The Freakonomics Radio Book Club

27. The Most Powerful People You’ve Never Heard Of

11 snips
May 23, 2025
Javier Blas, a commodities columnist for Bloomberg Opinion, and Jack Farchy, a senior reporter at Bloomberg News, dive into the shadowy world of commodity traders. They explore how these often-overlooked dealmakers capitalize on geopolitical chaos. The conversation highlights the intricate ties between politics and commodity trading, revealing how traders navigate instability to provide vital resources. Their insights shed light on the evolution of the industry and how government involvement and corruption shape global markets.
Ask episode
AI Snips
Chapters
Books
Transcript
Episode notes
ANECDOTE

Mark Rich Saves Jamaica's Crisis

  • In the early 1980s, Jamaica faced an oil shortage crisis that risked political chaos. - Mark Rich intervened by diverting a tanker to Jamaica, saving the country's economy and future government stability.
INSIGHT

Nationalization Reshaped Oil Trade

  • Nationalizations of oil industries in the 1950s-70s broke the Seven Sisters' control. - Commodity traders filled the gap by buying oil from new national producers and linking supply to consumers.
INSIGHT

Soviet Collapse Boosted Traders

  • The Soviet Union's collapse freed huge commodity production previously confined to communist trade. - Commodity traders provided financing and market access to these new producers, benefiting from rapid profit opportunities.
Get the Snipd Podcast app to discover more snips from this episode
Get the app