Mar 30
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Thanks to Kyle Killian's FB post.
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This morning, economist Paul Krugman came right out and said it: “People close to Trump are trading based on national secrets.” Another word
This morning, economist Paul Krugman came right out and said it: “People close to Trump are trading based on national secrets.” Another word for that, he said, is “treason.” The evidence for such a claim is the sudden and isolated jump in trading volume in S&P 500 and oil futures about 15 minutes before Trump suddenly announced that the U.S. and Iran were in negotiations to end the war—an announcement that turned out to be false.
The oil futures trade alone was worth about $580 million, the Financial Times estimated. As Krugman notes, exploiting confidential information for financial gain, otherwise known as “insider trading,” is illegal. But exploiting confidential information about national security for private financial gain is something else again. It puts profit-making above Americans’ safety.
With no real laws or institutions, 22 Russian oligarchs stole 40 percent of the country’s wealth from the state. The other 150 million Russians were left in destitution and poverty, and the average life expectancy for men dropped from 65 to 57 years. Professors had to earn a living as taxi drivers; nurses became prostitutes. The entire fabric of Russian society broke down.
Meanwhile, the West wasn’t just ignoring the looting of Russia; it was actively facilitating it. Western banks accepted pilfered funds from Russian clients, and Western real estate agencies welcomed oligarchs to buy their most coveted properties in St-Tropez, Miami, and London.
The injustice of it all was infuriating for average Russians, and they longed for a strongman to restore order. In 1999, they found one: Vladimir Putin. Rather than restoring order, however, Putin replaced the 22 oligarchs with himself alone at the top.