What physical traders do differently

Just beneath the surface of the global economy, there is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity. In this updated episode from 2025, journalists Javier Blas and Jack Farchy help us shine a light on the shadowy realm of commodity traders.

• SOURCES:
  • Javier Blas, opinion columnist at Bloomberg News.
  • Jack Farchy, energy and commodities senior reporter at Bloomberg News.
• RESOURCES:
  • The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources, by Javier Blas and Jack Farchy (2021)
  • The King of Oil: The Secret Lives of Marc Rich, by Daniel Ammann (2010).
• EXTRAS:
  • "How the Supermarket Helped America Win the Cold War (Update)" by Freakonomics Radio (2024).
  • "The First Great American Industry," by Freakonomics Radio (2023).

Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.