This interview is also available on podcast platforms and Rumble.

More than one month into the American-Israeli war on Iran, the US military has expended a significant amount of its arsenal and many billions of dollars without making any progress in meeting its illusory and often-changing objectives. As the White House and Pentagon, and the markets, panic, the United States has begun deploying troops and resources to the region in preparation for a possible ground assault. This raises significant questions about what type of campaign the US is capable of waging and whether, as analysts are saying, fighting the Iranian military on its own terrain would be a bloodbath for US troops. Would putting boots on the ground embroil the US in another prolonged quagmire, similar to other recent US wars in the region, that would end in defeat?

Why does demagoguery matter? And why does it matter how we define it?

Why Rising Oil Prices May Not Break This Market

Last night, Donald Trump delivered an address to the nation, offering an update on the ongoing conflict with Iran. The takeaway, at least from my perspective, was fairly clear: the message to the rest of the world was essentially, you deal with the Strait of Hormuz, while we may still have more to do with Iran. Markets initially did not like that framing at all.

Futures sold off heavily overnight. But interestingly, by the time the regular session unfolded, we saw a strong recovery. In fact, from the lows we saw on Friday to where things stand now, the S&P 500 has bounced roughly 4%. That raises an important question: are markets beginning to stabilize, even with oil continuing to surge?

Because while equities have started to recover, oil has been having another explosive move higher. As I’m writing this, WTI is sitting around $113 per barrel, and markets are clearly preparing for the possibility that prices could climb further. The issue now is no longer just whether oil is rising, but what that rise actually means for growth, inflation, and the broader market outlook.

This interview is also available on podcast platforms and Rumble.

In an attempt to justify and garner popular support for the American-Israeli war on Iran, the Trump administration is pressuring its allied nations to join the US in designating Iran’s Revolutionary Guard Corps as the world’s greatest sponsor of state terrorism. The administration points to Iran’s participation in the Axis of Resistance, which includes Hezbollah in Lebanon, Hamas in Palestine and Ansar Allah in Yemen, as evidence for its position. This raises the question of whether Iran, by supporting proxy organizations, is doing anything differently from what US intelligence agencies have done for many decades.

It’s a running joke in the Beltway that defense contractors put up billboards advertising, say F-35s, at the Pentagon City metro station. Your everyday commuter, even in Washington, isn’t picking up fighter jets off the shelf at Costco on Sundays. But a chunk of the people who work on defense contracts will pass through the Pentagon’s metro stop, and Lockheed Martin knows this.

In theory, the same logic fuels D.C.’s media business. In the last two decades, the capital city has become dominated by a constellation of powerful media outlets that deliver niche, social-media-based coverage of the federal government. Think Politico, Semafor, Punchbowl News, and Axios (the latter two evolved directly from the Politico model).

These publications produce insider email newsletters that cover the daily pulse of Capitol Hill, energy policy, foreign affairs, and the White House, and are written specifically for staffers, journalists, and lobbyists. Playbook famously includes a birthday list every morning; that’s how small the audience is relative to other national publications. Web 2.0 made this business model possible, and it’s only grown as mass media flails.

Henry Dyer and Michael J. Fleming

By Dr Wesa Chau, Executive Director

Yesterday I listened to Violet Roumeliotis AM and Dr Martin Parkinson speak at the National Press Club about skills shortages, productivity, and the persistent underutilisation of migrant skills in Australia. Their discussion highlights a fundamental contradiction in Australia’s labour market: at a time of acute workforce shortages and slowing productivity growth, we are failing to make effective use of the skills already within our borders. This is not simply an issue of fairness or social inclusion—it is a structural economic failure.

This reality is not surprising to me. Having worked with migrants, refugees, and international students for over 25 years, I have seen countless examples of people who are highly capable, qualified, and motivated, yet unable to secure employment commensurate with their skills. Too often, opportunities are denied because of an accent, a lack of so‑called “Australian experience”, or unfamiliar qualifications—barriers that are cultural and systemic rather than reflective of actual competence.

The Wrap with Dr Emma Shortis

What a missed opportunity.

Last night, the Australian Prime Minister had the chance to face reality. His address to the nation was a recognition that Australians are deeply worried about the state of the world – as they should be. Our world is in real trouble, and there is every indication that the trouble is going to get worse.

What the prime minister did not say is that this trouble lies at the feet of the President of the United States.

Photo: AAP Image/Lukas Coch

Keep reading

— Dr Emma Shortis is Director of The Australia Institute’s International & Security Affairs Program.

On this episode of Dollars & Sense, Greg and Elinor discuss the prime minister’s national address on the impacts of the US-Israel war on Iran, policy responses to fuel price hikes, Australia’s gas giveaway and Greg’s visit to a gas conference.

This discussion was recorded on Thursday 2 April 2026.

Check out our Australia’s Gas Giveaway live tracker.

Host: Greg Jericho, Chief Economist, the Australia Institute // @grogsgamut

Host: Elinor Johnston-Leek, Senior Content Producer, the Australia Institute // @elinorjohnstonleek

Show notes:

Prices skyrocket but major fuel shortages “very unlikely”, Follow the Money (April 2026)

Australia’s land value has gone through the roof. Where does that leave young people who want to buy a home? by Greg Jericho, Guardian Australia (April 2026)

The American Mind’s ‘Editorial Roundtable’ podcast is a weekly conversation with Ryan Williams, Spencer Klavan, and Mike Sabo devoted to uncovering the ideas and principles that drive American political life. Stream here or download from your favorite podcast host.

Congress Take the Wheel | The Roundtable Ep. 311

Spencer Klavan’s thoughtful reflections on America and its future are measured and understated, reflecting the general mood of ambivalence and uncertainty surrounding the nation’s 250th birthday. Those of us old enough to remember the 1976 Bicentennial have been struck by the dissimilarity in the public mood. Julie Ponzi, writing for Chronicles, noticed this back in 2024: “The hype surrounding both the 1976 Bicentennial and the 1987 Bicentennial of the U.S. Constitution was so intense that both events inspired in me an intense interest and curiosity about American history.” Now that the semiquincentennial year is officially upon us, the lack of enthusiasm is even more evident. We don’t seem to know what we should be celebrating, or even whether we should.

Matt Grudnoff and Ebony Bennett discuss Australia’s relatively strong position in global energy supply chains. Matt explains why some petrol stations have run low despite overall fuel supplies remaining steady, how the price hikes are fuelling inequality, and why Scott Morrison’s 2021 claim about an electric vehicle policy putting an “end to the weekend” now looks even more absurd than it did at the time.

This episode was recorded on Tuesday 31 March.

You can sign the Australia Institute’s petition calling on the federal government to make gas exporters pay their fair share.

Guest: Matt Grudnoff, Senior Economist, the Australia Institute // @mattgrudnoff

Host: Ebony Bennett, Deputy Director, the Australia Institute // @ebonybennett

Show notes:

Fuel costs and RBA hikes equal to a 90 basis point rate rise: ‘this is brutal’ by Greg Jericho, The Point (March 2026)

The post Albanese Government introduces Unfair Trading Prohibition appeared first on CPRC.

Lily Gordon and Lee Seltzer

Many modern banking organizations are highly complex. A “bank” is often a larger structure made up of distinct entities, each subject to different regulatory, supervisory, and reporting requirements. For researchers and policymakers, understanding how these institutions are structured and how they have evolved over time is essential. In this post, we illustrate what a modern financial holding company looks like in practice, document how banks’ organizational structures have changed over time, and explain why these details matter for conducting accurate analyses of the financial system.

It is a pleasure to respond to Spencer Klavan’s graceful and inspired reflections on the prospects for America as we move closer to the 250th anniversary of the founding. He admirably eschews polemics and avoids an excessively narrow preoccupation with the most heated issues of the day, concerning himself with broader and deeper matters. At the same time, he writes as a partisan of the American project and the broader civilization—Western civilization—of which it has been a particularly vital and noble expression. Klavan raises big questions without succumbing to fashionable, or once-fashionable, theses such as “The End of History” or the ideological temptation of Year Zero-ism, which distort the past and present, as well as the prospects for the future.

As AI continues its explosive growth, data centers are becoming the primary target of backlash. From rural Louisiana to the suburbs of Arlington, Virginia, Americans are showing up at zoning and permitting boards to challenge their construction. Bernie Sanders has called for a nationwide data center moratorium, while Republicans in Florida propose regulating their energy and natural resource use.

The criticisms so far have centered on claims about the data centers’ water consumption, electricity demand, noise pollution, land use, and overall disruption—issues that tech companies like Meta are working to address with new practices and community investments. Yet something more needs to be done on the political front to ameliorate Americans’ growing concerns about data centers.

Most Australian voters want the government to reduce tax breaks for property investors and put more money into social housing, according to new polling.

It comes as new analysis from Everybody’s Home also found that these tax breaks have fuelled a landlord boom with more than one million now reaping the benefits, yet housing affordability has never been worse.

The polling conducted for The Australia Institute in March found of the 1,502 Australians surveyed: