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Iran Is Setting the Pace; Trump Is Reacting. 

Iran Is Setting the Pace; Trump Is Reacting.
· The Backchannel

Beyond the bluster and carnage let’s look at the current situation in the war between the U.S. and Israel and Iran. I wrote most of this post before the overnight news that Trump is essentially suing for peace. But all of it still applies. And it comes down to one remarkable dynamic.

Despite the U.S. dominating the skies and almost every other combat domain, Iran has seized and holds the initiative in the war itself, forcing the U.S. to react to it and, in Trump’s hands, do so erratically and helplessly. Iran has the strategic initiative, despite constant and incredibly damaging attacks by the United States and Israel. Indeed, getting Iran to stop its primary retaliatory measure — throttling the Strait of Hormuz — now appears to be the main U.S. war aim. In other words, the main goal of the U.S. now is to get Iran to cease its retaliation for the U.S. starting the war in the first place.

The U.S. was already trying to get Iran to the bargaining table, according to this report last night from Axios. The fact that the U.S. is, reportedly, considering how to “package” cash payments to Iran (i.e. release frozen assets) is a testament to just how far we are from “unconditional surrender.” Meanwhile, this morning’s news confirms that the U.S. is getting talks started, or at least hoping to do so. Of course the simplest way to get Iran to release the strait is to stop the war. But the U.S. can’t do that, at least not openly, since that would amount to a massive and humiliating defeat.

Just 41 to Go!

An update on yesterday’s Drive post. We needed 25 more sign ups yesterday to stay on track. And we got them. Thirty new members signed up since yesterday’s post. Now we just need 45 41 by Sunday night to stay on track to get to 40% of our goal by the end of the weekend. If we can sign up 20 16 of those 45 41 today and tonight we can get there. Not currently a member? Be one of the 20 16 we need today! Seriously, lets make this fun but it’s also super important. Just click right here. And thank you in advance.

Need 25 More Tonight!

Can we do it? We need 75 more membership sign ups by the end of the weekend to keep on track to meet our goal in this year’s Annual TPM Membership Drive. We’ll need at least 25 more tonight to manage that. If you’re not currently a member, now’s the time. I know it’s easier to delay, figure you’ll do it later. But can you do me this favor? Just take a moment right now, ninety seconds tops and sign up. Just click right here. We need your help to get this done.

The State (of) Media, AI, Buzzfeed, CBS, and More

The State (of) Media, AI, Buzzfeed, CBS, and More

There’s a lot going on in the world of news. In a live conversation this afternoon, Josh and I touched on some of those things including: “State Media”, Barry Weiss and CBS, changing business models, Buzzfeed, AI, the eternal importance of naval power and more.

If you missed it live, check out the recording below.

How Magical Thinking and Trump Love Drove the Energy Markets Mad 

How Magical Thinking and Trump Love Drove the Energy Markets Mad
· The Backchannel

A week ago I asked whether global energy markets have “Trump Derangement Syndrome.” I was being a bit arch because I didn’t mean in the sense that MAGA world means, which is being somehow obsessively, compulsively anti-Trump. I meant the opposite. Are the markets wedded to a kind of Trump magical thinking? That somehow he’ll always find a way to thread the needle or slip out of his self-made crises? I’ve tried to be very aware of the fact that I’m totally green on the question of global energy markets. And since oil futures are at least flirting with twice the price that they were at when this war started, it’s hardly like markets aren’t reacting to it. A friend who follows energy markets very closely walked me through some of the reasons why the markets response has been more tempered than one might expect: existing slack in the oil markets on the eve of the war, continued impact of the recent release of 400 million barrels of oil, and uncertainty about whether the U.S. can or will reopen the Strait of Hormuz. But I get more and more indications, some in just reading the news closely, some in small bits of information I pick up from sources, that there really is something going on here.

Tune in as Josh Marshall and TPM’s Publisher Dissect What’s Up With the Media

At 1:30 p.m. ET, TPM founder and editor-in-chief Josh Marshall and TPM publisher Joe Ragazzo will be chatting on Substack Live about the state of the news business today.

Join them here.

They’ll talk about how TPM came to be what it is and how we continue to function as a tiny, unique news site that punches above its weight — but also much more, including the scramble among oligarchs to sweep up major media outlets and bend them to Trump’s will.

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