Yesterday’s News 2026 03 13

curated news excerpts & citations



Paul Krugman: The Billionaires’ War

The ultrawealthy put Trump in power but other people will pay the price

It becomes clearer with each passing day that the people who took us to war with Iran had and have no idea what they’re doing — that they’re adolescents who think they’re playing video games while thousands die and the world careens toward economic crisis. The New York Times reports that Trump officials dismissed warnings that attacking Iran could disrupt world oil supplies. Among other things, the Times reports that Mr. Trump, both publicly and privately, has been arguing that Venezuelan oil could help solve any shocks coming from the Iran war. In 2024 Venezuela produced 900,000 barrels of oil per day; normally 20 million barrels a day transit the Strait of Hormuz.

(Paul Krugman more…)

Heather Cox Richardson: Letters from an American – March 12, 2026

In 2024 … 300 billionaires and their immediate family members donated 19% of all political contributions in federal elections, either directly or through political action committees (PACs). While that amount does not account for money that might have gone through dark money groups that don’t have to disclose their donors, it still amounts to more than $3 billion, or an average of $10 million per family.
(Heather Cox Richardson more…)

Foreign Affairs: Why Escalation Favors Iran

Terrence Goggin: Trump’s Fatal Attraction: An Easy Victory Turning into Humiliating Defeat

Iran is not Venezuela, It’s More Like Ukraine, A Very Tough Nut to Crack; Trump’s War Has A Dilemma And A Haunting Precedent

Jay Kuo: Blundering Forward, Trump Style


We have seen this pattern play out in three other major political blunders of his second term: the DOGE debacle, his “Liberation Day” tariffs, and the ICE surge in Minneapolis. It’s instructive to rewind and review how each policy disaster played out. While there’s no guarantee that the Iran war will wind up the same as his previous blunders, Trump is unable to be anything but his flawed self. This makes it all the more likely that Trump will try to sell a stinging Iran war defeat as a victory.


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