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Transcript of Alastair Crooke: Trump and Chaos

Read the full transcript of a conversation between Judge Andrew Napolitano and former British diplomat Alastair Crooke on Judging Freedom Podcast titled “Trump and Chaos” premiered April 14, 2025.

The interview starts here:

Netanyahu’s Shock at US-Iran Negotiations

JUDGE ANDREW NAPOLITANO: Judge Andrew Napolitano here for Judging Freedom. Today is Monday, April 14, 2025. Alastair Crooke will be with us in just a moment on Donald Trump and chaos.

I’ll stare. Good day to you, my friend, and welcome here. Before we get to your fascinating analysis of Donald Trump and chaos, let’s talk a bit about Benjamin Netanyahu and chaos. How, in your view, how stunned was the Israeli prime minister when he was sitting in the Oval Office next to the American president who announced that the United States would soon commence direct negotiations with the government of Iran?

ALASTAIR CROOKE: Yes, he was shocked. He says he knew beforehand, but it seems to me that that’s likely not true. He didn’t look as if he knew beforehand. His eyes were darting around. He was shocked. And he was shocked back at home because according to the Hebrew reports that we’ve seen, an agreement had already been reached for an attack on Iran between the US and Israel, that the plans were going forward and even a date set for this. And then so you can imagine this was a shock. Yes.

JUDGE ANDREW NAPOLITANO: You say that Netanyahu was of the view that an agreement had been reached, that this agreement involved Trump, or might it have been Israel?

Market Chaos and Trump’s Economic Reset

ALASTAIR CROOKE: I can’t tell you, but I mean, your friend Ron Dermer was a week in Washington, so I imagine he’d been around everyone that mattered during that time. And then Kurela, the head of CENTCOM, spent a couple of days down in the bunker at the Israeli Ministry of Defense preparing details. But perhaps that was when there was a date set for an attack on Iran. Anyway, for the moment, it’s on hold.

But I would say to you, you mentioned at the outset the Trump chaos, and really, I think the Iran outcome is going to depend heavily on precisely this chaos. What do I mean by that? Why am I saying the chaos is so important? Because what really spooked Trump during this period, during the time just after he announced his tariffs, according to most of this financial press, was the bond market, not the stock market, but the bond market, the debt market, because that started dropping and yields started rising quite dramatically.

This was upsetting a very delicate trade in the market called the basis trade, which is a sort of very complex, highly leveraged casino bet. And I think Bessette was so worried by that that he took his airplane and flew down to Mar-a-Lago and said, listen, you’ve got to start winding this back and got to say there’s going to be a moratorium because, if this unravels, if this basis trade unrolls, which is about a trillion dollars in the market, we’ll be back at 2008 and you’ll have a real crisis on your hand.

What happened in that crisis, what was the crucial thing that is going to affect the Ukraine war and it’s going to affect what happens in Iran, was that Trump managed to hold together the team. He was very worried at points that the chaos, the turmoil in the markets, the sort of anger about what was happening on markets was going to split his team. The team is already split. It’s quite clear that some of the coalition, the Republican coalition that was put together, that has existed so far under Trump was already fragmenting a little bit. Parts of the Republicans in the Senate were getting very anxious about what was happening to people’s share prices and everything.

What has this got to do with Iran? What has it got to do with Ukraine? Well, a lot. The most important thing for Trump, the absolute key to his position is about doing this reset of the domestic economy, about rebalancing the economy so that industrial manufacturing will be regained back in the United States. This is what his supporters want. They want the jobs back. That’s what is key about it. So this matters more than anything.

The Ukraine Plan Split

JUDGE ANDREW NAPOLITANO: All right, before we get into what—

ALASTAIR CROOKE: I was just going to finish off, just say what really split it. What we see the big split taking place was caused by Keith Kellogg. Keith Kellogg came back, presented his plan and several of the team supported him. It was one that would never be accepted by Russia. It was a very hard line, pro-Ukrainian plan that would see areas of responsibility.

It is quite clear to me that this reflects input from Starmer and Macron and the Europeans, who, as I think everyone on this program knows, are intent on destroying American normalization with Russia. They don’t want it. They want to continue the war till 2030. They want a big war in Europe.

And so what Kellogg was doing was actually saying that beyond the River Dnieper, there’s going to be NATO, British troops, French troops, whatever other troops volunteer. They will be behind the Dnieper. In front of the Dnieper, up to the contact line would be the Ukrainian forces and then there would be the Russian forces. So it was a form of separation into segments. And of course, this was completely unacceptable to Russia. He should know that. He acts very much as Ukraine’s advocate in these things.

And he took with him Rubio, Waltz and others who said, yeah, this is right. And he contested what was going on. He was contesting what Witkoff was proposing, which was to recognize the four oblasts. As Putin has always said, that is the minimum to start anything moving towards a ceasefire.