

Swamp Notes
Financial Times
Swamp Notes is the weekly US politics podcast from The Financial Times. Every Saturday, host Marc Filippino talks to reporters in Washington as well as the FT's veteran US political commentators and a cast of expert guests to explain what the latest moves in the Capitol mean for the economy, business and for people in America — and beyond. Subscribe and listen for incisive analysis, on-the-ground insights and a uniquely global perspective. Hosted on Acast. See acast.com/privacy for more information.
Episodes
Mentioned books

Aug 29, 2025 • 21min
Uncle Sam to become Intel’s biggest shareholder
In this insightful discussion, Richard Waters, a tech writer at large for the Financial Times, and Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute, dive into the U.S. government's controversial 10% stake in Intel. They explore shifts in Republican views on corporate involvement, the historical context of government intervention, and the potential impacts on free market dynamics. The conversation also touches on the relationships between tech firms and federal contracts, revealing the strategic challenges of navigating this new landscape.

11 snips
Aug 23, 2025 • 20min
How to rebuild global trade
Michael Froman, former U.S. Trade Representative under Barack Obama and current president of the Council on Foreign Relations, dives into the shifting landscape of global trade. He discusses how recent U.S. policies have disrupted decades of progress towards free trade and the potential fragmentation of the economy. Froman examines the World Trade Organization's role in supporting smaller nations, the emergence of new trade partnerships, and the public's perception of U.S. foreign policy, especially amid geopolitical challenges.

20 snips
Aug 16, 2025 • 16min
Trump opens retirement to crypto
Elisabeth de Fontenay, a law professor at Duke University, dives into the recent executive order enabling American retirement accounts to invest in cryptocurrencies and private equity. She discusses the potential risks and rewards for investors and warns of the complexities involved in navigating these new options. The conversation touches on the challenges posed by high fees and selecting fund managers, as well as the implications for ordinary investors entering risky markets. It's a fascinating exploration of a rapidly changing investment landscape!

11 snips
Aug 9, 2025 • 19min
The real cost of gutting USAID
In this discussion, George Ingram, a senior fellow at the Brookings Institute, and David Pilling, Africa editor at the Financial Times, delve into the fallout from the reduction of USAID funding. They highlight the alarming consequences for global health and agriculture, with vulnerable populations facing increased risks. The conversation also touches on how decreased U.S. aid is shifting diplomatic dynamics, pushing countries to embrace trade over aid. Finally, they explore the need for a reimagined approach to global assistance that fosters independence and innovation.

12 snips
Aug 2, 2025 • 18min
Gaza crisis puts Trump at a crossroads
Abigail Hauslohner, the FT's U.S. Middle East affairs correspondent, and Edward Luce, the FT's U.S. national editor, dive deep into the Gaza crisis and its implications for Donald Trump's foreign policy. They discuss how Trump diverges from Netanyahu's stance amid intensifying global pressure for a ceasefire. Hauslohner highlights the dire humanitarian situation, particularly for children, while Luce examines shifting public opinion regarding U.S. support for Israel, marking a pivotal moment in American foreign policy.

Jul 26, 2025 • 21min
Trump’s case against Fed chair Powell
The US president is angry with the chair of the Federal Reserve over interest rates. He’s applying a lot of pressure on Jay Powell to lower them or leave his job. The FT’s Claire Jones and Adam Posen, president of the Peterson Institute for International Economics, break down what will happen if Trump succeeds in either of those goals.Mentioned in this podcast:Email Marc with your questions (Marc.Filippino@ft.com)Donald Trump and Jay Powell spar as US president visits Federal ReserveWhy a $2.5bn refurbishment of the Federal Reserve could be Jay Powell’s undoingDonald Trump brings war against the Fed to Jay Powell’s home turfSign up for the FT’s Swamp Notes newsletter hereSwamp Notes is produced by Henry Larson and mixed by Samantha Giovinco. We get help from Lauren Fedor. The FT’s acting co head of audio is Topher Forhecz. Special thanks to Pierre Nicholson. CREDIT: CNBCRead a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.

20 snips
Jul 19, 2025 • 20min
Is Zohran Mamdani the future of the Democratic party?
Rana Foroohar, The FT's global business columnist, and Michael Strain, Director of Economic Policy Studies at the American Enterprise Institute, dive into Zohran Mamdani's surprising rise in New York politics. They discuss how his candidacy signals a potential shift for the Democratic Party, particularly among younger voters. The conversation tackles his unique policies and contrasting views on billionaires’ roles in the economy. They also examine how Mamdani's approach could redefine the party's strategies as the 2024 elections loom.

30 snips
Jul 12, 2025 • 16min
Big Pharma’s big tariffs
Hannah Kuchler, The FT's Global Pharmaceutical Editor, dives into the complicated relationship between Big Pharma and the Trump administration. Discussing the proposed 200% tariffs on foreign drugs, she notes surprise market reactions and looming challenges like the looming 'patent cliff.' Kuchler highlights how tariffs could reshape drug pricing and manufacturing in the U.S. She also examines how healthcare policies and regulatory changes impact the pharmaceutical landscape, underscoring the industry's need to adapt in a turbulent environment.

29 snips
Jul 5, 2025 • 17min
The corporate winners and losers under Trump
Derek Brower, U.S. News Editor at the Financial Times, dives into the unpredictable effects of Trump's presidency on corporate America. He discusses how tariffs and trade policies have created winners and losers among industries. European defense firms and the cryptocurrency sector are highlighted as surprising beneficiaries. The volatility of the market and specific companies, like Decker's Outdoor, illustrate the challenges businesses face in adapting to shifting regulations. Brower sheds light on the intricate dance between corporate influence and presidential policies.

54 snips
Jun 28, 2025 • 18min
John Bolton on the Iran war that wasn’t
In a riveting discussion, John Bolton, former National Security Advisor and U.N. ambassador, analyzes the recent U.S.-Iran tensions triggered by Israel's military actions. He highlights how Iran's regime might be more vulnerable than ever, possibly facing public uprisings. Bolton also delves into the implications of the international ceasefire and the historical context, contrasting it with past Middle Eastern conflicts. Lastly, he tackles the fallout from the U.S. withdrawal from the Iran nuclear deal and speculates on the challenges of upcoming nuclear negotiations.