Take out a paid subscription and read some fascinating, important and revolting history you won't get anywhere else. www.crisesnotes.com#/portal/signup

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Please take out a paid subscription to read this piece and, well, support this whole series. Its kind of a gamble to devote so much time on this without knowing an audience is there to reward it. Please reward that leap of faith. www.crisesnotes.com#/portal/signup

NEW @crisesnotes.bsky.social PIECE: With the attempted firing of Lisa Cook by Donald Trump, the first Black woman appointed to the Federal Reserve Board, I think its important to examine the @federalreserve.gov's history of Racial Segregation. This is a long one www.crisesnotes.com/the-federal-...

Very well put by @nathantankus.bsky.social: “Powell must do everything in his power to compel the conventional wisdom of market traders to more adequately “price in” the degradation of the rule of law.” www.crisesnotes.com/powell-will-...

The Federal Reserve has already made the error of letting itself become isolated from the attacks on the rest of the administrative state. Powell can still change course, but time is running out. Federal Reserve Chairman Powell: Hang together with Lisa Cook. www.crisesnotes.com/powell-will-...

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NEW PIECE: Powell and the Federal Reserve System has already failed to meet the moment and not defending Lisa Cook will seal both Powell's and the Fed's fate. www.crisesnotes.com/powell-will-...

Got a spicy one coming out at 7 AM: "Powell Will Hang Separately: The Federal Reserve Has Already Failed its Duty to Lisa Cook and the Constitution" www.crisesnotes.com#/portal/signup

Here's my post on my Politico op ed. Includes info on how to make tax deductible donations to Notes on the Crises! www.crisesnotes.com/new-politico...

And the American Economic Association should do the same.

Trump has declared he is firing Lisa Cook from the Federal Reserve Board of Governors. Since his legal authority to do so is under legal question, and stock market traders are sensitive to Federal Reserve statements, Powell should go all out to defend her and should treat her as still a Governor.

This is the make or break moment for Powell's @federalreserve.gov. If they do not defend Lisa Cook and treat her as still on the Board, the fight over the Fed as an independent agency will officially be over. see my Friday piece. www.crisesnotes.com/trump-vs-pow...

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This is the 36th piece I've written & published this year. So while I've been off for a while, its still been an insanely productive year. and more will be coming now that I'm back in the swing of things so please support my writing and, well, my office if you can www.crisesnotes.com#/portal/signup

I think this is wrong. I think the bespoke Fed exception came from Trump's February executive orders themselves and when Trump says "lets drop the act" the Supreme Court will too. Wrote about this Friday www.crisesnotes.com/trump-vs-pow...

This to me is the defining quality of the rule of law: If an official gives an illegal order, then people do not follow it. The Fed is in a stronger position to uphold this principle than a lot of other institutions.

We are in a crisis where the centralization of power under direct control of the president and the disempowerment of independent administrative agencies, congress and the courts is moving forward at a truly breathtaking pace. It's farcical to seeTrump capriciousness as a victory for “democracy”.

how many divisions does the Constitution have

Of course, feel free to tip if you don't feel like dealing with emails or recurring payments. www.crisesnotes.com#/portal/supp...

NEW PIECE: I'm back, finally, and its a long one. Superficially this moment is a vindication for Central Bank Independence but at a deeper level, cutting the Fed off from its independent agency brethren is its death warrant. www.crisesnotes.com/trump-vs-pow...

We're back with a bang!

I have a bunch of writing to put out this month, but I thought it would be good to put out this transcript of an Odd Lots interview with former BLS Commissioner Bill Beach in light of the firing of his successor by Trump on Friday. www.crisesnotes.com/bloomberg-od...

You can follow along with @crisesnotes.bsky.social, and even take out a paid subscription, at this sign up link. www.crisesnotes.com#/portal/signup

Thanks to @weisenthal.bsky.social @tracyalloway.bsky.social for giving me permission to clean up a transcript they didn't have time to and thanks to my @crisesnotes.bsky.social intern Rabia Raziq for cleaning up the transcript.

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As Republicans push a reconciliation bill that includes significant cuts to IRS funding don’t miss what’s already underway: DOGE has laid off staff, rushed tech upgrades, and is pursuing access to + control of sensitive taxpayer data. More from me + @iraregmi.bsky.social in @crisesnotes.bsky.social

NEW @crisesnotes.bsky.social PIECE: Today @asteephen.bsky.social & @iraregmi.bsky.social provide a 2nd installment in their series on DOGE at the IRS. Today's piece is on the so-called "modernization" of the IRS's legacy IT systems & the manifold dangers posed www.crisesnotes.com/inside-doges...

NEW @crisesnotes.bsky.social PIECE: I am very happy to say @asteephen.bsky.social is leading a series on the IRS for Notes on the Crises. Here is their first installment, with the next one on IRS's COBOL systems

this is why @nathantankus.bsky.social and a lot of other people rightly freaked out about trump/doge plugging into the federal payments system. it means they can just go in and change the numbers

Her physical proximity actually autodeleted my spam texts

When people on the left talk about "building power" they're often talking about knocking doors or attending steering committee meetings When I think about "building power" I imagine people doing exactly what Nathan has been doing with Notes on the Crises Many have done much less with much, more

Was a real pleasure and honor to have @linamkhan.bsky.social by the @crisesnotes.bsky.social office today and getting some students a very privileged opportunity to talk to her in a small setting (in advance, by happenstance to a reading group about the 1970s precursor to index funds debates today)

“In countries like Hungary and Rwanda, governments have turned tax authorities into instruments of repression—not by banning civil society outright, but by burying it in audits, compliance demands, and legal ambiguity. Bureaucratic coercion becomes a substitute for overt censorship.”

"This is why debates over tax policy are never just about money, and why more people should be paying attention. They are about visibility, legitimacy, and power—about who the government chooses to see, to trust, and ultimately, to protect or to punish."

If you're following the GOP tax bill disaster, my latest in @crisesnotes.bsky.social traces how this effort builds on a longstanding campaign to weaken the IRS and consolidate fiscal power in the hands of the wealthy. This is the first in a series on DOGE, taxes, and the future of public governance.

"This is not about eliminating bureaucracy, fraud, waste, or abuse. It’s about repurposing it to serve a new model of power and breaking the chain of democratic accountability between Congress, the law, and the public." Important, scary stuff.

DOGE is trying to capture and rewire the IRS into a vehicle for executive dominance, privatized tax enforcement, and algorithmic control over public infrastructure. www.crisesnotes.com/the-fiscal-s...

Summing up MAGA, DOGE, GOP, and Project 2025 in a single sentence. “It’s about repurposing it to serve a new model of power and breaking the chain of democratic accountability between Congress, the law, and the public.”

This is not about eliminating bureaucracy, fraud, waste, or abuse. It’s about repurposing it to serve a new model of power and breaking the chain of democratic accountability between Congress, the law, and the public. www.crisesnotes.com/the-fiscal-s... #DOGE #IRS

The “One Big Beautiful Bill Act” Eliminates the Office of Financial Research—Threatening the Stability of the Treasury Market www.crisesnotes.com/the-one-big-...

Delighted to read @asteephen.bsky.social in @crisesnotes.bsky.social and unsurprisingly, completely in agreement. Read the whole thing!

"DOGE isn’t simply trying to dismantle the agency. It is trying to capture and rewire the IRS into a vehicle for executive dominance, privatized tax enforcement, and algorithmic control over public infrastructure." A must-read from @asteephen.bsky.social www.crisesnotes.com/the-fiscal-s...

“This is not about eliminating bureaucracy, fraud, waste, or abuse. It’s about repurposing it to serve a new model of power and breaking the chain of democratic accountability between Congress, the law, and the public. “ www.crisesnotes.com/the-fiscal-s...

The “One Big Beautiful Bill Act” Eliminates the Office of Financial Research—Threatening the Stability of the Treasury Market www.crisesnotes.com/the-one-big-...

Very important read.

And folks, read why the Senate GOP’s actions are dangerous in the article below. bsky.app/profile/maya...