuine polymath who reads about everything, goes everywhere and talks to everyone. I’ve known him for years, and while I disagree with him on quite a bit, there are few people I learn more from in a single conversation.In this conversation, I wanted to get at the connective thread in Cowen’s work: the moral imperative of economic growth. Growth doesn’t have the best reputation in left-wing circles these days, and often for good reason. It’s hard to look at a world where rising G.D.P. has driven rising temperatures and shocking inequality, and then to continue venerating growth as an all-encompassing good.Cowen admits those criticisms — particularly the climate one — but still argues that growth, properly measured, is central to a moral economy. The East Asian economic miracles are, he’s written, “the highest manifestation of the ethical good in human history to date.” Time, he argues, is a “moral illusion,” and the most important thing we can do for the future is set the power of compounding growth to work now. We do that by generating new ideas, new technologies, new ways of living and cooperating. And that, in turn, requires us to find and nurture human talent, which is where his recent work has focused.So we begin this conversation by discussing the case for and against economic growth, but we also get into lots of other things: why Cowen thinks the great stagnation in technology is coming to an end; the future of technologies like A.I., crypto, fourth-generation nuclear and the Chinese system of government; the problems in how we fund scientific research; what the right has done to make government both ineffective and larger; why Cowen is skeptical of universal pre-K (and why I’m not); whether I overestimate the dangers of polarization; the ways in which we’re getting weirder; the long-term future of human civilization; why reading is overrated and travel is underrated; how to appreciate classical music and much more.Mentioned: The Great Stagnation by Tyler Cowen Stubborn Attachments by Tyler Cowen “Beyond GDP? Welfare across Countries and Time” by Charles I. Jones and Peter J. Klenow (No book recommendations on this one, but tune in for some classical music and travel recommendations) 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 www.nytimes.com/article/ezra-klein-show-book-recs.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. 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.

10 Sep 20211h 17min

Can We Change Our Sexual Desires? Should We?

Can We Change Our Sexual Desires? Should We?

“Feminists have long dreamed of sexual freedom,” writes Amia Srinivasan. “What they refuse to accept is its simulacrum: sex that is said to be free, not because it is equal, but because it is ubiquitous.”Srinivasan is an Oxford philosopher who, in 2018, wrote the viral essay “Does Anyone Have the Right to Sex?” Her piece was inspired by Elliot Rodger’s murderous rampage and the misogynist manifesto he published to justify it. But Srinivasan’s inquiry opened out to larger questions about the relationship between sex and status, what happens when we’re undesired for unjust reasons and whether we can change our own preferences and passions. The task, as she frames it, is “not imagining a desire regulated by the demands of justice, but a desire set free from the binds of injustice.” I love that line.Srinivasan’s new book of essays, “The Right to Sex,” includes that essay alongside other challenging pieces considering consent, pornography, student-professor relationships, sex work and the role of law in regulating all of those activities. This is a conversation about topics we don’t always cover on this show, but that shape the world we all live in: Monogamy and polyamory, the nature and malleability of desire, the interplay between sex and status-seeking, what it would mean to be sexually free, the relationship between inequality and modern dating, incels, the feminist critique of porn, how the internet has transformed the sexual culture for today’s young people and much more.(One note: This conversation was recorded before the Supreme Court permitted a Texas law prohibiting abortions after six weeks, arguably ushering in the post-Roe era. We’re working on an episode that will discuss that directly.)Mentioned: The Right to Sex by Amia Srinivasan"Sex Worker Syllabus and Toolkit for Academics" by Heather Berg, Angela Jones and PJ Patella-ReyBook recommendations: Ain't Gonna Let Nobody Turn Me Around by Alethia Jones and Virginia Eubanks, with Barbara Smith Revolting Prostitutes by Juno Mac and Molly SmithFeminist International by Verónica Gago, translated by Liz Mason-DeeseYou 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 www.nytimes.com/article/ezra-klein-show-book-recs.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. 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.

7 Sep 20211h 5min

This Isn’t Your Grandpa’s Joe Biden

This Isn’t Your Grandpa’s Joe Biden

President Biden’s economic policy isn’t what you would have expected from his long career. That’s true in the legislation he’s backing, which is bigger and bolder than anything we’ve seen from him before, but it’s even truer in the appointments he’s making and the theories he’s embracing. On everything from antitrust to inflation to employment to power, Biden is reflecting a new strain of progressive economics thoughts — one that wants to direct markets, not just correct them.Felicia Wong is the chief executive of the Roosevelt Institute, one of the think tanks that’s been central to building the new progressive economics that Biden has picked up. She joined me for a conversation on Biden’s theory of the economy, how antitrust thinking has changed, whether Jerome Powell should be reappointed chair of the Federal Reserve, whether progressives need to reckon with Amazon’s wild popularity, what kind of inflation problem we have and much more.Mentioned: “Socialists Will Never Understand Elizabeth Warren” by Henry FarrellBook recommendations: Undoing the Demos by Wendy BrownThe End of the Myth by Greg GrandinDifference without Domination by Danielle Allen and Rohini SomanathanYou 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.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. 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.

3 Sep 202154min

Ask Ezra Anything: Degrowth, Third Parties, Reading and More

Ask Ezra Anything: Degrowth, Third Parties, Reading and More

We asked for your questions, and you answered. Hundreds and hundreds of fantastic questions poured in, and our producer Annie Galvin joined me to ask some of the best of them. Does the infrastructure bill mean there’s more hope for bipartisanship than we thought? What’s my view on the degrowth movement? What do I think my book, “Why We’re Polarized,” got right, and what did it get wrong? Will plant- and cell-based meats ever be cheaper than eating animals, given the subsidies the meat industry gets? Why hasn’t any blue state created a single-payer health care system? Can you really build more housing without creating a biodiversity crisis?We also get into reading habits, comic books, meditation, children’s books, why I spend a lot of time thinking about death and much more. So here it is: the “Ask Me Anything” episode.Mentioned:"What Does Degrowth mean? A Few Points of Clarification" by Jason Hickel"The Ugly Secrets Behind the Costco Chicken" by Nicholas Kristof"The Number of Parties" by Maurice DuvergerBreaking the Two-Party Doom Loop: The Case for Multiparty Democracy in America  by Lee Drutman"Forget Obamacare: Vermont Wants to Bring Single-Payer to America" by Sarah Kliff"What the Rich Don't Want to Admit About the Poor" by Ezra KleinBuddhism Without Beliefs by Stephen BatchelorSeeing That Frees by Rob BurbeaThe Sandman: Overture by Neil GaimanSupergods by Grant MorrisonBook Recommendations:Here We Are by Oliver JeffersCars and Trucks and Things That Go by Richard ScarryHappy Birthday to You! by Dr. SeussYou 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.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. 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.

31 Aug 20211h 11min

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