Odd Lots: Martin Wolf on the Roots of Our Recent Chaos (Podcast)
Original Report
Last year, when we talked to Martin Wolf, the global order seemed like it was being upended after President Trump unveiled his sweeping tariffs against nearly every US trading partner. A lot has...
Last year, when we talked to Martin Wolf, the global order seemed like it was being upended after President Trump unveiled his sweeping tariffs against nearly every US trading partner. A lot has happened since then. In fact, April 2025 seems almost quaint when compared to 2026 so far, from the Supreme Court’s tariff ruling to the US-Israel war with Iran. The war’s effect on the world’s economy is at once stunning and utterly strange: even as the prices of major commodities — oil chief among them
Glass House Analysis
International economic policy has concrete impacts far beyond diplomatic circles. Tariffs show up in the price of goods at stores, supply chain disruptions affect whether products are on shelves, and trade tensions can mean job losses in export-dependent industries. The globalized economy means that decisions made abroad can affect workers and consumers domestically.
Inflation is the silent tax that erodes purchasing power, hitting hardest those who can least afford it. When grocery bills rise faster than wages, families face impossible choices between food, medicine, and rent. Unlike market volatility that mainly affects investors, inflation touches everyone who buys groceries, fills a gas tank, or pays rent.
Energy prices affect virtually every aspect of daily life—from commuting costs to heating bills to the price of groceries (which must be transported). For working families, energy represents one of the most volatile and impactful line items in their budgets. Energy policy decisions ripple through the economy, affecting everything from manufacturing competitiveness to household financial stress.
The implications extend beyond the immediate news cycle. Every economic development creates ripples that affect employment, prices, and opportunities in ways that may not be immediately visible but are deeply felt. By tracking these connections, we can better understand how the economy truly works—not as an abstract machine, but as a human system shaped by and shaping the lives of millions.
Enjoyed this analysis?
Get the Glass House Briefing every morning—market news that actually makes sense, delivered free to your inbox.
No spam. Unsubscribe anytime.
More Stories
We’re in our 40s. Our mortgage is nearly paid off — how should we invest our extra $1,500 a month?
“We already deposit $1,000 each month into the American Funds Growth and Income Portfolio Class A fund.”
Cisco's stock pops 17% on surging AI orders, as company says it's cutting almost 4,000 jobs
Cisco's AI story has finally started resonating with Wall Street, with the stock hitting a record late last year and continuing to rally in 2026.
US Says China Wants More Of Its Oil to Cut Middle East Reliance
Chinese President Xi Jinping opposes efforts to charge a toll to navigate the Strait of Hormuz and is interested in purchasing more US oil to reduce its dependence on the waterway in the future,...
Wes Streeting: the confident performer with a mixed record of reform
The health secretary’s ambition to succeed Keir Starmer is well known, but his time overseeing the NHS has proved trickier than expected