If you’ve been trying to follow the nitty-gritty details of DOGE’s efforts to seize control of the Treasury Department’s payments system—and why it’s so important—then odds are you’ve already heard of Nathan Tankus. An independent journalist and researcher, his newsletter Notes on the Crises has become essential reading for anyone seeking to untangle the workings of an abstruse but vital piece of financial infrastructure that most of us had never given much thought—or even heard of—before January. (How essential? Tankus is the guy Paul Krugman calls up when he needs an explainer.)

In our latest episode of WatchCats, Tankus walks us through what the Treasury payments system is, why it’s so important—and why he thinks DOGE’s insistence on controlling its levers has set the stage for a constitutional crisis. We also explore how the Musk team’s meddling may imperil the Social Security system millions of older Americans rely on to make ends meet.

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