Nathan Tankus has become an essential resource during these strange and scary times. My last chat with Nathan was about DOGE’s depredations at government agencies. This time I spoke with him about disruptions in financial markets.

I continue to be astonished at how important the “plumbing” of these markets — the stuff that makes them function, which we normally don’t even notice — becomes when everything falls apart. And economists in general don’t know that much about the plumbing, so we need help from people like Nathan who do.