NPR: Planet Money

The origins of competitive gaming are rooted in college campuses going back to the early 1970s. Now a globally popular industry, esports is at the center of many questions about long-term financial viability. Today, we dive deep into the hype surrounding esports and why the luster seems to be rubbing off the industry that was once seen by some as the next NBA.Related episodes:Forever games: the economics of the live service model (Apple / Spotify) Designing for disability: how video games become more accessible (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

(Note: This episode originally ran in 2023.)Union membership in the U.S. has been declining for decades. But, in 2022, support for unions among Americans was the highest it's been in decades. This dissonance is due, in part, to the difficulties of one important phase in the life cycle of a union: setting up a union in the first place. One place where that has been particularly clear is at the Volkswagen plant in Chattanooga, Tennessee.Back in 2008, Volkswagen announced that they would be setting up production in the United States after a 20-year absence. They planned to build a new auto manufacturing plant in Chattanooga. Volkswagen has plants all over the world, all of which have some kind of worker representation, and the company said that it wanted that for Chattanooga too. So, the United Auto Workers, the union that traditionally represents auto workers, thought they would be able to successfully unionize this plant. They were wrong.In this episode, we tell the story of the UAW's 10-year fight to unionize the Chattanooga plant. And, what other unions can learn from how badly that fight went for labor. This episode was hosted by Amanda Aronczyk and Nick Fountain. It was produced by Willa Rubin. It was engineered by Josephine Nyounai, fact-checked by Sierra Juarez, and edited by Keith Romer. Alex Goldmark is our executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Gaming provides entertainment and community for billions of people worldwide. However, video games haven't always been accessible to those with disabilities. But this is changing.Today, in the next installment of our series on the business of video games, we explain how accessibility has become an increasingly important priority for game developers and how advocates pushed them to this point.Related episodes:Forever games: the economics of the live service model (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

The raging debate over how to juggle kids and work.

People used to pay one standard price for their favorite games in a one-off transaction. But now, many game companies are offering their games for free, supported by in-game purchases. This is called the live service model. Today, the first episode of a week-long series about the video game industry. We investigate the promise and pains of the live service model and explain how it turned the industry upside down. For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

It's highs and lows in this edition of Indicators of the Week! The surprisingly high amount of electricity needed for artificial intelligence, basketball star Caitlin Clark's surprisingly low base salary, plus a potential crackdown on the ticketing company everyone loves to hate (possibly because of those high fees).

For the last year and a half, the story of FTX has focused largely on the crimes and punishment of Sam Bankman-Fried. But in the background, the actual customers he left behind have been caught in a financial feeding frenzy over the remains of the company. On today's show, we do a deep dive into the anatomy of the FTX bankruptcy. We meet the vulture investors who make markets out of risky debt, and hear how customers fare in the secretive world of bankruptcy claims trading. This episode was hosted by Alexi Horowitz-Ghazi and Amanda Aronczyk. It was produced by James Sneed and Sam Yellowhorse Kesler. It was edited by Jess Jiang, and fact-checked by Sierra Juarez. It was engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

After the financial crisis of 2008, regulators around the world agreed banks should have more of a cushion to weather hard times. Now, U.S. regulators are once again looking to update minimum capital requirements through a set of proposals called Basel III Endgame. Today, on the show, a blow-by-blow account of this battle between bankers and regulators. Related episodes: Time to make banks more stressed? (Apple / Spotify) SVB, now First Republic: How it all started (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

What's going on with consumers? This is one of the trickiest puzzles of this weird economic moment we're in. We've covered a version of this before under the term "vibecession," but it's safe to say, the struggle is in fact real. It is not just in our heads. Sure, sure, some data is looking great. But not all of it. What's interesting, is exactly why the bad feels so much worse than the good feels good. Today on the show, we look into a few theories on why feelings are just not matching up with data. We'll break down some numbers and how to think about them. Then we look at grocery prices in particular, and an effort to combat unfair pricing using a mostly forgotten 1930's law. Will it actually help? Today's episode is adapted from episodes for Planet Money's daily show, The Indicator. Subscribe here. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

When an insurance company can't cover all of its claims, it actually has its own insurance. This is called "reinsurance." How does that work and why do reinsurers look at their risk pool differently than say home or auto insurers? Related episodes: Why is insurance so expensive right now? And more listener questions (Apple / Spotify) When insurers can't get insurance (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Anti-vaccine activists, far-right groups and some religious conservatives convened in Las Vegas this spring to discuss the creation of a parallel economy. These are groups who believe their speech is threatened by big banks and big tech. On today's show, what is a "freedom economy," and how would it work? Related episodes: A Supreme Court case that could reshape social media (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Sixty years ago, America began closing mental hospitals. A growing chorus is blaming that for the crisis of mentally ill folks living on our streets.

We are back to answer your listener questions. On today's show, we explain reverse mortgages and their risks, why insurance has gotten so expensive, and whether there's a catch to charitable donations at the store. If you have a question you'd like us to answer, email us at indicator@npr.org. Related episodes:When insurers can't get insurance (Apple / Spotify) Are we counting jobs right? We answer your listener questions (Apple / Spotify) When mortgage rates are too low to give up (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

TikTok, and other apps like it, are filled with financial advice. Some of it is reliable, some... less so. There are videos about running a business, having a side hustle, generating passive income. And also, there are a lot of tips and tricks, many of them questionable, about saving on your taxes. On this show, we run some of the greatest hits of TikTok tax advice by some bonafide tax experts. We'll talk about whether you can use gambling losses to reduce your tax bill, whether your pets qualify you for tax deductions - and we'll fact check the claim that all rich people own expensive Mercedes G-Wagons... for tax purposes. Along the way, we'll drill down on the concepts like taxable income and the standard deduction. And we'll ask why so many videos on TikTok suggest that you (fraudulently) categorize personal expenses as business expenses. Sometimes with a literal wink and a nod. This episode was hosted by Nick Fountain. It was produced by Emma Peaslee with help from Willa Rubin, who also fact-checked this episode. It was edited by Molly Messick and engineered by Cena Loffredo. Alex Goldmark is Planet Money's Executive Producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

In this edition of Indicators of the Week: the new incentive for speed in cash prizes for Olympic track and field, growing iPhone assembly in India and the curious inflation puzzle of the foot-long cookies at Subway. Related episodes: Can India become the next high-tech hub? (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

With tax season upon us, many people are paying someone or a software to get their tax returns done. A small group of people, however, are filing online directly with ... the IRS. For free. Today on the show: how the IRS's tax filing experiment came to be, how it's been working so far, and who doesn't like it.

Europe wants clean energy, but it's struggling to compete with the low cost of China's green technology. The E.U. just announced it's investigating the subsidies received by Chinese wind turbine suppliers, which play a part in those low costs. On today's episode, we speak with Margrethe Vestager, the European Commissioner for Competition, about how the E.U. is trying to build and maintain a competitive green tech industry in the face of low-price Chinese imports. And we ask how the U.S.'s climate industrial policy fits into all this action.Related Episodes:The surprising leader in EVs (Apple / Spotify) Industrial policy, the debate! (Apple / Spotify) Why offshore wind is facing headwinds (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

This episode originally ran in 2015.About one hundred years ago, a scientist and statistician named Francis Galston came upon an opportunity to test how well regular people were at answering a question. He was at a fair where lots of people were guessing the weight of an ox, so he decided to take the average of all their guesses and compare it to the correct answer.What he found shocked him. The average of their guesses was almost exactly accurate. The crowd was off by just one pound.This eerie phenomenon-this idea that the crowd is right-drives everything from the stock market to the price of orange juice.So, we decided to test it for ourselves. We asked Planet Money listeners to guess the weight of a cow.Spoiler: You can see the results here.This episode was hosted by David Kestenbaum and Jacob Goldstein. It was produced by Nadia Wilson and edited by Bryant Urstadt. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

You've heard of the British royal family, but what about the "working royals?" Today on the show, an expert on the royals explains what the job is like - how they measure productivity, how they get paid, and how this tiny, specialized workforce of 11 people might cope with the health crises of King Charles III and Kate Middleton. Subscribe to journalist Elizabeth Holmes' newsletter on the British royal family. Related episodes:The U.K.'s most famous family firm in crisis For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

General Electric has been staggering along for years as a conglomerate. But recently, it's turned to a popular strategy to unlock new value: spinning off. Just last week, GE spun off its clean energy business into a new company: GE Vernova. On today's show, we explore what a spin off is and why companies do them.Related Episodes:What happened to GE? For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

The U.S. labor market continues its hot streak, adding 303,000 jobs last month - more than expected. Many of these jobs will require a four-year degree despite a push among some employers to eliminate these requirements. On today's show, we look at the state of the job market for people without a four-year college degree. Related episodes:The lopsided market for higher ed Enough with bachelor's degrees The cost of student debt Failing college For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Last month, Japan's central bank raised interest rates for the first time in 17 years. That is a really big deal, because it means that one of the spookiest stories in modern economics might finally have an ending. Back in the 1980s, Japan performed something of an economic miracle. It transformed itself into the number two economy in the world. From Walkmans to Toyotas, the U.S. was awash in Japanese imports. And Japanese companies went on a spending spree. Sony bought up Columbia Pictures. Mitsubishi became the new majority owners of Rockefeller Center. But in the early 1990s, it all came to a sudden halt. Japan went from being one of the fastest growing countries in the world to one of the slowest. And this economic stagnation went on and on and on. For decades. On this episode, the unnerving story of Japan's Lost Decades: How did one of the most advanced economies in the world just fall down one day - and not be able to get up? Japan's predicament changed our understanding of what can go wrong in a modern economy. And gave us some new tools to try and deal with it. This episode was hosted by Jeff Guo. It was produced by Emma Peaslee and engineered by Cena Loffredo. It was edited by Molly Messick. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

"Shadow fleet" refers to the collective of ships used by countries that have sanctions against them, like Russia, to transport commodities around the world. These ships pose threats to global and environmental security because they skirt international maritime law. So what can be done about them?Today on the show, we explain what exactly makes the shadow fleet so dangerous and why there are surprisingly limited options for how to deal with these problem ships.For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

In 2019, Mike Ketchmark got a call. Mike is a lawyer in Kansas City, Missouri, and his friend, Brandon Boulware, another lawyer, was calling about a case he wanted Mike to get involved with. Mike was an unusual choice - he's a personal injury lawyer, and this was going to be an antitrust case. But Brandon knew Mike was great in front of a jury. And that he'd won huge settlements for his clients in the past. So the lawyer friend drops by Mike's office, and pitches him the case. Rhonda and Scott Burnett had just sold their home for $250,000, and out of that amount, they had paid $15,000 in commission (plus a small fee), which was split between two real estate agents - even though they had hired only one. And the commission was high - 6%. Mike's friend said the whole thing seemed... suspicious. Maybe even illegal. Mike agreed to take the case, a case that would soon become bigger than one about just what had happened to the Burnetts. It would become a fight about the way homes are bought and sold in the U.S. and challenge the way real estate agents have done business for more than 100 years. This episode was hosted by Amanda Aronczyk and Keith Romer. It was produced by Willa Rubin, edited by Keith Romer, engineered by Valentina Rodriguez Sanchez, and fact-checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

The sun is shining, birds are singing, and...our allergies are going NUTS. That can only mean one thing: It's time for The Indicator Quiz! The show where we bring a lucky listener on to test their econ knowledge. Today's quiz focuses on questions related to labor. Play along with us and see how you do! Are you interested in being a contestant on our next Indicator Quiz? Email us your name and phone number at indicator@npr.org and put "Indicator Quiz" in the subject line.

A new book tells the story of how corporate America shifted its view of trade with China.

Does breaking the law ... make financial sense? Paying future fines and settlements at the risk of harm to people and the environment? Some legal scholars argue that's just the cost of doing business.Today, we ask whether a company's duty is to the law ... or to its shareholders.

There's been a lot of disagreement in Congress and in the country about whether the U.S. should continue to financially support the wars in Ukraine and Gaza. Some taxpayers don't think the U.S. should give Ukraine any money to fight off Russia's invasion. And some taxpayers have concerns about how they might be funding weapons that have been used to kill civilians in Gaza. And there are questions about how much individual taxpayers contribute to war efforts, generally. So in this episode, we attempt to do the math: The average taxpayers' contribution to Israel and Ukraine. It's not so simple. But in attempting to do this math, we get this window into the role of our tax dollars on foreign assistance, and how the U.S. sells weapons to other countries. For links to some of the reports we looked at to report this episode, check out the episode page on NPR.org.This episode was hosted by Sarah Gonzalez and Alexi Horowitz-Ghazi. It was produced by Sam Yellowhorse Kesler and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Robert Rodriguez. Alex Goldmark is our executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Many broad economic indicators are positive, but consumer sentiment is negative. Even with cooling inflation and low unemployment, consumers are still feeling the economic strain. In today's episode, we look at three ways the US consumer is feeling the pinch.Related episodes: Dollar stores vs. lettuce Factory boom, credit card debt defaults and housing (Apple / Spotify) Are we counting jobs right? We answer your listener questions (Apple Podcasts / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

(Note: This episode originally ran in 2020.)In the restaurant game, you need to make the most of every table every minute you are open. And you need to make sure your guests are happy, comfortable, and want to come back.If you're a restaurateur, your gut tells you "more seats, more money," but, in this episode, restaurant design expert Stephani Robson upends all that and more. She helps Roni Mazumdar, owner of the casual Indian spot Adda in New York's Long Island City, rethink how a customer behaves at a table, and how small changes can lead to a lot more money.It's a data-driven restaurant makeover.This episode was originally produced by Darian Woods and Alexi Horowitz-Ghazi. James Sneed and Sam Yellowhorse Kesler produced this update. Engineering by Isaac Rodrigues and Maggie Luthar. Alex Goldmark originally edited the show and is now Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

March Madness is in full swing as Men's and Women's college basketball teams across the country compete for the NCAA championship. However, the Dartmouth Men's Basketball team made headlines just before the tournament for its successful unionization vote. Today, we break down why the Dartmouth men are pushing to unionize and what a college athletics union could mean for the future of college sports.Related episodes:The monetization of college sports (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Boeing's CEO Dave Calhoun has resigned and will step down at the end of the year. It comes after a series of mishaps with the aviation company including a door plug blowing off a 737 MAX 9 mid-flight. In today's episode, we turn to a head-hunter to explore what Boeing might look for in a new CEO. For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

You might notice we're looking a little refreshed thanks to our new podcast logo. Today on the show, we ask some marketing experts what goes into building a strong brand, and whether our own makeover hits the mark. Listeners, help us name our new Indi-Gator mascot! Email your suggestion to indicator@npr.org with "Indi-gator" in the subject line. Related episodes: How to make an ad memorable (Apple / Spotify) BRAND new friends For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Countries all over the world are making big moves in monetary policies. From unexpected cuts to long-awaited hikes to a cautious cling to the status quo, this edition of Indicators of the Week has it all. Today, we explain the motivations for these drastically different approaches.For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

It is rare that a new e-commerce company has such a meteoric rise as Temu. The company, which launched in the fall of 2022, has been flooding the American advertising market, buying much of the inventory of Facebook, Snapchat, and beyond. According to the market intelligence firm Sensor Tower, Temu is one of the most downloaded iPhone apps in the country, with around 50 million monthly active users.On today's show, we go deep on Temu: How does it work, how did it manage such a quick rise in the U.S., and what hints might it offer us about the future of retail? Plus, we'll talk to the bicycle-loving U.S. Representative who is working to shut down a loophole that has proved very helpful to Temu's swift ascent. This episode was hosted by Nick Fountain and Alexi Horowitz-Ghazi with reporting from Emily Feng. It was produced by Sam Yellowhorse Kesler and Emma Peaslee. It was edited by Keith Romer, fact-checked by Sierra Juarez, and engineered by Cena Loffredo. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Snowmaking has helped cover up the effects of climate change for a long time. But by the turn of the century, that started to change. A recent report shows US resorts are opening later, closing earlier, and taking a financial hit. For an industry that relies on snow, the threat is existential. Can ski resorts survive?Related Episodes: Ski resorts are welcoming winter storms The Backcountry BoomFor sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

The number of teenagers in the workforce today is at its highest level in about 20 years. At the same time, child labor violations are up and states are relaxing some protections for their youngest workers. On today's show, we examine the state of the Gen Z labor force, and the distinction between youth employment and child labor. Related episodes: Young, 'spoiled and miserable' in China (Apple / Spotify) Teenage (Employment) Wasteland For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

Steel manufacturing was at one point the most important industry in the United States. It was one of the biggest employers, a driver of economic growth, and it shaped our national security. Cars, weapons, skyscrapers... all needed steel.But in the second half of the 20th century, the industry's power started to decline. Foreign steel companies gained more market power and the established steel industry in the U.S. was hesitant to change and invest in newer technologies. But then, a smaller company took a chance and changed the industry. On today's episode: What can the fall of a once-great industry teach us about innovation and technology? And why you should never underestimate an underdog.This episode was hosted by Erika Beras and Mary Childs. It was produced by Willa Rubin and edited by Jess Jiang. It was engineered by Cena Loffredo. It was fact-checked by Sierra Juarez. Our executive producer is Alex Goldmark.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

The political pressure on TikTok continues to ratchet up. This week Biden administration officials are throwing their support behind legislation that would essentially give an ultimatum to TikTok's Chinese parent company ByteDance. Sell TikTok to another owner not controlled by a "foreign adversary" or be banned from US app stores.It's a big step towards an outcome that some high-ranking U.S. officials have desired for years. But why is there so much concern about TikTok, and just how likely is a ban? Today, a couple of TikTok creators talk about what a ban would mean for them, and NPR tech correspondent Bobby Allyn explains how we got where we are and what could be coming next. Related episodes:Is Project Texas enough to save TikTok? (Apple / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

The majority of European members of NATO are not spending as much on defense as they agreed to. But that may change as the European Union considers a move to a "war economy." Today, we examine what that means and what barriers to a "war economy" look like.Related episodes: The Military Industry ... It's ComplexAre we overpaying for military equipment? (Apple Podcasts / Spotify) Can Just-In-Time handle a new era of war? (Apple Podcasts / Spotify) How to transform a war economy for peacetime (Apple Podcasts / Spotify)For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

When you buy a bottle of rum in the United States, by law nearly all the federal taxes on that rum must be sent to Puerto Rico and the U.S. Virgin Islands. It's an unusual system that Congress designed decades ago to help fund these two U.S. territories. In 2021 alone, these rum tax payments added up to more than $700 million.Puerto Rico and the Virgin Islands split the money according to how much rum each territory produces. And the territories produce a lot of it - especially Puerto Rico, which single handedly supplies the majority of the rum that Americans drink.But in 2008, the U.S. Virgin Islands pulled off a coup. It convinced one of the largest rum brands in the world, Captain Morgan, to abandon Puerto Rico and to shift its operations to the tiny island of St. Croix.This was the beginning of the Rum Wars.On today's show, the story of how a scheme designed to help Puerto Rico and the U.S. Virgin Islands turned them into bitter rivals. And how it ended up putting hundreds of millions of dollars a year - U.S. taxpayer dollars - into the pockets of big liquor companies instead.This episode was hosted by Jeff Guo and Sarah Gonzalez. It was produced by James Sneed with help from Sam Yellowhorse Kesler. It was edited by Molly Messick, engineered by Cena Loffredo, and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer.Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

It's Indicators of the Week, our up close and personal examination of economic headlines. Today we have three indicators from President Joe Biden's economic agenda. His budget proposals include fixes for childcare, home buying and hiking corporate taxes.Related episodes:Shopping for parental benefits around the world (Apple / Spotify) When mortgages are too low to give up (Apple / Spotify) Paying for the Inflation Reduction Act 'Dune: Part Two' is a grand spice opera For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

HOOAH! It's our first Beigie Award for 2024! The Beigie Award is back to recognize the regional Federal Reserve Bank with the best Beige Book entry. This edition's winner took us to the City of Brotherly Love, detailing how high home interest rates and low existing home sales in the area are financially affecting our buff brethren in arms: movers.

The wind power business is a bit contradictory right now. It's showing signs of boom and bust seemingly all at once. The story of wind energy markets in two acts today. First, the Gulf of Mexico saw its first-ever auction of leases for offshore wind this summer. It was another sign of the Biden administration's desire to get more renewable energy online as fast as possible. Expectations were high, but results did not deliver. Two of the three patches of sea didn't get any bids at all. Hidden in the flop for this auction are some keys to what it takes to spark a whole new market, quickly. Then, the booming side of wind power: the job that's projected to be the fastest-growing in the U.S. is wind turbine service technician. Is it a "good" job? Reporter Darian Woods suits up to see a green-collar job above the clouds for himself.Today's episode is adapted from episodes for Planet Money's daily show, The Indicator. Subscribe here. The original Indicator episodes were produced by Cooper Katz McKim and Julia Ritchey with engineering by Valentina Rodriguez Sanchez and James Willetts. They were fact-checked by Sierra Juarez and edited by Dave Blanchard and Kate Concannon. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Cyberattacks are plaguing the healthcare industry. It's an expensive and dangerous trend that's on the rise. Today, we consider why hacking is surging right now, why healthcare companies are being targeted and what hackers want from them.Related episodes: Cracking the code on cyber insurance One hack to fool them all (Apple Podcasts / Spotify) How to launder $600 million on the internet (Apple Podcasts / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

The introduction of brand new spot bitcoin ETFs has put bitcoin on a bit of a hot streak. Just this week, the price of bitcoin reached a record high of about $72,000 which is about 70% higher than it was a couple of months ago. So why exactly have these ETFs changed the perception around bitcoin so quickly? Today on the show, we talk with a Bitcoin believer and a skeptic to understand what exactly all the fuss is about for these bitcoin ETFs. Related episodes:WTF is a bitcoin ETF? (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

There's been a disconnect between how the US economy is doing and how people actually feel about it. Maybe people are still burnt from when inflation was high, maybe it's the expensive cost of borrowing for a car or a mortgage, or maybe it's ... wait, are WE the problem?! Today we look in the mirror and find out if financial media contributes to negative economic sentiment.

The job that's projected to be the fastest-growing in the U.S. is wind turbine service technician. So we wanted to learn what they actually do. Today on the show, reporter Darian Woods travels to a windy corner of Maine for a day in the life of one of these green-collar jobs. Related episodes: Why offshore wind is facing headwinds (Apple / Spotify) A Man, a plan, wind power, Uruguay (Apple / Spotify) For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org. Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.

When you sit down to watch the Oscars, what you are really watching is the final battle in a months-long war of financial engineering and campaign strategy. Because in Hollywood, every year is an election year. A small army of Oscars campaign strategists help studios and streamers deploy tens of millions of dollars to sway Academy voters. And the signs of these campaigns are everywhere - from the endless celebrity appearances on late night TV to the billboards along your daily commute. On today's show, we hit the Oscars campaign trail to learn how these campaigns got so big in the first place. And we look into why Hollywood is still spending so much chasing gold statues, when the old playbook for how to make money on them is being rewritten. This episode was hosted by Alexi Horowitz-Ghazi. It was produced by Emma Peaslee and edited by Jess Jiang. It was engineered by Cena Loffredo and fact checked by Sierra Juarez. Alex Goldmark is Planet Money's executive producer. Help support Planet Money and get bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.

Ukraine desperately needs money. And there's a tempting solution sitting in a Belgian financial institution: nearly $200 billion in frozen Russian assets. In today's episode, we learn about this unique depository where most of the Russian assets are stored and two proposals to get some of this money to Ukraine.Related episodes:The cost of a dollar in Ukraine (Apple / Spotify) Russia's sanctions, graded (Apple) Why Israel uses diaspora bonds (Apple / Spotify) Economic warfare vs. Fortress Russia For sponsor-free episodes of The Indicator from Planet Money, subscribe to Planet Money+ via Apple Podcasts or at plus.npr.org.Music by Drop Electric. Find us: TikTok, Instagram, Facebook, Newsletter.