Planet Money
Planet Money is a podcast from NPR that explores the forces shaping our lives by tying any topic back to the economy. It aims to help listeners understand the world through economic concepts and stories. The show offers sponsor-free episodes and bonus content through Planet Money+ subscription.
Episodes
It’s my tree. Why can’t I cut it down?
Can the government stop you from cutting down your own tree? In many towns and cities these days, removing a tree now requires a permit. You might have to pay a fee, or promise to plant replacement trees. But sometimes, the city won't let you cut down the tree at all, even a tree in your own backyard.That's because trees are important for air quality, for flood control, and for public health. They
Two indicators for lowering the rent
One specific type of affordable housing used to be popular in American cities, kept rents low, then nearly vanished. Is it time to reconsider boarding houses and single room occupancy units? If they lowered rents in cities, why did they go away? We have the history.Then, let’s talk about corporate landlords. They’re blamed for driving up rents. Studies show they do the opposite. When corporate lan
Why is there a supplement craze if they don’t even work?
One reason the $70 billion supplement industry is set to double in the next seven years? Lax regulation.On today's show, we tell the story of a century-long battle between the U.S. government and … you, the people, blinded by your love of a magic pill.We’re talking about protein powders, pre-workouts, creatine, stuff for gut health, joint health, vitamin C, turmeric supplements. All that. You migh
There's no business like dough business
Have you ever walked around a street, mall, or airport and noticed two or three of the same franchise restaurant within walking distance? Why might one Starbucks or McDonald’s or Wetzel’s Pretzels sometimes be built so close to another? Are they friends or competitors? And how can that possibly be profitable?Today’s show is one such example. Our pals at Hyperfixed got a knotty question we just had
The sneaky way companies get new chemicals into our food
99% of chemicals in our food right now were added without FDA approval. Many were added in secret, through a sneaky loophole built into the 1958 Food Additives Amendment.It was supposed to require FDA approval for new additives. But food companies and chemical makers found a workaround. And the FDA formally okayed the loophole in the 90s — in the process bringing attention to a loophole to the loo
The leaked tapes that show how the rich avoid taxes
Tax avoidance -- that is, legally reducing your tax bill -- is as American as apple pie. But the line between tax avoidance and tax evasion is often a grey one. On today’s show, a collaboration with Tax Notes, we listen in on the secret tapes that show how the wealthiest Americans avoid taxes. We trace the lifecycle of a tax loophole: how it was born (in Malta), how it grew, how the Feds cracked d
The giant factory town that might be a giant mistake
How does a poor country become a rich country? There's a simple blueprint — or at least, that's what many economists used to believe. But over the years, a lot of rapidly developing economies have stalled out. These countries aren't poor anymore, but they're not rich either. They're stuck in the middle. The World Bank calls this problem the "middle income trap."And if there's a poster child for th
Vacation and why Americans take so little
Do you work more for more money? Or work less for more time? For some, this is the ultimate economic choice. Every single worker in the European Union is guaranteed four weeks of paid vacation. No matter how long they’ve been at a company. No matter how low paying the job is. Vacation is a right. In fact, all but one of the richest countries in the world guarantees paid vacation, except: the U.S.
Jerome Powell and the Future of Fed Independence
If you have a credit card, hope to buy a house, or just want stable grocery prices – let’s talk about the future of Fed independence!It’s impossibly important for the Federal Reserve to steer monetary policy without political interference – an ideal pushed to its brink during Jerome Powell’s time as Fed Chair.Powell’s Fed faced a once-in-a-century pandemic, oversaw the economy as inflation spiked
The secret meeting that launched OPEC
Recently, a listener wrote in with a question about OPEC and oil prices. She was prepping for a camping trip… thinking about how much it costs to fill up her diesel-guzzling camper van at the pump. “It would be so awesome if you guys could do an episode explaining OPEC to us,” she emailed us. She wanted to know: why does OPEC exist? Why does it limit the supply of oil? And now that the United A
Diary of a WNBA negotiator
Today the WNBA season tips off, but Dallas Wings veteran forward Alysha Clark has already won a high-stakes competition. She – and a Nobel Prize winning economist – were on the team that negotiated a ground-breaking contract for the players. And Alysha wrote all about it in her journal.Alysha is the oldest player in the league – and when she started she was making a yearly salary of about $36,400.
How we got free agents in baseball
Curt Flood was the best center fielder in baseball and one of the game’s highest paid players. He took the St. Louis Cardinals to the World Series three times. Then he got traded to the Phillies. He didn’t want to go. But baseball’s rules said he had no say in the decision. He could either go to Philly or quit the sport. Instead, Flood took Major League Baseball to court.Flood argued that the leag
How to make a BOOK into a bestseller
In the world of commercial publishing, there are few crowning achievements more coveted than a place on the New York Times Best Seller List. But how does a book actually end up there? There is, of course, a playbook that publishers and authors use to try to gin up enough sales at the beginning of a new book’s life to launch it onto the list. But there is also a world of more shadowy techniques – a
Spirit Airlines and the future of cheap flights
It’s way more than fuel costs that pushed Spirit Airlines to the brink of liquidation and led President Trump to muse about “buying” them. Many low cost airlines are struggling due to a canny and calculated set of strategies from bigger airlines that we can think of as ‘revenge of the legacy carriers.’ Today on the show, we go back in time to when Spirit was riding high and pressuring the whole in
Battlefield rare earths: How the U.S. lost to China
At one point in history, one U.S. company monopolized the rare earths industry. Then China took over the industry. Can the U.S. bring it back?Rare earths are critical to making, like, everything. From smart phones to electric vehicles to microwaves. They’ve also become a powerful political weapon for China, which controls the majority of mining and processing of rare earths. Today, we have the sto
Live: Anthropic co-founder on AI and jobs
We talk with Anthropic co-founder Jack Clark and Chief Economist at Redfin Daryl Fairweather about two of the biggest issues of our time: AI and housing. We have been crisscrossing America doing live shows to help promote the new Planet Money book. In each city, we’ve been doing interviews with special guests. And since we won’t be able to make it to every city in America (or most cities) we wante
Do prediction market bettors make anything better?
Have you noticed a lot of young people getting into antenna-maxxing as alpha? Or, maybe searching for any bit of copium after they fat-fingered and got rinsed? Or maybe they farmed during a yes-fest on Mention Markets resulting in some serious printing? If none of that made sense to you, then we have the perfect episode for you. Prediction markets have taken off in the past few years, using the sa
How to get through the Strait of Hormuz
The United States has been at war with Iran since February 28th. And for a month and a half, Iran’s main leverage over the U.S. has been their control over the Strait of Hormuz — a key global shipping route. Iran has attacked ships that try to pass without approval. And recently they’ve insinuated that one part of the Strait — the part near Oman — is not safe. Which means that captains had to go r
BOOKstore Economics
How do bookstores choose the books they stock, and how does that affect what customers read? It may not seem like it, but every shelf in a bookstore is a highly valuable and contested piece of commercial real estate. And for every new book that a bookstore decides to stock, there are thousands of others that did not make the cut. So how do bookstores make those decisions? And how will the Planet M
A pro-worker experiment in private equity
Live event info and tickets here. If your company got bought by a private equity firm, how would you feel? Maybe a little nervous? You might find yourself wondering if there will be layoffs.And you’d be right to worry about that. Research shows that while private equity ownership can boost a company’s productivity, it does generally result in job cuts. But one private equity executive is trying to
Reese’s heir vs. chocolate skimpflation
Live event info and tickets here. When ingredient costs skyrocket, companies have three basic options: They can raise their prices (a sort of product-specific inflation), shrink the size of the products (often called “shrinkflation”), or, sometimes, find more creative ways to reduce costs by degrading the quality of their products - which our very own Greg Rosalsky has dubbed as “skimpflation.” T
Dark times for Cuba’s economic experiment
Live event info and tickets here. For more than 60 years, Cuba has survived on two seemingly contradictory economic strategies: leaning on friendly communist and socialist countries, and flirting with capitalism. And right now it seems the US is making both strategies impossible.Since January, the U.S. has been preventing almost all oil from reaching the island. Doctors can’t get to the hospitals
The skyscrapers that NIMBYs and zoning couldn't stop
LIVE SHOW TOUR INFO HERE. New stories, live tapings, special guests, book signings and more. What would you build on a piece of land when all the normal rules go out the window?On today’s show, how the Squamish Nation reclaimed a sliver of prime urban real estate and were liberated from zoning restrictions, to the consternation of their wealthy NIMBY neighbors.We trace the 100 year saga of what mi
Our BOOK vs. the global supply chain
When you come across a book at a yard sale or a bookstore, you might pay more attention to the words between the covers than the physical form of the book itself. But content and the form are both crucial to a book’s success. Each book you pull off the shelf, is the product of thousands of decisions, big and small, tying together vast supply chains and armies of workers from around the world. On t
Inside a BOOK auction
In the age of TikTok and Polymarket, it can be easy to overlook the humble book. But books are one of the most influential technologies ever invented. From “The Wealth of Nations” to “Das Kapital,” books have the power to shape whole economic systems… and everything else in our world. The market for books can determine which ideas make it to the masses. So when Planet Money was approached to make
The little pet fish that saved a town in the Amazon
The cardinal tetra is one of the most popular pet fish in the world. They look like little red and blue sequins. You've almost certainly seen them at the pet store or the fish tank at your dentist's office. They're everywhere. Not so long ago, most of the world's supply of cardinals came from just one place. It's a little town deep in the rainforests of Brazil, where locals still catch these fish
Chef vs. Robot
Robby the chef has lots of endearing qualities. He can make over 5000 dishes, he’s a consistent cook, and he’s never late for work. But he’s not a human. It is a 750 lb. stainless steel robot. With a rotating wok at its center. It’s a wok-bot. Automation has changed many industries. But automation only started entering restaurant kitchens in the past couple decades. Which raises the question – wha
The laws of the office revisited
Live event info and tickets here.If something is going wrong in your workplace, there's probably a law that explains why. Meetings always seem long, and never end early? There’s Parkinson’s Law, which says work expands to the time allotted, or, restated: meetings will always take up all the time blocked on Outlook calendars. Is your boss bad at managing? Check the Peter Principle, which says peopl
Planet Money vs. the NBA’s tanking problem
What do we want from sports? The very best athletes competing as hard as they know how, putting all their effort and training and natural ability to the test against their opponents. But this time of year, that’s not the product the NBA is putting on the court. Instead, teams at the bottom of the league are competing … to lose, because it could help them get a top pick in next year’s draft. It’s c
The Business of Heated Rivalry
Heated Rivalry, the steamy hockey romance show, was made for about $2 million per episode. That is remarkably cheap for an hour-long drama.Today on the show, a conversation with Heated Rivalry creators Jacob Tierney and Brendan Brady about their television miracle on ice.It’s not just that the show was made efficiently and cleverly. Heated Rivalry comes from a Canadian economic system of making T
Don't hate the replicator, hate the game
The world of science has been stuck in an existential crisis over whether we actually know the things we thought we knew. Re-running an old study today doesn't always yield the same result. Same with re-enacting old experiments. Collectively, this is known as the “replication crisis.” Economist Abel Brodeur has come up with one way to help fix this crisis: he’s invented an internationally crowdsou
The ICE hiring boom
Live event info and tickets here. ICE is scaling up, with rapid new hiring. So we ask, has training new officers changed? At what cost? Also, the Trump administration has plans to pour billions of dollars into warehouses for mass immigrant detention centers, which can totally change the economy of some areas. We hear from a rural town in Georgia that wants an ICE facility in its own backyard. Thes
The Supreme Court struck down a bunch of Trump's tariffs. Now what?
Live event info and tickets here.The Supreme Court has spoken. Those big, sweeping tariffs that President Trump imposed early last year? They’re illegal. On today’s show: Why were those tariffs struck down? Will anyone get refunds? And …what about this new 10 percent tariff the President just announced today? Plus — a growing market for tariff refunds.Further Listening: - Worst. Tariffs. Ever. -
How to get what Greenland has, with permission
Book tour and ticket info here.Greenland has said it is not for sale. Denmark has said it can’t even legally sell Greenland. And at a security conference in Munich over the weekend, U.S. lawmakers spent a lot of time trying to walk back some of President Trump’s recent threats to try to buy, or even take over, the territory. But whether Trump can or will or should try to control or purchase a terr
Betty Boop, Excel Olympics, Penny-isms: Our 2026 Valentines
Book tour event details and ticket info here.An iconic cartoon character liberated from copyright, journalism from the world of competitive spreadsheeting, a controversial piece of US currency. Each year the Planet Money team dedicates an episode to the things we simply love and think you, our audience, will also love.In this year’s Valentine’s Day episode:The Public Domain Day list from Jennifer
The Invention Invention
Book tour tickets and details here.Today, the story of three inventions. The first, the sewing machine, was created by a selfish and ambitious inventor who wanted all the credit and was willing to fight a war for it. The second, a more modern invention, was made by an Italian inventor who wanted only to connect the world through video, so “evvvvverybody can talk with evvvvverybody else.”And, a thi
Iran, protests, and sanctions
Book tour tickets and details here.The recent protests in Iran are about so many things. Human rights, corruption, freedom. But this time – they are also motivated by economic hardship. Hardship caused, in part, by US sanctions. The US has been sanctioning Iran in one way or another for 47 years. But sanctions, as a tool, only work some of the time, and US sanctions on Iran have not always conform
Riding with the repo man (update)
Planet Money book tour ticket info and dates here. A record number of Americans with poor or just okay credit are behind on their car payments. And once last year’s numbers are tallied, an estimated 3 million cars will have been repossessed in 2025. That would be on par with how bad it got during the Great Recession. What’s going on? And why now? Today on the show, we focus on the micro part of th
Can Trump make buying a home more affordable?
Book tour dates and ticket info here.Housing is too expensive. Everyone knows this. Democrats know that talking about it plays well with voters. And now – in a midterm election year – President Donald Trump seems to be focused on it, too. His administration has recently started talking more about affordability. And they’re taking action with two new initiatives that aim to make buying a house easi
Can transforming neighborhoods help kids escape poverty?
In the 1990s, Congress created HOPE VI, a program that demolished old public housing projects and replaced them with more up-to-date ones. But the program went further than just improving public housing buildings. HOPE VI was designed to transform neighborhoods with concentrated poverty into neighborhoods that attracted people with different incomes. Some people who moved to HOPE VI neighborhoods
A trip to the magic mushroom megachurch
Book tour dates and ticket info here.Just as every market has its first movers, every religion has its martyrs — the people willing to risk everything for what they believe. Pastor Dave Hodges just might be a little bit of both. He’s the spiritual leader of the Zide Door Church of Entheogenic Plants, in Oakland, California which places psilocybin mushrooms at the center of their religious practice
BOARD GAMES 3: What’s in a name?
Planet Money has teamed up with the company Exploding Kittens to make a board game inspired by the legendary economics paper The Market for Lemons. We’ve decided we want a mass-appeal party game that quietly sneaks in the economics, so that we can report from inside a world that no other Planet Money project has entered: the real shelves at real big box retail stores. We have a great game mechanic
Chevron, Venezuela and the Paradox of Plenty
Venezuela and Chevron have perhaps one of the strangest partnerships … ever? Chevron, one of the world’s most famous and profitable oil corporations, has for decades, been plugging away in Venezuela, one of the world’s most famous and infamous socialist countries. Today on the show, the story of their intertwined histories. Before Saudi Arabia, before Iran… there was Venezuela, the first petrostat
How much money President Trump and his family have made
Before President Donald Trump’s first term, he was in a “tight spot” financially, according to New Yorker writer David Kirkpatrick. At the start of his second term, David says, Trump was in an “even tighter” spot. But after just six months into his second term, Trump’s financial situation started looking really good.David has done a full accounting for what the family has been up to, and even usin
So are we in an AI bubble? Here are clues to look for.
Are we in an AI bubble? That’s the $35 trillion dollar question right now as the stock market soars higher and higher. The problem is that bubbles are famously hard to spot. But some economists say they may have found some telltale clues.On our latest: How do economists detect a bubble? And, how much should society be worried about bubbles in the first place? Related shows:- How to make $35 trilli
How Black hair care grew Black power
The Afro is one of the most iconic hairstyles of the last century. And one of its main ingredients was a hair product – Afro Sheen. But Afro Sheen did so much more than make Black afros shine. It was the money behind the television show Soul Train, it helped fuel the civil rights movement – all because of an entrepreneur named George Johnson. For decades, Joan and George Johnson owned and ran John
Venezuela’s recent economic history (Update)
We’ve been checking in on the economic conditions in Venezuela for about a decade now. In response to the U.S. strike and the capture of Venezuelan president Nicolás Maduro this weekend, we’re re-surfacing this episode with an update.The original version ran in 2016, with an update in 2024.Back in 2016, things were pretty bad in Venezuela. Grocery stores didn’t have enough food. Hospitals didn’t h
Indicators of the Year, Past and Future
2025 is finally over. It was a wild year for the U.S. economy. Tariffs transformed global trading, consumer sentiment hit near-historic lows, and stocks hit dramatic new heights! So … which of these economic stories defined the year?We will square off in a family feud to make our case, debate, and decide it. Also, as we enter 2026, we are watching the trends and planning out what next years storie
Why economists got free trade with China so wrong
With the year coming to a close, we're sharing our most popular Planet Money bonus episode of 2025! As U.S. trade with China exploded in the early 2000's, American manufacturing began to shrivel. Those workers struggled to adapt and find new jobs. It ran counter to how mainstream economics at the time viewed free trade ... that it would be a clear win for the U.S. Greg Rosalsky talks with David Au
The Rest of the Story, 2025
Most stories keep going even after we set down our microphones and the music fades up. That's why, at the end of each year, we look back and we take stock. We call this tradition "The Rest of the Story." And we bring you updates on the stories we've reported, and from the people we've met along the way.Today, we check in on an engineer and patent attorney who made a safer saw; we get an update on
The summer I turned binge-y
On the eve of Netflix shoveling a fourish-hour chunk of Stranger Things onto Christmas Day, we visit the past, present, and future of binge-dropped television shows. The strategy of releasing an entire season at the same time has been key to taking Netflix from a little startup that used to lend us DVDs in the mail … to a company so big and powerful, it is maybe going to buy Warner Brothers and ow
What AI data centers are doing to your electric bill
As a country, we are spending more to get data centers up and running than we spent to build the entire interstate highway system. (Yes, that’s inflation-adjusted.) With tech companies spending hundreds of billions of dollars on AI, data centers have kind of become the thing in the US economy. But along with that growth have come a lot of questions. Like where is all the electricity to run these d
PM does a pop culture draft: 1999 edition
Welcome to the inaugural Planet Money Pop Culture Draft! In today's episode (a Planet Money+ episode we’re releasing into the main feed) we're gonna go back to the year 1999. Three hosts, Kenny Malone, Wailin Wong, and Jeff Guo, go head to head and each drafts a “team” of economic pop culture. So a movie, a song, and a wild card pick that best represents the Planet Money spirit!It could be a movie
When Chicago pawned its parking meters
In 2008, Chicago’s budget was in a bad place. The city needed money. One way to raise money was to increase property taxes, but what politician wants to do that? So instead, Mayor Richard M. Daley’s administration looked around at the resources the city had, and thought, ‘Any of this worth anything?’ They opted to lease out the city’s metered parking system — to privatize all 36,000 of its parking
Strange threadfellows: How the U.S. military shaped what we all wear
From nuclear fission to GPS to the internet, it’s common knowledge that many of the most resource intensive technologies of the last century got their start as military R&D projects in government-funded labs. But as Avery Trufelman explains in her fashion history podcast, Articles of Interest, the influence of the US military is, in many ways, even more intimate than that, shaping much of the clot
How hurricanes became a hot investment
A few years ago, the Jamaican government started making an unusual financial bet. It went to investors around the world asking if they'd like to wager on the chances a major hurricane would hit the island in the next couple of years. In finance terms, these kinds of wagers are called "catastrophe bonds." They're a way to get investors to share the risk of a major disaster, whether that's a Japanes
Is AI slopifying the job market? (Two Indicators)
Vote for us in NPR’s People’s Choice Awards: npr.org/peopleschoice AI is already reshaping how people find work. Fewer entry-level jobs, robot recruiters, and ever-changing new skill requirements all add up to a new, daunting landscape for humans trying to find dignified work.Today on the show: two stories from the edges of a changing labor market. First we’ll assess claims that AI is causing a wh
Capitalism (Taylor's Version) (25-minute Podcast Version)
Taylor Swift reaches new heights with her latest album, which is both divisive and record-breaking. And it’s fueled by an elaborate series of business choices that propel profits but also chart numbers. Today’s episode comes from our friends at Today Explained, Vox’s lively, smart daily news podcast. Pre-order the Planet Money book and get a free gift. / Support our show. Subscribe to Planet Mone
Saving lives with fewer dollars
Givewell is a nonprofit organization that gives money to “save or improve the most lives per dollar.” Part of their whole thing is a rigorous research process with copious and specific datapoints. So, in the chaotic wake of USAID’s gutting, they scrambled to figure out if they could fund the kind of projects USAID used to.Today on the show: GiveWell let us in on their decision-making process, as t
The Consumer Sentiment vs. Consumer Spending Puzzle
Wherever consumer sentiment goes, consumer spending usually goes too. They’re like buddies that do everything together. Consumer sentiment wants a hair cut, its buddy consumer spending does too.But lately, these friends are drifting apart.While consumer sentiment about the economy is down … spending remains strong. And not just that… Interest rates are still high, inflation is growing, tariffs hav
Days of our Tariffs
Tariffs. They’ve been announced, unannounced, re-announced, raised and lowered. It’s an on-going saga with billions at stake!On today’s episode, we run full-on at the twisty, turny drama of life with broad-based tariffs and tackle perhaps our most asked question: Are we, regular U.S. shoppers, feeling the tariffs yet? When we’re at the grocery store or the coffee shop, are we paying more for thing
The obscure pool of money the US used to bail out Argentina
Last month, during the longest government shutdown in U.S. history, Treasury Secretary Scott Bessent announced that the United States had offered to functionally loan Argentina $20 billion. Despite the sums involved, this bailout required no authorization from Congress, because of the loan’s source: an obscure pool of money called the Exchange Stabilization Fund. The ESF is essentially the Treasur
Buy now, pay dearly? (update)
(Note: A version of this episode originally ran in 2022.)Every time you shop online and make it to the checkout screen, you see those colorful pastel buttons at the bottom. Affirm. Klarna. Afterpay. Asking: Do you want to split your payment into interest-free installments? No credit check needed. Get what you want, right now. That temptation got shoppers like Amelia Schmarzo into some money troubl
A new experiment in remote work … from the inside
When people in Maine prisons started getting laptops to use in their cells for online classes and homework, it sparked this new idea. Could they have laptops in their cells to work remotely for real outside world jobs, too??? And get real outside world wages?Today on the show, we have reporting from Maine Public Radio’s Susan Sharon about a new experiment in prisons: remote jobs … paying fair mark
Everything’s more expensive!! Pet care!! Concert tickets!! (Two Indicators)
People in the U.S. are feeling the financial squeeze, in part because of rising inflation, higher consumer prices and slowing job growth. The Indicator from Planet Money is tackling a special series on the rising cost of living. Today, two stories from that series. First, what’s making ticket prices go up? We look at the economics behind the ticket market and how “reseller bots” are wreaking all s
After the shutdown, SNAP will still be in trouble
This week’s SNAP crisis is just a preview. Tucked inside the giant tax-cut and spending bill signed by President Donald Trump this summer are enormous cuts to SNAP: Who qualifies, how much they get, and who foots the bill for the program. That last part is a huge change.For the entire history of the food stamp program, the federal government has paid for all the benefits that go out. States pay pa
The remittance mystery
For decades, the U.S. has been the single biggest source of remittances worldwide. A remittance is a transfer of money, typically from an immigrant to their family in their country of origin. But we are in the middle of a big, loud and very public immigration crackdown on those who are here without legal status. And that crackdown is disrupting the global remittance market. People who have come to
Should the fine have to fit the crime?
The U.S. Constitution famously outlaws “cruel and unusual punishments.” But there's another, far more obscure part of the Constitution called the Excessive Fines Clause, which basically says that the fine has to fit the crime. So far, the Supreme Court has been pretty mysterious about what that means. But for Ken Jouppi, the fate of his $95,000 plane hinges on it.Ken is a bush pilot. He used to ru
TikTok’s Trojan Horse Strategy
When TikTok videos started to go viral on Instagram and Reddit, TikTok turned to professional sound designers to protect their content.More and more companies are paying to develop a “sonic identity” – a series of sounds, songs, and micro-jingles to help maintain a unified brand.In this episode, in conjunction with the sound design podcast Twenty Thousand Hertz, we hear the backstory to possibly t
How Russia’s shadow fleet is sailing around oil sanctions
Bjarne Caesar Skinnerup works as a maritime pilot in the straits of Denmark. That means he’s used to seeing oil tankers. But after the start of the war in Ukraine, the tankers started getting weird. They were flying flags he’d never seen before. They were old, very old, though many had taken on new names. Something was off. He’d stumbled on a shadow fleet of hundreds of tankers ferrying sanctioned
The year NYC went broke
In 1975, New York City ran out of money. For a decade it had managed to pay for its hundreds of thousands of city employees and robust social services by taking on billions of dollars in debt. But eventually investors were no longer willing to lend the city any more money. New York teetered on the edge of bankruptcy — the city shuttered more than a dozen firehouses, teachers went on strike and gar
How the government got hedge funded
The U.S. government spends a ton of money, on everything from Medicare to roads to defense. In fact, it spends way more than it takes in. So…it borrows money, in the bond market. By selling U.S. Treasurys, basically IOUs with periodic interest payments. And for decades, people have loved to invest in Treasurys, for their safety and security. But lately, Treasurys have started to look riskier. In p
Two ways AI is changing the business of crime (Two Indicators)
Pre-order the Planet Money book here for your free gift. Our sister show, The Indicator, is chronicling the evolving business of crime for its Vice Week series. Today, we bring to you two cases of crime in the age of AI. First, cybercriminals are using our own voices against us. Audio deepfake scams are picking up against individuals but also against businesses. We hear from a bank on how they’re
BOARD GAMES 2: Making our prototype
It’s here! It’s free to download and playtest! It’s the Planet Money game! (Download here.)Download and playtest the game go here Sign up for the 11/1 virtual AMA event and get updates about the gameSubmit your feedback on the gameWatch the how-to video with Kenny and Elan for playtest instructionsIn this episode, the story of how we arrived here. Ride along as our game-making partners at Explodin
BOARD GAMES 1: We're making a game
We want to make a board game. It must, of course, teach the world about economics. It must be fun. It’d be nice if it sold lots of copies! How hard could that be!? (Monopoly and Catan are hugely popular and basically little economy simulators, after all.)Well, turns out, it’s quite hard!We’re in a golden age of tabletop games. Thirty years ago there were around 800 new games each year. Now it is m
How refrigeration took over the world
The next time you open your fridge, take a second to behold the miracles inside of it: Raspberries from California, butter from New Zealand, steak from Nebraska. None of that would have been remotely possible before the creation of the cold chain. The cold chain is the name for the end-to-end refrigeration of our food from farm to truck to warehouse to grocery store and ultimately to our fridges a
How Jane Street’s secret billion-dollar trade unraveled
On Wall Street, fortunes are often won and lost with the tiniest advantages. And for the past few years, one trading firm has stood out from the rest for both huge profits and careful secrecy — Jane Street Group.But last year, one of Jane Street’s biggest and most lucrative trading strategies was unexpectedly revealed in a Manhattan courtroom. The news ricocheted around the world. It drew the atte
In Gaza, money is falling apart
Israel has been blocking the flow of physical money into Gaza since the start of the war. So whatever paper cash was in Gaza before the war, that’s all that’s been circulating. It's falling apart from overuse. Two best friends, one in Gaza and one in Belgium, are now trying to get money in.But how do you get money into a bank account in Gaza? And how do you get that money out, in Gaza, when there
When CEO pay exploded (update)
(Note: A version of this episode originally ran in 2016.)It’s no secret that CEOs get paid a ton – and a ton more than the average worker. More than a hundred times than what their average employee makes. But it wasn’t always this way. So, how did this gap get so vast? And why? On today’s episode … we go back to a specific moment when the way CEOs were paid got changed. It involves Bill Clinton's
The U.S. now owns a big chunk of Intel. That’s a huge deal.
Last month, President Donald Trump announced an unusual deal. Intel, the biggest microchip maker in America, had agreed to give the United States a 10 percent stake in its business. That means the U.S. government is now Intel's largest shareholder — and a major American company is now a partially state-owned enterprise. This deal has raised a lot of eyebrows. The U.S. government almost never gets
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