So let’s see where we are — on Saturday night, Trump gave Iran 48 hours to open the Strait of Hormuz — I’m not sure if he’s still spelling is “straight” — or he’d “obliterate” all their power plants. But on Sunday night he announced that he and Iran have been having lovely talks, and he’s decided to pause the war for five days in hopes of getting things resolved. “Resolved” probably looks a lot like the status quo before the war began, except with new and more radicalized leadership in Iran.
However, the BBC reports, Iran says no such talks have taken place. So either Trump is hallucinating or he’s playing his usual game of one-dimensional checkers with only the red pieces. Iran state television announced that “Trump backed down.” And note that Israel is still on the attack.
I’m seeing speculation from journalists on Bluesky that Trump may be trying to calm the markets and buy time until the Marines can get there. Also, “unnamed sources” are telling Israeli media that ending hostilities while the Strait of Hormuz is still closed would amount to a strategic surrender, according to somebody on Bluesky. So take all that with several grains of salt. I don’t know how accurate it is.
Of course, it’s very possible that by noon today he’ll forget he asked for a pause and order more bombing.
Paul Krugman says there are three reasons to believe Trump is just making stuff up about the talks:
First, he put himself in a very bad spot with his threat to commit a massive war crime if Iran doesn’t open the Strait of Hormuz. and must be looking for a way out. Another president at another time might say that on careful consideration, We have recalibrated the policy or something like that. Trump doesn’t do that. Trump is always winning, never admits that he’s had a setback, never admits that he’s changed his mind.
So saying that, oh, the Iranians have come to the table, probably big, strong Iranians with tears in their eyes, but anyway, that the Iranians have come to the table and that’s why we’re not doing what I said we would do is a very Trumpian out.
Second, Why would the Iranians be making a deal at this point? We can talk a lot about how the war is going, but it’s pretty clear that as the Iranians are likely to see it, they’re winning. I mean, they’re not winning militarily, but that was never on the cards. They are, they have successfully turned what was supposed to be a lightning decapitation of their government into a protracted contest in relative ability to bear pain and all indications are that the Iranians are nowhere near cracking and all indications are that the United States, although obviously we’re not losing thousands of people, and we are having our whole life disrupted, but the American public really doesn’t like higher gas prices, does not believe Trump. The clock is ticking for Trump on this in a way that it is apparently not for the Iranian regime. So Iran has has the upper hand here. And very hard to see why they would be wanting to make a deal until they basically humiliated us substantially more.
Finally, consider possible motives. Imagine that you were somebody close to Trump, somebody close enough to actually have an influence on his decisions as well as inside knowledge. Here’s what you could have done really just between last night and now. You could have sold a bunch of crude oil futures, at very high prices, Brent was over $112 over the weekend, then bought them back immediately after Trump’s announcement of triumphal progress, but before the Iranians said that is not happening. And you could have turned a very, very nice, very large profit.
To say that insider trading might be driving U.S. policy would have been outrageous. in the past. Who thinks that that’s beyond the realm of possibility now? So all of this could be happening.
Makes as much sense as anything else.
Yesterday there was a thoughtful piece in the New York Times by Phil Klay headlined Trump Has Made a Fundamental Miscalculation about Iran. After listing the Regime’s ever-changing reasons for the war with Iran, Klay wrote,
And yet, as I watched a video posted by the White House in which a group of angry, rifle-wielding bowling pins labeled “Iranian Regime Officials” are struck by a Stars and Stripes bowling ball that turns into an airplane, followed by actual combat footage of U.S. airstrikes, I realized how one rationale for this war has remained clear and consistent: the administration’s delight in displays of violence and domination.
Steve M at No More Mister Nice Blog wrote a post about Klay’s op-ed, and it’s very good and pretty much says what I wanted to write about it. So he saved me the trouble.
And then there’s Cuba. I haven’t been talking about Cuba. I should have been. See Trump’s Eye Is Already on Cuba at The Atlantic. Trump’s next project is to topple the government of Cuba.
The Trump administration is squeezing Cuba to a breaking point—and is seemingly willing to engage in a high-seas stand-off that has pronounced Cold War echoes. Donald Trump’s goal appears to be to install more amenable leadership in Havana. Last week, he told reporters at the White House that he believes he’ll have the “honor of taking Cuba,” adding: “Whether I free it, take it—I think I can do anything I want with it.” …
…Trump is less fixated on regime change or forcing an ideological shift away from communism than on securing broad U.S. latitude to invest, develop, and ultimately capitalize on Cuba’s underdeveloped cities and beaches, people familiar with his thinking told us.
“The Trump administration is going to put Cuba into Chapter 11,” John Kavulich, the president of the U.S.-Cuba Trade and Economic Council, told us, referring to the section of the bankruptcy code that companies use for a financial reorganization while still in operation. “It’s not going to be Chapter 7 liquidation. It’s going to be Chapter 11—a country reorganization. But the whole focus is business.”
Cubans are suffering food as well as fuel shortages, so I question whether this move is winning any hearts and minds there.
Update: Looks like Krugman was right about the insider trading.
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— Kat Denise (@katpic57.bsky.social) March 23, 2026 at 6:35 PM
