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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, socialism. But the Intel deal didn’t come out of nowhere. It's actually the latest chapter in one of the most aggressive economic experiments the United States has ever attempted. An experiment that Trump is now taking in a surprising new direction.  On today's show, we unpack the Intel deal. Where did it come from, and what does it say about President Trump’s unconventional approach to managing the economy.  For more: - <a href="https://www.npr.org/2025/07/25/1256217315/nippon-us-steel-golden-share"target="_blank" >The President's Golden Share in U.S. Steel </a> - <a href="https://www.npr.org/2024/06/12/1197959267/graphite-batteries-tariffs-china"target="_blank" >Bringing a tariff to a graphite fight</a>  - <a href="https://www.npr.org/2024/02/23/1197958331/reka-juhasz-industrial-policy-inflation-reduction-act"target="_blank" >A controversial idea at the heart of Bidenomics</a> <a href="https://n.pr/3HlREPz"target="_blank" >Subscribe to Planet Money+</a> Listen free: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. This episode was hosted by Jeff Guo and Keith Romer. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang and fact-checked by Sierra Juarez. Engineering by Jimmy Keeley with help from Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer.   Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

The U.S. now owns a big chunk of Intel. That’s a huge deal.

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 than we’d imagined. Today on the show: We talk to two researchers who have come up with some first drafts of the future. We learned more about the machines that might be coming for our jobs, and also, more about what it actually means to be human. Further Reading: - <a href="https://www.science.org/doi/10.1126/science.adj0998"target="_blank" >GPTs are GPTs: Labor market impact potential of LLMs</a> - <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=5028371"target="_blank" >The EPOCH of AI: Human-Machine Complementarities at Work</a> <a href="https://n.pr/3HlREPz"target="_blank" >Subscribe to Planet Money+</a> Listen free: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. Today’s episode was produced by Eric Mennel and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is Planet Money's executive producer. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Asking for a friend … which jobs are safe from AI?

President Donald Trump has been pressuring the Federal Reserve from a few angles. So we wanted to look at other examples of political pressure on central banks, to see what it might mean for us and for the economy.  Enter the watchers. The people who’ve had their eyes trained on central banks all over the world, for years, notebooks out, scribbling down their observations. They’ve been trying to gauge just how independent of political pressure central banks actually are – and what happens when a central bank loses that independence.  Today on the show, we sidle up next to three of the leading central bank watchers, to watch what they’re watching. Further reading:- Carolina Garriga’s: <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4816563"target="_blank" >Revisiting Central Bank Independence in the World: An Extended Dataset</a>- Lev Menand’s: <a href="https://www.imf.org/en/Publications/WP/Issues/2024/02/23/A-New-Measure-of-Central-Bank-Independence-545270"target="_blank" >A New Measure of Central Bank Independence</a>- Carola Binder’s: <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3244148"target="_blank" >Political Pressure on Central Banks</a> Further listening:- <a href="https://www.npr.org/2025/08/29/nx-s1-5522330/lisa-cook-trump-lawsuit-federal-reserve-independence"target="_blank" >Lisa Cook and the fight for the Fed</a>- <a href="https://www.npr.org/2025/04/23/1246593555/federal-reserve-independence"target="_blank" >A primer on the Federal Reserve's independence</a>- <a href="https://www.npr.org/2025/01/10/1223918033/richard-nixon-arthur-burns-fed-independence"target="_blank" >The case for Fed independence in the Nixon tapes</a>- <a href="https://www.npr.org/sections/money/2015/11/11/455675540/episode-505-a-locked-door-a-secret-meeting-and-the-birth-of-the-fed"target="_blank" >A Locked Door, A Secret Meeting And The Birth Of The Fed</a> <a href="https://n.pr/3HlREPz"target="_blank" >Subscribe to Planet Money+</a> Listen free: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. This episode was produced by Willa Rubin with help from Sam Yellowhorse Kesler. It was edited by Marianne McCune and fact-checked by Sierra Juarez. Engineering by Robert Rodriguez and Maggie Luthar. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

What happens to central banks under pressure?

When we stumbled upon <a href="http://milk.com"target="_blank" >Milk.com</a>, we were mystified. It appears to be someone’s personal website. But memorable domain names can be worth a million dollars or more. So, why is someone using this valuable internet real estate to post their resume and favorite recipes?   Back in the internet’s early days, it was easy to get a domain name. They were cheap or even free. The first people to grab them may now be holding onto assets that can sell for millions of dollars. These potential profits have attracted a unique breed of investor who buys and sells domain names, gambling on the value of everyday words.   On our latest show: What is a domain really worth? And we ask the owner of milk.com why he’s not selling — and if there’s a price that might change his mind. Planet Money is writing a book! <a href="https://www.npr.org/2023/11/06/1209101302/the-planet-money-the-book-is-coming-soon"target="_blank" >Sign up</a> for updates about pre-sale special gifts and for book tour events. <a href="https://n.pr/3HlREPz"target="_blank" >Subscribe to Planet Money+</a> Listen free: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. This episode was hosted by Alex Mayyasi and Jeff Guo. It was produced by Willa Rubin and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by James Willetts. Alex Goldmark is Planet Money's executive producer. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

The million dollar mystery behind Milk.com

The Federal Reserve has been under intense pressure from President Donald Trump as he pushes for more control over the historically independent agency. The Fed is tasked with keeping inflation and unemployment under control, and it’s supposed to be insulated from politics so it can do whatever is necessary for the economy. But Trump has been openly saying he wants interest rates to be lower. A lot lower. And on Monday, Trump <a href="https://truthsocial.com/@realDonaldTrump/posts/115092130707196133"target="_blank" >posted</a> a bombshell. He said that he was removing Federal Reserve governor Lisa Cook, “<a href="https://www.npr.org/2025/08/20/nx-s1-5508276/trump-calls-for-resignation-of-fed-governor-in-latest-line-of-attack"target="_blank" >for cause</a>.” Lisa Cook has told NPR <a href="https://www.npr.org/2025/08/28/nx-s1-5520674/lisa-cook-lawsuit-trump-fed"target="_blank" >she intends to remain in office</a>, and is now suing Trump.  On today’s show: inside the Fed Board of Governors. How realistic is a plan to control monetary policy through loyalists on the Board? We hear from former Board governors to understand what the job is, and what we might be in for.  Further listening on the Fed and Fed independence: - <a href="https://www.npr.org/2025/04/23/1246593555/federal-reserve-independence"target="_blank" >A primer on the Federal Reserve's independence</a> - <a href="https://www.npr.org/sections/money/2019/03/01/699546781/episode-898-happy-fed-independence-day"target="_blank" >Happy Fed Independence Day</a> - <a href="https://www.npr.org/2025/01/10/1223918033/richard-nixon-arthur-burns-fed-independence"target="_blank" >The case for Fed independence in the Nixon tapes</a> - <a href="https://www.npr.org/sections/money/2015/11/11/455675540/episode-505-a-locked-door-a-secret-meeting-and-the-birth-of-the-fed"target="_blank" >A Locked Door, A Secret Meeting And The Birth Of The Fed</a> - <a href="https://www.npr.org/2025/08/26/nx-s1-5518335/trumps-unprecedented-attack-on-the-fed"target="_blank" >Trump's unprecedented attack on the Fed</a> - <a href="https://www.npr.org/2022/04/06/1091287991/turkeys-runaway-inflation-problem"target="_blank" >Turkey's runaway inflation problem</a>  - <a href="https://www.npr.org/2024/08/14/1197968126/should-presidents-have-more-of-a-say-in-interest-rates"target="_blank" >Should presidents have more of a say in interest rates?</a> Listen free at these links: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ <a href="http://n.pr/PM-digital"target="_blank" >in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz"target="_blank" >plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Lisa Cook and the fight for the Fed

Get your own personalized <a href="http://npr.org/2025/08/26/g-s1-85342/take-the-planet-money-summer-school-quiz"target="_blank" >summer school diploma here</a>. Today on our final episode of <a href="https://www.npr.org/series/1015448333/planet-money-summer-school"target="_blank" >Summer School 2025,</a> 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 <a href="https://www.npr.org/2025/08/26/nx-s1-5518335/trumps-unprecedented-attack-on-the-fed">their latest episode</a>. We’ll have an episode in the Planet Money feed soon, in the meantime, here’s some background listening on why this is so important.  Years before she joined the Fed, we profiled the work of Lisa Cook. <a href="https://www.npr.org/2020/06/12/876097416/patent-racism"target="_blank" >Listen here</a>. Also these:  <a href="https://www.npr.org/sections/money/2019/03/01/699546781/episode-898-happy-fed-independence-day"target="_blank" >Happy Fed Independence Day</a><a href="https://www.npr.org/2025/04/23/1246593555/federal-reserve-independence"target="_blank" >A primer on the Federal Reserve's independence</a><a href="https://www.npr.org/2025/01/10/1223918033/richard-nixon-arthur-burns-fed-independence"target="_blank" >The case for Fed independence in the Nixon tapes</a><a href="https://www.npr.org/2022/04/06/1091287991/turkeys-runaway-inflation-problem"target="_blank" >Turkey's runaway inflation problem</a> <a href="https://www.npr.org/2023/02/02/1153914311/arthur-burns-shorthand-for-fed-failure"target="_blank" >Arthur Burns: shorthand for Fed failure?</a> <a href="https://www.npr.org/2024/08/14/1197968126/should-presidents-have-more-of-a-say-in-interest-rates"target="_blank" >Should presidents have more of a say in interest rates?</a><a href="https://www.npr.org/2025/03/04/1235758702/executive-orders-federal-reserve-doge"target="_blank" >Can the Federal Reserve stay independent?</a> <a href="https://www.npr.org/2025/05/08/1249919772/jerome-powell-fed-reserve-job-security"target="_blank" >It's hard out there for a Fed chair</a>  The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Always free at these links: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ <a href="http://n.pr/PM-digital"target="_blank" >in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz"target="_blank" >plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Summer School 8: Graduation LIVE!

In the past couple years, demand has gone wild for drugs like Ozempic – and its cousins, Zepbound, Wegovy, and Mounjaro. For people who had never been able to lose weight before, suddenly the numbers on the scale were plummeting. And everybody wanted to get their hands on them.  Now, in most industries, if a product goes viral like this, it’s a golden ticket. And thanks to government-granted monopolies designed to encourage innovation, the big drug companies behind these blockbuster injections are currently the only ones allowed to make them. In theory, anyway.  But, what if that explosive demand backfired, opening the door to legal knock-offs? You’ve maybe seen them - copycats advertised as the same thing as Ozempic. So, what’s the difference? And just how legal are they? On today’s show - a drug that’s changing people's lives is also challenging the traditional way we buy and sell medicine. This episode was hosted by Sydney Lupkin and Jeff Guo. It was produced by James Sneed. It was edited by Marianne McCune, fact-checked by Sierra Juarez, and engineered by Gilly Moon and Debbie Daughtry. Alex Goldmark is Planet Money’s executive producer. Listen free at these links: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ <a href="http://n.pr/PM-digital"target="_blank" >in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz"target="_blank" >plus.npr.org/planetmoney</a>. Music: Source Audio - “Subtly Silly Thug,” “Got The Moves,” and “Vive le Punk” Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Buy discount Ozempic here now click this link

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 lives more expensive.  <a href="https://www.tiktok.com/@planetmoney/video/7390045174518254891"target="_blank" >Check out our Summer School video cheat sheet TikTok</a>. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ <a href="http://n.pr/PM-digital"target="_blank" >in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz"target="_blank" >plus.npr.org/planetmoney</a>. Always free at these links: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Summer School 7: Trade blocks and blockages

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 last two years, the rate of inflation has slowed way down. And yet, our fears or feelings that things will spiral out of control again? Those have not slowed down. This mismatch has been giving us all the... feelings. Inflation feelings. Infeelings.  On our latest show: we sort through our infeeltions. We talk to the economists who have studied us. We learn why our personal inflation calculators don’t always match the professional ones. Listen free at these links: <a href="http://n.pr/PM-digital"target="_blank" >Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR"target="_blank" >Spotify</a>, <a href="https://n.pr/3Bkb17W"target="_blank" >the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS"target="_blank" >Facebook</a> / <a href="https://n.pr/3FqLuws"target="_blank" >Instagram</a> / <a href="https://n.pr/3sGZdrq"target="_blank" >TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB"target="_blank" >Newsletter</a>. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ <a href="http://n.pr/PM-digital"target="_blank" >in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz"target="_blank" >plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

When our inflation infeelings don’t match the CPI

In economics, a market is a place (even virtual) where buyers and sellers meet to exchange goods or services. Economists love markets. It's like all of our supply and demand graphs have come to life. Almost everything you buy goes through some sort of marketplace—your cup of coffee came from trading in the bean markets. Your spouse might have come from the dating marketplace on the apps. Even kids will tell you one Snickers is worth at least two Twix. But sometimes, as we'll see today, markets can go terribly wrong; greed can run out of control; lives can be at risk. That's when the government often steps in and gives the market a little nudge to work better. Today's episode: Market Design. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in <a href="http://n.pr/PM-digital">Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Always free at these links: <a href="http://n.pr/PM-digital">Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR">Spotify</a>, the <a href="https://n.pr/3Bkb17W">NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS">Facebook </a>/ <a href="https://n.pr/3FqLuws">Instagram </a>/ <a href="https://n.pr/3sGZdrq">TikTok</a> / Our <a href="https://n.pr/3zrFvUB">weekly Newsletter</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Summer School 6: When the markets need a designer

After President Trump fired the head of the Bureau of Labor Statistics, economists and statisticians across the board were horrified. Because the firing raises the spectre of potential manipulation – and it raises the worry that, in the future, the numbers won't be as trustworthy. So: we looked at two countries that have some experience with data manipulation. To ask what happens when governments get tempted to cook the books. And...once they cook the books... how hard is it to UN-cook them? It's two statistical historical cautionary tales. First, we learn how Argentina tried to mask its true inflation rate, and how that effort backfired. Then, we hear about the difficult process of cleaning up the post-cooked-book mess, in Greece. For more: - <a href="https://www.npr.org/2025/03/21/1239865438/change-gross-domestic-product-gdp">Can we just change how we measure GDP?</a> - <a href="https://www.npr.org/sections/money/2015/01/07/375653397/episode-222-the-price-of-lettuce-in-brooklyn">The price of lettuce in Brooklyn</a> - <a href="https://www.npr.org/2025/08/04/1256727558/trump-fires-bls-director-jobs-report">What really goes on at the Bureau of Labor Statistics (Update)</a> - <a href="https://www.npr.org/2025/08/05/1256758542/bls-firing-economic-data-integrity-update">Can we still trust the monthly jobs report? (Update)</a> - <a href="https://www.npr.org/sections/money/2011/12/16/143846133/the-friday-podcast-how-office-politics-could-take-down-europe?ft=nprml&f=143846133">How office politics could take down Europe</a> - <a href="https://www.npr.org/sections/money/2014/03/26/294361455/episode-527-the-amazing-shrinking-economy-might-stop-shrinking?ft=nprml&f=294361455">The amazing shrinking economy might stop shrinking</a>Listen free at these links: <a href="http://n.pr/PM-digital">Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR">Spotify</a>, <a href="https://n.pr/3Bkb17W">the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS">Facebook</a> / <a href="https://n.pr/3FqLuws">Instagram</a> / <a href="https://n.pr/3sGZdrq">TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB">Newsletter</a>. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ <a href="http://n.pr/PM-digital">in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

What happens when governments cook the books

LIVE SHOW: August 18th in Brooklyn. <a href="https://www.ticketmaster.com/event/300062E1201B7EEC">Tickets here</a>. Traditional economics says the market is guided by the forces of supply and demand. Customers decide what they want to buy, and private enterprise responds to that need. So what makes government think that it's smarter than capitalism? Why offer tax breaks to Hollywood or incentives to build silicon chip factories in Arizona? Why those industries and not others? And when does the free market fail and need government to step in? Today, we discuss what happens when the government really wants to get its hands dirty and shape the direction of the economy, even decide which companies should prosper and which ones should fail, through industrial policy. The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Emily Crawford. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ <a href="http://n.pr/PM-digital">in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Always free at these links: <a href="http://n.pr/PM-digital">Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR">Spotify</a>, the <a href="https://n.pr/3Bkb17W">NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS">Facebook</a> / <a href="https://n.pr/3FqLuws">Instagram</a> / <a href="https://n.pr/3sGZdrq">TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB">Newsletter</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Summer School 5: The many ways governments influence industry

Trust in experts is down. In all kinds of institutions and professions - in government, in media, in medical science... and lately, economists are feeling the burn acutely. In fact, President Trump just fired the economist who ran the Bureau of Labor Statistics, accusing her – with no evidence – of faking a jobs report that showed fewer gains than expected. In decades past, economists whispered in the ears of presidents. Now, many politicians and voters are disenchanted with the field. On today's show, we speak with economists about how distrust is messing with their minds and interfering with their work. Can they build up trust again? Today's episode was hosted by Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler and edited by Marianne McCune with help from Jess Jiang. It was engineered by Robert Rodriguez and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Listen free at these links: <a href="http://n.pr/PM-digital">Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR">Spotify</a>, <a href="https://n.pr/3Bkb17W">the NPR app</a> or anywhere you get podcasts. Find more Planet Money: <a href="https://n.pr/3h92GwS">Facebook</a> / <a href="https://n.pr/3FqLuws">Instagram</a> / <a href="https://n.pr/3sGZdrq">TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB">Newsletter</a>. Support Planet Money, get bonus episodes and sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ <a href="http://n.pr/PM-digital">in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Would you trust an economist with your economy?

LIVE SHOW: August 18th in Brooklyn. <a href="https://www.ticketmaster.com/event/300062E1201B7EEC">Tickets here</a>. There are occasional incentives in business that make it very profitable to do bad things; maybe cheat at the game and steal other people's ideas, or cut some corners on safety. In theory, the government as referee steps in to make the rules and enforce them, and manage competition in a way that hopefully makes things better for us all. But you have to ask... When is the government protecting you and when is it protecting the already rich and powerful? We'll meet a man trying to corner the market for frozen meat, with the help of patents. And then we'll head to the salon, and ask — Should the government really require dozens of hours of training for a license to braid hair? <a href="https://www.ticketmaster.com/event/300062E1201B7EEC">Get tickets</a> to our August 18th live show and graduation ceremony at The Bell House, in Brooklyn. (Planet Money+ supporters get a 10 percent discount off their tickets. Listen to the July 8th bonus episode to get the code!) The series is hosted by Robert Smith and produced by Eric Mennel. Our project manager is Devin Mellor. This episode was edited by Planet Money Executive Producer Alex Goldmark and fact-checked by Sofia Shchukina. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in <a href="http://n.pr/PM-digital">Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

Summer School 4: Who are all these regulations protecting?

LIVE SHOW ALERT: <a href="https://www.ticketmaster.com/event/300062E1201B7EEC">August 18th, NYC. Get your tickets here. </a>When news broke that a Japanese company, Nippon Steel, was buying the storied American steel company U.S. Steel, it was still 2023, just before an election. And right away, politicians from both sides of the aisle came out forcefully against the deal, saying the company should remain American. Before leaving office, President Biden even blocked the sale. But in a dramatic twist a few weeks ago, President Trump approved it. With a caveat: the U.S. would get what Trump called 'a golden share' in U.S. Steel. On our latest show: what even is a "golden share"? When has it been used before, and why? And, could deals like this be a good way to get foreign investment in American manufacturing...or is it government overreach? Related episodes:- <a href="https://www.npr.org/2025/07/23/1256100360/when-uncle-sam-owned-banks-and-factories">When Uncle Sam owned banks and factories</a>- <a href="https://www.npr.org/2024/03/20/1197958509/steel-mini-mill-nucor-bethlehem">How Big Steel in the U.S. fell</a> This episode was produced by Willa Rubin and edited by Marianne McCune. Research help from Emily Crawford and Emma Peaslee. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer. Support Planet Money, get bonus episodes, sponsor-free listening and now Summer School episodes one week early by subscribing to Planet Money+ <a href="http://n.pr/PM-digital">in Apple Podcasts</a> or at <a href="https://n.pr/3HlREPz">plus.npr.org/planetmoney</a>. Listen free at these links: <a href="http://n.pr/PM-digital">Apple Podcasts</a>, <a href="https://n.pr/3gTkQlR">Spotify</a>, <a href="https://n.pr/3Bkb17W">the NPR app</a> or anywhere you get podcasts.Find more Planet Money: <a href="https://n.pr/3h92GwS">Facebook</a> / <a href="https://n.pr/3FqLuws">Instagram</a> / <a href="https://n.pr/3sGZdrq">TikTok</a> / Our weekly <a href="https://n.pr/3zrFvUB">Newsletter</a>. Learn more about sponsor message choices: <a href="https://podcastchoices.com/adchoices">podcastchoices.com/adchoices</a> <a href="https://www.npr.org/about-npr/179878450/privacy-policy">NPR Privacy Policy</a>

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#355

The U.S. now owns a big chunk of Intel. That’s a huge deal.

#354

Asking for a friend … which jobs are safe from AI?

#353

What happens to central banks under pressure?

#352

The million dollar mystery behind Milk.com

#351

Lisa Cook and the fight for the Fed

#350

Summer School 8: Graduation LIVE!

#349

Buy discount Ozempic here now click this link

#348

Summer School 7: Trade blocks and blockages

#347

When our inflation infeelings don’t match the CPI

#346

Summer School 6: When the markets need a designer

#345

What happens when governments cook the books

#344

Summer School 5: The many ways governments influence industry

#343

Would you trust an economist with your economy?

#342

Summer School 4: Who are all these regulations protecting?

#341

The President's Golden Share in U.S. Steel