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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 they try to reconcile the urgency of the moment with their normal diligence. We get to watch as they...
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 have made the prices of goods go up. And yet, consumer spending looks good. What gives? Today - a con...
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 things because of the tariffs? We now have the data to get a very clear answer to that question. Plus, w...
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 Treasury Department’s private slush fund. Its history goes all the way back to the Great Depression. But, i...
(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 trouble. Back in 2022, she maxed out her credit card after a month of buying now and paying later. She’s...
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 market wages, for people who are incarcerated. Listen to Susan’s original reporting here: - In Maine, p...
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 sorts of havoc. The industry is not a fan, and yet they do serve an economic function. And… why pet c...
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 part of the cost of administering it, but the food stamp money has come entirely from federal taxpaye...
Despite a US immigration crackdown and increased fear among undocumented migrants, Central American countries like Honduras are experiencing an unexpected surge in remittances. This mystery is attributed primarily to migrants' fears of deportation, leading them to send substantial savings back home as a precaution, rather than increased migration or a booming economy. While this inflow brings immediate economic benefits and celebration, economists warn of potential future decline and the dangers of dependency on remittances, highlighting the need for structural economic changes in these nations.
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 run an air taxi service in Fairbanks, Alaska. In 2012, police caught one of Ken’s passengers with a s...
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 the most successful audio branding campaigns in history. It’s a tale of guerilla marketing and the...
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 oil out of Russia … with near impunity. Today on the show, how those ships are transforming the glo...
This episode chronicles New York City's 1975 fiscal crisis, revealing how decades of accounting gimmicks and growing debt led banks to refuse further loans, pushing the city to the brink of bankruptcy. It details the urgent efforts of the Municipal Assistance Corporation, led by Felix Rohatyn, to broker a "grand bargain" requiring sacrifices from city workers, property owners, and the state. Ultimately, a reluctant federal government intervened, providing a bailout that, while controversial, set a difficult but effective path to recovery and served as a blueprint for future municipal crises.
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 part because, in recent years, there’s a new buyer at the table: hedge funds, those loosely-regulated...
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 adapting defenses, and find out how the new defenses are a game of AI vs AI. Then, we move over to t...
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 game Submit your feedback on the game Watch the how-to video with Kenny and Elan for playtest instructions In this episode, the story of how we arrived here. Ride along as our game-making partners at Exploding Kittens help us turn our (sometimes wild) economics game ideas into the next blockbuster gam...
This episode follows Planet Money's ambitious venture to design an economics-focused board game, exploring the vibrant yet challenging tabletop gaming industry. They visit Gen Con, learn from successful indie designer Leonie Grundler about prototyping and Kickstarter crowdfunding, and then consult with the creators of Exploding Kittens to strategize on mass appeal versus complex Eurogames and the importance of innovative core mechanics. The podcast aims to develop a game that's both entertaining and subtly educational.
Discover how the "cold chain," an end-to-end refrigeration system, revolutionized food preservation and global commerce, allowing fresh produce from across the world. The episode highlights key figures like Gustavus Swift, who innovated refrigerated transport for meat, and chemist Polly Pennington, who built public trust in cold food. It also delves into the surprising ripple effects on society and history, concluding with a look at the environmental costs and future challenges of widespread refrigeration.
This episode delves into how Jane Street Group, a secretive and highly profitable trading firm, had its lucrative Indian options trading strategy accidentally revealed in a Manhattan courtroom. The revelation sparked a debate between Jane Street's claim of legitimate arbitrage and the Indian regulatory agency SEBI's allegations of market manipulation. The story highlights the significant losses incurred by everyday retail traders and the regulatory crackdown that followed, questioning fundamental strategies in global finance.
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 are no functioning banks or ATMs? And almost no electricity. And spotty internet. And what is there...
Explore the surprising history behind the dramatic surge in CEO compensation, which unexpectedly took off in the mid-1990s. This episode delves into how a Bill Clinton-era tax law, intended to tie executive pay to performance, inadvertently led companies to heavily favor stock options, especially given an accounting rule that made them appear "free." Discover the protests against attempts to change these rules, the subsequent temporary decline after the dot-com bubble, and an update on current pay trends, including the impact of Dodd-Frank's disclosure requirements.
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 tangled up with businesses like this. Some have accused the president of taking a step toward, well,...
There’s one question we seem to be hearing everywhere: “ Is my job safe from AI? ” Dozens of you, our listeners, have written to us about this. Saying things like, “ Maybe my yoga teacher side gig is actually my safest bet now ,” and “ My parents were in real estate, and I never thought I’d say it ... but maybe that’s what I should do? ” If only there were a list that could tell you which jobs are safe from AI. We go looking for that list … and find that the AI future is going to be even weirder...
This episode explores how political pressure impacts central banks worldwide, featuring three "watchers" who analyze different aspects of central bank independence. It delves into the historical context, the legal frameworks, and the real-world actions of central banks under duress, highlighting the economic consequences of losing independence. The episode emphasizes the difficulty of rebuilding trust and stability once political influence compromises a central bank.
This episode delves into the peculiar market of domain names, where assets like Milk.com can be worth millions but remain undeveloped. Experts explain how keyword and brandable domains are valued, revealing how domain investors like "The Domain King" operate. Finally, the owner of Milk.com shares his story, explaining why he maintains his personal site despite lucrative offers, highlighting the internet's early, quirky days.
Planet Money delves into President Trump's unprecedented effort to remove Federal Reserve governor Lisa Cook, an act seen as a significant threat to the Fed's traditionally independent status. The episode details the structure and crucial role of Fed governors and the Federal Open Market Committee in setting interest rates, drawing on insights from former governors. It examines the potential for political appointees to influence monetary policy and warns of the severe economic consequences, including inflation and market instability, should the central bank's political neutrality be compromised.
Get your own personalized summer school diploma here . Today on our final episode of Summer School 2025, we will test your knowledge. We will salute the unsung heroes of government service. And we will pick our valedictorian from among you of the class of 2025. Editorial Note: President Trump attempted to fire Lisa Cook, a Biden appointee to the Federal Reserve Board. Our daily podcast, The Indicator , has coverage on their latest episode . We’ll have an episode in the Planet Money feed soon, in...
The unprecedented demand for weight loss drugs like Ozempic, coupled with a supply shortage, has disrupted the traditional pharmaceutical market. This episode highlights how individuals like Phil, who lost insurance coverage for his life-changing medication, are navigating a new, unregulated world of compounding pharmacies and telehealth companies offering cheaper alternatives. This parallel market, fueled by global sourcing of active ingredients, creates a 'Wild West' scenario, challenging big pharma's monopolies and raising significant questions about drug safety and regulation.
Tariffs are the favorite tool of our current president, but there are lots of other ways that governments insert themselves into the free exchange of goods and services. Some of these trade barriers are so insidious and have been going on for so long that it may surprise you that they even exist. We bring you the classic story of what happens when you try to protect an American industry and end up hurting another American industry. Well intentioned plans turn into trade barriers that make our li...
For most Americans, we just lived through the highest period of inflation in our lives. And we are reminded of this every time we go grocery shopping. All over TikTok, tons of people have posted videos of how little they got for… $20. $40. $100. Most upsetting to us: an $8 box of Cinnamon Toast Crunch. Food prices are almost 30% higher than they were five years ago. It’s bad. And those new, higher prices aren’t going away. At the same time, prices are no longer inflating at a wild pace. For the ...
