Planet Money
Planet Money
Planet Money isn’t just a podcast; it's your ultimate guide through the complexities of economics made simple and engaging. Each episode is a short, fun exploration into the forces shaping our wallets and the world. From breaking down the impact of global events on local economies to demystifying financial principles through real-life examples, Planet Money ensures that you never look at a dollar bill the same way again. Produced by NPR, this podcast promises a blend of expert analysis and accessible storytelling to illuminate the unexpected ways economics affects everything around us. With over a decade of content, Planet Money has mastered the art of making the dismal science anything but dismal. The show's dynamic team of reporters dives deep into economic theories, historical economic events, and modern-day dilemmas with wit and clarity. By connecting economic concepts to everyday experiences, they create stories that are not only informative but also immensely relatable. Whether you’re an economics buff or a novice curious about how the economy operates, Planet Money provides the insights you need to understand the economic world more fully.
Episodes
So you've been scammed, now what?
In this revealing episode of Planet Money, we explore the harrowing journey of Frances, a victim of a sophisticated scam involving supposed government agents. The story unfolds as Frances receives a voicemail claiming to be from Citibank about a suspicious wire transfer. As events escalate, she is deceived into giving remote access to her accounts and transferring funds, supposedly to protect her assets from Russian hackers. Despite the elaborate façade, Frances loses nearly $800,000. The episode exposes the challenges victims face when seeking help from law enforcement and financial institutions, the intricacies of banking laws, and the psychological grip of scams on their victims. This episode serves as a cautionary tale about the complexities of online fraud and the devastating impact it can have on individuals.
The junkyard economist
In "The Junkyard Economist," we journey through San Francisco with John Ralston, a veteran in the junk removal industry. With decades of experience, John has honed his ability to spot potential value in seemingly worthless items. This episode takes a closer look at the various types of materials John encounters, from metals to textiles, and demonstrates how these discarded items are not just trash but are tied to broader economic trends. Through his daily operations, John provides insights into the commodities market, labor, and consumer economy, showing how everyday junk can be transformed into profitable materials. The episode serves as both a narrative and an educational exploration of how understanding the junk market can offer broader economic insights.
Anatomy of a layoff
In "Anatomy of a Layoff," Planet Money delves into the distressing world of job layoffs, narrated by Yoei Shaw with personal insights from a couple, H and V. The episode begins with V's unexpected layoff experience, marked by poor communication and a lack of humanity, including an incident where his belongings were mishandled. This event leaves V devastated and mistrustful of corporate environments, ultimately pushing him towards a career in teaching. The episode further explores the ripple effects of layoffs, such as increased stress and layoff anxiety within the workplace, shared by H who fears for his job stability. Conversations with HR consultant Katie Maillard provide insights into the often opaque and insensitive processes behind layoffs, and the episode concludes with a reflective discussion on the broader implications and emotional toll of such corporate decisions.
The hack that almost broke the internet
"The Hack That Almost Broke the Internet" delves into a critical cybersecurity event where hackers infiltrated the XZ compression tool, risking vast parts of the internet. The episode focuses on how the open-source nature of many foundational internet softwares, while beneficial for development, also presents significant vulnerabilities. It chronicles the journey from the initial benign software update to the discovery of the hack, emphasizing the communal yet risky aspects of open-source projects. The story highlights the efforts of Richard Jones and others to manage and mitigate the damage, showcasing the fragile balance of trust and security in the digital age.
Why Gold? (Classic)
"Planet Money" delves into the intriguing question of why gold, among all elements, has historically been chosen as a medium for currency. The hosts, Jacob Goldstein and David Kestenbaum, embark on a scientific and historical journey, examining the entire periodic table to determine which elements could potentially serve as money based on their chemical properties. They consult with Sanat Kumar, a chemical engineering professor, to systematically eliminate elements based on reactivity, rarity, and practicality in handling. The episode combines humor with a thorough scientific inquiry into what makes gold unique, culminating in a fascinating discussion on how other precious metals like platinum and silver were considered but ultimately found less suitable than gold for monetary use.
Zombie mortgages are coming back to life
In this gripping episode of Planet Money, we dive into the alarming issue of "zombie mortgages." The story centers on Karen McDonough, a nurse from Quincy, Massachusetts, who finds herself in a bewildering situation when debt collectors claim her house is being foreclosed due to an old, supposedly settled second mortgage. Despite being current on her payments and previously informed that the debt was forgiven, Karen faces the harsh reality of potentially losing her home. The episode uncovers a wider problem affecting thousands, where dormant debts from the housing bubble era are reactivated, threatening many with foreclosure. This phenomenon has escalated due to rising home prices, making previously unprofitable second mortgages viable for collection.
Inside video game economics (Two Indicators)
"Inside video game economics (Two Indicators)" from Planet Money sheds light on the substantial economic scale and challenging work conditions within the video game industry. With annual revenues surpassing those of the global film industry, video games like 'Minecraft' and 'Grand Theft Auto V' demonstrate the sector's lucrative potential. However, the episode also highlights the human costs associated with this success, notably the pervasive practice of 'crunch time'—intense work periods that often lead to burnout among developers. The narrative unfolds through the experiences of industry workers and their efforts to unionize for better conditions, juxtaposed with insights from experts on labor dynamics and project management challenges in game development. The episode encapsulates a critical look at an industry at the crossroads of immense profitability and significant worker dissatisfaction.
The birth of the modern consumer movement
"The Birth of the Modern Consumer Movement" on Planet Money traces the roots and ramifications of consumer advocacy, sparked by Ralph Nader's investigation into automobile safety in the 1960s. Starting with a focus on fatal car accidents that were preventable with safer car designs, Nader's findings were published in his book "Unsafe at Any Speed," spotlighting the Corvair's design flaws. This episode delves into the subsequent battle for increased regulation, the corporate and political pushback, and the eventual establishment of consumer rights in American legislation. Through expert interviews and historical analysis, it examines the tug-of-war between regulation advocates and opponents, highlighting how this debate shaped public policy and consumer protection.
Hire Power (Update)
In "Hire Power (Update)," Planet Money revisits the controversial topic of non-compete agreements through the personal story of Jeff Hong, a former Microsoft engineer. Originally, the episode delves into the historical context and widespread use of non-compete clauses across various industries. It traces the origins back to a 1414 case in Britain, illustrating their long-standing presence in labor agreements. Jeff's narrative anchors the episode, detailing his struggle after being laid off and facing the limitations imposed by a non-compete clause he had unknowingly agreed to decades earlier. The episode critically examines the spread of such clauses and their effects on workers' mobility and wages. It culminates with a significant update: the FTC's recent decision to render most non-compete agreements unenforceable, inspired by cases like Jeff's and the positive outcomes observed in states like Hawaii, where non-compete bans have already been implemented.
The case of the stolen masks
In this gripping episode of Planet Money, the narrative unfolds around two ancient masks stolen from a Nepali temple, leading to a 30-year international mystery. The masks, crafted in the 16th century and integral to Nepali cultural heritage, were believed to be lost after being stolen and smuggled overseas. The episode follows Yagya Kumar Pradhan, a local priest, and a group of amateur detectives who discover the masks in prominent museums. Using modern digital tools and legal action, they endeavor to trace the masks' journey across continents and auction houses, exposing a complex network of art smuggling. Their efforts culminate in the successful repatriation of these cultural treasures back to Nepal, challenging the practices of international art dealings and museum acquisitions.
How unions are stopped before they start (Update)
This "Planet Money" episode delves into the complexities of union formation at the Volkswagen plant in Chattanooga, recounting three major attempts over a decade. Initially hopeful due to Volkswagen's global practice of supporting worker representation, the union efforts faced severe setbacks from local political pressures and anti-union campaigns. Despite obtaining majority support initially, external influences and company pushback stalled progress. The episode captures the strategic shifts, from broad to targeted union drives, detailing the interactions between union advocates, company policy, and external political forces. It culminates in a successful unionization after persistent efforts, influenced by broader union successes nationwide and a more neutral stance from Volkswagen during the latest vote.
FTX and the Serengeti of bankruptcy
In "FTX and the Serengeti of bankruptcy," Planet Money unravels the complex story of FTX’s downfall and the bankruptcy trading market that emerged in its wake. The episode begins with the personal tale of Bagumshi Kunigundla, an IT consultant who lost significant savings when FTX collapsed under allegations of misusing customer funds. As FTX transitioned into bankruptcy, Kunigundla and thousands of others found themselves as unsecured creditors, a status that introduced them to the murky world of bankruptcy claims trading. The narrative then shifts to the broader ecosystem of bankruptcy, likening it to a Serengeti where various financial players — from secured creditors to vulture investors — feed on the remains of failed companies. Through expert insights and on-the-ground stories, the episode paints a vivid picture of the opportunistic, sometimes predatory, nature of this niche market.
Grocery prices, credit card debit, and your 401K (Two Indicators)
In a revealing look at the current economic landscape, "Planet Money" delves into how grocery prices, credit card debt, and 401K withdrawals indicate broader consumer distress. Hosts Waylon Wong and Adriene Ma discuss the tangible impacts of inflation on everyday items like groceries, where prices have surged by 25% since January 2020. They also explore the record high of $1.1 trillion in credit card debt and an increase in 401K hardship withdrawals, painting a picture of a society struggling to balance rising costs with stagnant or slowly increasing incomes. Additionally, the episode examines legislative attempts to combat unfair pricing practices with historical laws, illustrating the complex interplay between consumer welfare, business practices, and regulatory measures.
TikTok made me deduct it
In this episode of Planet Money titled "TikTok made me deduct it," tax attorney Victoria Lee from Los Angeles discusses how misinformation about tax deductions is prevalent on platforms like TikTok. She addresses various absurd claims, such as tax loopholes involving family members and exotic cars, and notes the IRS's awareness and crackdown on such schemes. The episode also touches on realistic but commonly misunderstood topics like gambling losses and pet-related deductions, emphasizing the nuanced reality of these claims. Expert commentary from other tax professionals further debunks the viral but misleading tax advice, highlighting the importance of consulting qualified experts rather than relying on social media for financial decisions.