How the Fed Is ‘Shaking the Entire System’

What happens when ambition no longer checks ambition?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. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This audio essay for “The Ezra Klein Show” was produced by our supervising editor, Claire Gordon. Fact-checking by Michelle Harris. Mixing by Efim Shapiro and Aman Sahota. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. 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 Feb 18min

We are moving into the next phase of Donald Trump’s presidency. Phase 1 was the blitz of executive actions. Now comes the response from the other parts of the government — namely, the courts.A slew of judges, some of them Republican appointees, have frozen a number of the administration’s most aggressive actions: the destruction of U.S.A.I.D., the spending freeze, DOGE’s access to the Treasury payments system and the executive order to end birthright citizenship, to name just a few.The administration has largely — though not entirely — been abiding by these court decisions. Over the weekend, Vice President JD Vance suggested it might stop. “Judges aren’t allowed to control the executive’s legitimate power,” he posted. Down that path lies a true constitutional crisis.So what happens if the Trump administration simply tells the courts to shove it? And what other pushback and opposition is the administration beginning to face across the government? Quinta Jurecic, a senior editor at Lawfare, joins me to talk it through.Mentioned:“The Situation: What’s Going on at the FBI?” by Benjamin WittesBook Recommendations:A Survivor’s Education by Joy NeumeyerThe Rebel by Albert CamusRace and Reunion by David W. BlightThoughts? 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. 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. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. 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.

11 Feb 1h 34min

Elon Musk has been on a slash-and-burn tear through the federal government — gaining access to I.T. systems, dismantling U.S.A.I.D. and unleashing a firehose of attacks on his platform, X, accusing the bureaucracy of various conspiratorial crimes.As this all unfolds before our eyes, it’s hard to believe that Musk, not that long ago, was a conventional Obama-era liberal. How did a guy who cared about climate change and going to Mars, whose companies were buoyed by government largess, become Donald Trump’s most unapologetic soldier? What does he hope to do with all this power? What does Musk want?Kara Swisher has been reporting on Musk for decades and is one of the great tech reporters of our age. She hosts the podcasts “On With Kara Swisher” and “Pivot,” with Scott Galloway, and is the author of “Burn Book: A Tech Love Story.”This episode contains strong language.Mentioned:“What’s Wrong With Donald Trump?” by Ezra Klein“The Men and (No) Women Facebook of Facebook Management” by Kara SwisherBook Recommendations:North Woods by Daniel MasonOn Tyranny by Timothy SnyderMemorial Days by Geraldine BrooksThoughts? 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. 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 Elias Isquith and Jack McCordick. Fact-checking by Michelle Harris, with Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Pat McCusker. 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.

7 Feb 1h 7min

There are two pieces to this episode. First, a tour of what Donald Trump has done — and what he has backed down from doing — over the last few days. There’s a lesson there. Perhaps Democrats are starting to learn it.Then I wanted to hear the view of Trump’s first weeks back in office from someone on the right — someone who agrees with many of Trump’s policies, but also understands how the government works and who cares about our Constitution.Yuval Levin is the director of social, cultural and constitutional studies at the American Enterprise Institute. His latest book is “American Covenant: How the Constitution Unified Our Nation — and Could Again.” What struck me about our conversation is that, on the one hand, Levin is less alarmed about much of what’s happening than I am. But on the other hand, he’s a lot less impressed by what Trump is actually getting done — and how these moves are likely to work out for him — than most Democrats I know. It’s a perspective very much worth hearing.Mentioned:“Don’t Believe Him” by Ezra KleinBook Recommendations:The Rhetorical Presidency by Jeffrey K. TulisWhy Congress by Philip WallachThe Extinction of Experience by Christine RosenThoughts? 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. 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 Elias Isquith and Jack McCordick. Fact-checking by Michelle Harris. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu and Kristin Lin. Original music by Pat McCusker. 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 Feb 1h 19min

Look closely at the first two weeks of Donald Trump’s second term and you’ll see something very different than what he wants you to see.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. Book recommendations from all our guests are listed at https://www.nytimes.com/article/ezra-klein-show-book-recs.This audio essay for “The Ezra Klein Show” was produced by our supervising editor, Claire Gordon. Fact-checking by Jack McCordick. Mixing by Isaac Jones. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Aman Sahota. Original music by Pat McCusker. Audience strategy by Kristina Samulewski and Shannon Busta. The executive producer of New York Times Opinion Audio is Annie-Rose Strasser. Special thanks to Aaron Retica. 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.

2 Feb 14min

MAGA has long been hostile to Big Tech. So now that Big Tech is shifting rightward, what does that mean for MAGA?“We’re seeing a true political coalition having to navigate very, very big questions about how to keep themselves together,” James Pogue told me. He’s a contributing writer at Times Opinion who has been covering the intellectual ferment on the New Right for years. And he just published a great piece about the tensions between the techno-optimists and skeptics within the MAGA coalition.In this conversation, we cover a lot: How the New Right’s intellectual scene has evolved, the renewed fascination with Ted Kaczynski’s manifesto, why some of the most passionate critics of tech are also the most online, how Robert F. Kennedy Jr. fits into this world, the New Right’s ideas about masculinity and how much Donald Trump cares about any of this.Recommendations:Regime Change by Patrick Deneen“God’s Socialist” by Darryl CooperBetween Two Fires by Stephen PyneThoughts? 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. 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 Elias Isquith. Fact-checking by Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Kristin Lin and Jack McCordick. Original music by Pat McCusker. 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.

28 Jan 1h 34min

On the first day of President Trump’s second term, he signed a record 26 executive orders. Some of them were really big. Others feel more likely messaging memos. And still others are bound to be held up in the courts. So what does it all amount to? What exactly in America has changed?In a former life, I co-hosted a podcast called “The Weeds” with other policy wonks at Vox, including Dara Lind and Matthew Yglesias. We’ve since gone our separate ways; Lind is currently a senior fellow at the American Immigration Council, and Yglesias is the author of the Substack newsletter Slow Boring. But since this was such a big policy week, I wanted to get some of the band back together.In this conversation, we discuss how much Trump’s immigration orders will actually change our immigration system; whether any of Trump’s orders address Americans’ concerns over prices; how serious Trump actually is about tariffs; and more.Book Recommendations:The Fifth Risk by Michael LewisDemon Copperhead by Barbara KingsolverEveryone Who Is Gone Is Here by Jonathan BlitzerLeft Adrift by Timothy ShenkWhy Nothing Works by Marc J. DunkelmanMiddlemarch by George EliotThoughts? 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. 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 and Jack McCordick. Fact-checking by Kate Sinclair and Mary Marge Locker. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Elias Isquith and Kristin Lin. Original music by Pat McCusker. 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.

25 Jan 1h 3min

There’s a quieter transition happening beneath the pageantry of this week’s inaugural events — a transition not of power per se but of the rules around how power in Washington works. And the new rules look very different from the old ones.In this conversation, I’m joined by Aaron Retica, an editor at large for New York Times Opinion (and my column editor), to discuss what President Trump’s inaugural address and first round of executive orders signal about the administration to come. We talk about the end of birthright citizenship and the renegotiation of American belonging, why Trump is so fixated on Greenland and the Panama Canal, his retro-futurist vision of American power, the unsettling arrival of a new tech oligarchy and more.Mentioned:“What’s Wrong with Donald Trump?” by Ezra Klein“Democrats Are Losing the War for Attention. Badly.” by The Ezra Klein Show, with Chris HayesThoughts? 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. 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 Kate Sinclair. Mixing by Isaac Jones, with Efim Shapiro and Aman Sahota. Our supervising editor is Claire Gordon. The show’s production team also includes Rollin Hu, Elias Isquith, Kristin Lin and Jack McCordick. Original music by Pat McCusker. 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.

22 Jan 48min