First Things Podcast The Realities of Empire (ft. Nathan Pinkoski)
Jan 15, 2026
Nathan Pinkoski, a reviewer and commentator on international relations, dives into the complexities of U.S. foreign policy with R. R. Reno. They explore Paul Schroeder's skepticism about the Gulf War and the economics of geopolitical leverage. Pinkoski contrasts hegemony and empire, arguing that post-war power dynamics reveal troubling realities. He warns of moral escalation from economic coercion and examines the impact of this on domestic governance, questioning whether the republic can reclaim its purpose amidst growing globalism.
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Episode notes
Suez And Postwar Power Realities
- Pinkoski recalls the 1956 Suez case where the U.S. used economic pressure to force Britain to withdraw.
- He also notes Germany and Japan's post-1945 choices were driven by overwhelming power realities.
Economics Produces New Political Conflicts
- Economic interdependence doesn't erase political conflict; it reshapes it into financial and regulatory forms.
- Summers' 'balance of financial terror' shows economic ties can create mutual vulnerabilities akin to deterrence.
Financial Coercion Politicizes The Home Front
- Using finance as a coercive tool politicizes the financial system and has domestic consequences.
- Pinkoski cites 'debanking', surveillance, and Fed/Treasury swaps as examples of this politicization.
