US energy company execs have resigned in disgust as the Trump family is caught secretly expediting the funneling of $25 billion from a sanctioned Russian energy giant in exchange for allowing Russians to obtain a natural gas project in Alaska. According to investigations by The New York Times and Financial Times, Russia's Novatek allegedly concealed its financial involvement in the American project through a UAE-linked intermediary. Gentry Beach, a longtime Trump ally and close friend of Donald Trump Jr., signed an agreement with Novatek to pursue natural gas development in Alaska. Reuters documented the arrangement in February. Meanwhile, Vladimir Putin discussed this cooperation on the Alaska energy project with Trump's representatives, Steve Witkoff and Jared Kushner, during negotiations involving Russia and Ukraine. The controversy deepened when Polar Train LNG's CEO, Joel Riddle, raised concerns about concealed Russian financing and possible sanctions violations. He departed in September, followed by other senior executives. The Financial Times also described discussions about a potential arrangement under which Novatek would provide technology for the Alaska project in exchange for sanctions relief benefiting its Arctic LNG 2 development in Siberia. According to The New York Times, Riddle and two other departing executives warned the Trump administration about the Russian financing and urged officials to investigate. The White House maintains that the project was mentioned only briefly and that no detailed discussions took place. There is no established evidence that Kushner or Witkoff knew about the allegedly concealed financing. Polar Train LNG denies wrongdoing. The central question is how a sanctioned Russian energy company became involved in a major American energy venture while Putin was discussing potential economic cooperation with Trump's representatives and a longtime Trump family associate was pursuing a separate agreement with the same Russian company. Selling Alaska to the Russians or selling Ukraine to the Russians - to the Trump family it's all the same. ft.com/content/e9cfbfbb-e65a…

Billions of dollars’ worth of contracts predicting oil would fall and the S&P 500 would rise were placed about 15 minutes before Trump announced a U-turn on Iran in a post on Truth Social. CFTC staff began to investigate-- then were told to lay off. bloomberg.com/news/features/…

50 years of macroeconomics in a nutshell: Lucas: “Your Keynesian models are full of ad hoc assumptions. We need proper microfoundations!” SMD: “Well, individual rationality doesn't guarantee nice aggregate behavior.” New Classical macroeconomists: “Aggregation is a problem? Let's just model the entire economy as ONE representative agent. Problem solved.” New Keynesians: “Cool. Now let's throw in some ad hoc assumptions to make it work.” And that's how ad hoc assumptions became microfoundations.