Planet Money

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 petrostate. The first country whose entire economy became dependent on oil. With the blessing of oil, an entire economic textbook of complications opened up: from the Dutch Disease, to the resource curse, to mono-economic vulnerability.And, oddly, along for that ride…Chevron. Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Erika Beras and Kenny Malone. It was produced by Luis Gallo with help from Sam Yellowhorse Kesler. It was edited by Marianne McCune, fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is our executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 using conservative estimates, David says Trump and his family have made almost $4 billion dollars “off of the presidency,” in just about a year.Today on the show: we look at every new business and business deal and financial transaction that David says likely would not have happened if Trump wasn’t the president of the United States. And we stop at the most innovative ways Trump and his family have made all that.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. ??Listen to our playlist on Federal Reserve independence here.Facebook / Instagram / TikTok / Our weekly Newsletter.Today’s episode of Planet Money was hosted by Sarah Gonzalez and Mary Childs. It was produced by James Sneed, edited by Jess Jiang, and fact checked by Sierra Juarez. Robert Rodriguez engineered it. Alex Goldmark is our executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 trillion ... disappear-What is a bubble? (featuring Nobel prize winning economics Eugene Fama and Robert Shiller)-What AI data centers are doing to your electric billPre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo and Robert Rodriguez. Alex Goldmark is our executive producer.Music: NPR Source Audio - “The best is yet to come,” “Marsh mellow,” and “Sunshine beat”Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 Johnson Products Company, a Black hair care company out of Chicago. Their intimate understanding of what Black people wanted and needed – for their hair and for their lives –  helped grow the Black middle class and became an engine for Black culture and power. They helped turn the Black haircare industry into what is now a multi-billion-dollar industry. But although they helped create this industry, they no longer have a part in it. Today on the show – the story of the rise and fall of Johnson Products. We’re gonna tell you this story in three hairstyles. The conk, the afro… and the jheri curl. Related episodes:This Ad’s For You'Soul Train' and the business of Black joyFashion Fair's makeoverPre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was hosted by Sonari Glinton and Erika Beras. It was produced by James Sneed, edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Jimmy Keeley. Alex Goldmark is Planet Money’s executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 have basic supplies, like gauze. Child mortality was spiking. Businesses were shuttering. It was one of the epic economic collapses of our time. And it was totally avoidable.Venezuela used to be a relatively rich country. It has just about all the economic advantages a country could ask for: Beautiful beaches and mountains ready for tourism, fertile land good for farming, an educated population, and oil, lots and lots of oil.But during the boom years, the Venezuelan government made some choices that add up to an economic time bomb.Today on the show, we run through the decisions that foreshadowed the collapse, and we hear from people in Venezuela in 2016 at a particularly low point for the economy, then again and in 2024 after a bounce back and a stabilization, in part due to the unlikely impact of the U.S. dollar. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This original episode was hosted by Robert Smith and Noel King. It was produced by Nick Fountain and Sally Helm. Our update in 2024 was hosted by Amanda Aronczyk, produced by Sean Saldana, fact checked by Sierra Juarez, and engineered by Neal Rauch. Today's episode was hosted by Kenny Malone and produced by James Sneed. Alex Goldmark is our Executive Producer. For sponsor-free episodes of The Indicator and Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 stories are likely to be. So we’re picking  which indicators will become next years most telling. On today’s episode, our indicators of this past year AND our top indicator predictions for 2026.Related episodes:The Indicators of this year and next (2024)This indicator hasn’t flashed this red since the dot-com bubble What would it mean to actually refund the tariffs?What AI data centers are doing to your electric bill What indicators will 2025 bring? Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was produced by James Sneed. The episodes of The Indicator were produced by Angel Carreras, edited by Julia Ritchey, engineered by Robert Rodrigez and Kwesi Lee, and fact-checked by Sierra Juarez. Kate Concannon is the editor of the Indicator. Alex Goldmark is our executive producer. For sponsor-free episodes of The Indicator and Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 Autor about why economists got free trade with China so wrong.  Autor, an MIT economics professor, and his colleagues published a series of eye-opening studies over the last 15 years or so that brought to light the costs of U.S. trade with China. We also hear Autor's thoughts on the role of tariffs and get an update on his research. With better, more precise data, Autor says we have a more nuanced and "bleaker" picture of what happened to these manufacturing workers. You can read about Autor's research and sign up for The Planet Money Newsletter here. To hear more bonus content like this and support NPR and public media, sign up for Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Regular episodes remain free to listen!Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 Planet Money game; an update on money in Gaza; and we have updates on a diamond that may or may not have had a second life. Listen to the original stories:The Subscription Trap Planet Money buys a mystery diamond In Gaza, money is falling apart BOARD GAMES 1: We're making a game  How to save 10,000 fingers This episode of Planet Money was produced by Luis Gallo, edited by Alex Goldmark, fact-checked by Vito Emanuel, and engineered by Debbie Daughtry.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Play the new version of our game here. Version 4.Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 own Bugs Bunny and Tony Soprano and the Harry Potter movies.But even Netflix may be flirting with some slightly less binge-y models of content release. Are we entering … the end of the binge drop?On our latest: what data tells us about binge watching. Was it the greatest business decision, and who does binge watching really benefit? Here’s some of the research. Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin and edited by Meg Cramer. It was fact-checked by Dania Suleman and engineered by Maggie Luthar. Alex Goldmark is our executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 data centers supposed to come from? And how much are residential customers’ electric bills increasing as a result?On today’s episode, we go to Ohio to trace one electric bill back to its source, to see what exactly is causing the big price increases people are seeing. We take a tour of a data center hot spot, and get to the bottom of how prices are set from inside the power company.Related episodes: - Asking for a friend … which jobs are safe from AI?  - No AI data centers in my backyard!  - What $10 billion in data centers actually gets you  - Is AI overrated or underrated?  - Green energy gridlockPre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.Today's show was hosted by Keith Romer and Jeff Guo. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang and fact checked by Sierra Juarez and Vito Emanuel. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 related to business or maybe a song about money … as long as it came out in 1999! Listen to hear each of them make the case for why their team should be crowned the winner!If you want more bonus episodes like this one and to support our work, sign up for Planet Money+.Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Kenny Malone, Wailin Wong, and Jeff Guo. It was produced by Viet Le and edited by Planet Money’s executive producer Alex Goldmark.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 meters. The plan: have private companies bid on operating the meters, modernizing the system, and keeping the profits for a certain number of years. In exchange, they would give Chicago a big lump sum payment. The winning bid was $1.16 billion dollars for a 75-year lease. Today’s episode is the story of how that bid got put together, and how it came to be hated. There are kidnapped parking meters, foot chases through City Hall, and trash bags filled with secret documents. Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin with help from Luis Gallo and Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Vito Emanuel and engineered by Cena Loffredo and Robert Rodriguez. Alex Goldmark is our executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 clothing we all wear everyday. On today’s show, a tale of Army surplus economics. How military designs trickled down from the soldiers on the front lines to the hippies on the war protest line to the yuppies in line at Banana Republic. And why some of your favorite outdoor brands may just be moonlighting as U.S. military suppliers, while keeping it as under the radar as they can.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode of Planet Money was produced by Luis Gallo, edited by Jess Jiang, fact checked by Yasmine Alsayyad, and engineered by Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer.Articles of Interest is produced by Avery Trufelman, edited by Alison Beringer, fact checked by Yasmine Alsayyad, and engineered by Jocelyn Gonzalez.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 Japanese earthquake, a California wildfire, or a Jamaican hurricane. This market for catastrophe has gotten really hot lately. And it’s changing the way that insurance works for all of us. Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin and edited by Marianne McCune. It was engineered by Jimmy Keeley and Kwesi Lee. Fact-checking by Sierra Juarez and Vito Emanuel. Alex Goldmark is our executive producer.Music: Universal Music Production - “Lagos to London,” “Sleazy Does It,” “The Sundown Set.”Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 white collar job apocalypse. What does the data actually say? We meet an economist who has found one small but fascinating way to measure the impact of AI on workers. Then, we go face-to-face, or at least voice-to-voice, with AI. We meet a robot recruiter for a job interview and find cause to ask, ‘When might that actually be preferable to a human recruiter?’Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.The original Indicator episodes were hosted by Wailin Wong, Darian Woods, and Adrian Ma. They were produced by Cooper Katz McKim and engineered by Robert Rodriguez and Debbie Daughtry. They were fact checked by Sierra Juarez. They were edited by Paddy Hirsch and Kate Concannon. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 Money+Listen to Planet Money free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Noel King. It was produced by Ariana Aspuru, edited by Amina Al-Sadi, fact-checked by Laura Bullard, and engineered by Adriene Lilly.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 decide if they can back one project, to support health facilities in Cameroon.Pre-order the Planet Money book and get a free gift. / Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Mary Childs. It was produced by Sam Yellowhorse Kesler. It was edited by Marianne McCune, fact-checked by Vito Emanuel, and engineered by Jimmy Keeley with help from Robert Rodriguez. Planet Money’s executive producer is Alex Goldmark. Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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 consumer spending mystery. Is the economy actually healthy? Or is something distorting our view of the economy?Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Sarah Gonzalez and Kenny Malone. It was produced by James Sneed. It was edited by Meg Cramer and fact-checked by Sierra Juarez. It was engineered by Debbie Daughtry and Kwesi Lee. Alex Goldmark is Planet Money's executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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, we hear a cautionary tale from our dear colleague James Sneed, who ordered a collectible doll and wound up with a surprise tariff bill at his door.Related episodes:Are Trump's tariffs legal? What is Temu?What "Made in China" actually meansPre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was produced by Willa Rubin and edited by Jess Jiang. It was fact-checked by Sierra Juarez with research help from Vito Emanuel. It was engineered by Jimmy Keeley and Maggie Luthar. Alex Goldmark is our executive producer.Music: NPR Source Audio - “Mirror,” “Remorse,” “Endless,” “Secrets,” “Schmaltzy,” “Water Mirror.”Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

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, in the 90 years since its creation, it has only been used one time at this scale to bailout an emerging economy: Mexico, in 1995. That case study contains some helpful lessons that can be used to make sense of Bessent’s recent move. Will this new credit line to Argentina work out as well as it did the last time we tried it? Or will Argentina’s economic troubles hamstring the Exchange Stabilization Fund forever?Pre-order the Planet Money book and get a free gift. /  Subscribe to Planet Money+Listen free: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Facebook / Instagram / TikTok / Our weekly Newsletter.This episode was hosted by Keith Romer and Erika Beras. It was produced by Luis Gallo. It was edited by Eric Mennel and fact checked by Sierra Juarez. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer.Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy