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FT Swamp Notes

Twice weekly newsletter on the intersection of money and power in US politics

FT's senior US columnists Rana Foroohar and Edward Luce discuss the biggest themes driving US politics, business and markets from Washington, New York and beyond.

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  • Monday, 14 April, 2025
    US politics & policy
    Trump, Truss and the ‘moron premium’ Premium content

    The educational value of the former UK prime minister’s cautionary tale is timeless

    Former UK prime minister Liz Truss speaking at the Conservative Political Action Conference
  • Friday, 11 April, 2025
    Trump tariffs
    Democrats are taking the wrong lessons from Trump’s tariff chaos Premium content

    Going back to the 1990s is not going to fix what is broken globally

    A sign showing Trump’s Trade War behind Democratic senator Tim Kaine as he speaks to reporters following the weekly Democratic Senate policy luncheon
  • Monday, 7 April, 2025
    US politics & policy
    Are we finally seeing the fall of Elon Musk? Premium content

    Democrats have used Tesla to undermine the entrepreneur and to highlight oligarchs’ role in the Trump administration

    A man places a sign outside a Tesla dealership during a protest against Tesla and Elon Musk outside a Tesla dealership in Los Angeles
  • Friday, 4 April, 2025
    Newsletter
    Is Trump going into nosedive? Premium content

    When his back is to the wall, he is at his most dangerous

  • Monday, 31 March, 2025
    Trump tariffs
    Tariffs and their discontents Premium content

    If it’s about ‘fairness’ rather than ‘inflation’, views shift

  • Friday, 28 March, 2025
    Artificial intelligence
    Do AI companies really care about safety? Premium content

    Or are they kidding us into thinking they are looking out for our interests?

    Logos of DeepSeek, Meta, OpenAI and Google
  • Monday, 24 March, 2025
    Global trade
    Will Trump make ships great again? Premium content

    Every day brings a new drumbeat of maritime risk

    US Coast Guard Icebreaker Healy on a research cruise in the Chukchi Sea of the Arctic Ocean
  • Friday, 21 March, 2025
    US politics & policy
    Donald Trump’s war on America’s universities Premium content

    The administration has chosen Columbia University as the site of the first battle in a much wider conflict

    People walk in and out of the Broadway entrance of Columbia University before a rally calling for the release of Palestinian student activist Mahmoud Khalil
  • Monday, 17 March, 2025
    Trump tariffs
    What’s Trump’s strategy beyond tariffs? Premium content

    A shoot from the hip approach is unlikely to rebuild US industry

    US President Donald Trump holds an executive order, flanked by commerce secretary Howard Lutnick, in the Oval Office
  • Friday, 14 March, 2025
    US immigration
    Je suis Khalil Premium content

    The fate of the detained Columbia University graduate is a test of how easily Trump can slide into lawlessness

    Demonstrators from the group, Jewish Voice for Peace, protest inside Trump Tower in support of Columbia graduate  Mahmoud Khalil
  • Monday, 10 March, 2025
    Global trade
    What will a tripolar world look like? Premium content

    It will not go down well for US markets or for relations with traditional allies

    President Donald Trump speaks before signing an executive order in the Oval Office
  • Monday, 3 March, 2025
    US politics & policy
    What next for Ukraine? Premium content

    Kyiv’s minerals deal with Washington is now on hold after Trump and Zelenskyy’s Oval Office clash

    Vice-president JD Vance speaks with Ukrainian President Volodymyr Zelenskyy in the Oval Office as President Donald Trump listens
  • Friday, 28 February, 2025
    UK politics
    Bringing fruits to Trump’s volcano: Starmer edition Premium content

    The British prime minister must also be ready to play hardball

  • Monday, 24 February, 2025
    Trump tariffs
    Is Europe about to soar? Premium content

    The future of the world might depend on its success

    A man walks through the underground connection between the German parliament ‘Reichstag’ building and the Paul Loebe House
  • Friday, 21 February, 2025
    Newsletter
    Why Musk admires China Premium content

    The country’s surveillance capitalism shows the billionaire what is possible

    Tesla boss Elon Musk speaks during the ground-breaking ceremony for a Tesla factory in Shanghai on January 7, 2019.
  • Monday, 17 February, 2025
    Newsletter
    Will crypto trigger the next financial meltdown? Premium content

    If there is a liquidity crisis in crypto, there is no lender of last resort

  • Friday, 14 February, 2025
    Newsletter
    Trumpflation is just beginning Premium content

    The president will own the cost increases that he is putting into the pipeline

    President Donald Trump speaks after Tulsi Gabbard is sworn in as director of national intelligence in the Oval Office at the White House on February 12
  • Monday, 10 February, 2025
    Newsletter
    The strange political philosophy motivating Musk Premium content

    Inside the rise of the Dark Enlightenment’s ‘neo-reactionary movement’

    A bust of SpaceX CEO Elon Musk stands on a roadside in Brownsville, Texas
  • Friday, 7 February, 2025
    Global Economy
    Worthwhile Canadian leadership election Premium content

    Donald Trump has ensured a global audience for the contest between Mark Carney and Chrystia Freeland to lead the Liberal Party

    U.S. President Donald Trump waves as Canadian Prime Minister Justin Trudeau’s vehicle leaves following a visit at the White House June 20, 2019
  • Monday, 3 February, 2025
    US politics & policy
    What we have learned from Trump’s first constitutional crisis Premium content

    Five lessons from the debacle the president has sparked by trying to freeze federal and foreign aid

    President Donald Trump addresses the 2025 Republican Issues Conference at the Trump National Doral Miami on January 27
  • Friday, 31 January, 2025
    Newsletter
    How Silicon Valley turned China into its lifeline Premium content

    Eric Schmidt helped Washington reimagine the west coast tech titans as shields against the world’s second-largest economy

    Eric Schmidt
  • Monday, 27 January, 2025
    Global Economy
    The winners and losers of Trump 2.0 Premium content

    Three leading indicators about what to expect from the president’s second administration based on his first week

    US President Donald Trump, with First Lady Melania Trump, speaks to the press upon arrival at Asheville Regional Airport
  • Friday, 24 January, 2025
    Newsletter
    Peter Thiel’s cant and retribution Premium content

    What to make of the tech entrepreneur’s revealing op-ed

    Peter Thiel, president and founder of Clarium Capital Management LLC, speaks during the Bitcoin 2022 conference in Miami, Florida, U.S., on Thursday, April 7, 2022
  • Monday, 20 January, 2025
    Newsletter
    Five predictions for Trump’s first 100 days Premium content

    This year will be unpredictable to say the very least

    President-elect Donald Trump speaks to members of the media during a press conference at Mar-a-Lago
  • Monday, 13 January, 2025
    Environment
    What Los Angeles burning means for the nation Premium content

    With large swaths of the city on fire we may be at a tipping point

    Smoke over destroyed homes in the aftermath of the Eaton Fire in Altadena, California
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