Planet Money

People in the U.S. are feeling the financial squeeze, in part because of rising inflation, higher consumer prices and slowing job growth. The Indicator from Planet Money is tackling a special series on the rising cost of living. Today, two stories from that series. First, what’s making ticket prices go up? We look at the economics behind the ticket market and how “reseller bots” are wreaking all sorts of havoc. The industry is not a fan, and yet they do serve an economic function. And… why pet care costs have surged. It comes down to unique skills, people’s love for their pets and something called the “Baumol effect.” Related episodes: The Vet Clinic Chow Down What Do Private Equity Firms Actually Do? Kid Rock vs. The Scalpers Ticket scalpers: The real ticket masters 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 is hosted by Darian Woods, Adrian Ma, and Wailin Wong. These episodes of The Indicator were originally produced by Cooper Katz McKim and engineered by Robert Rodriguez. They were fact-checked by Sierra Juarez. Kate Concannon is The Indicator’s editor. Alex Goldmark is the Executive Producer. Music: NPR Source Audio - "Wow and Flutter,” “The Groove Carpenter,” and "I Need You" Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

This week’s SNAP crisis is just a preview. Tucked inside the giant tax-cut and spending bill signed by President Donald Trump this summer are enormous cuts to SNAP: Who qualifies, how much they get, and who foots the bill for the program. That last part is a huge change. For the entire history of the food stamp program, the federal government has paid for all the benefits that go out. States pay part of the cost of administering it, but the food stamp money has come entirely from federal taxpayers. This bill shifts part of the costs to states. How much will states have to pay? It depends. The law ties the amount to a statistic called the Payment Error Rate -- the official measure of accuracy -- whether states are giving recipients either too much, or too little, in food stamp money. On today’s show, we go to Oregon to meet the bureaucrats on the front lines of getting that error rate down -- and ask Governor Tina Kotek what’s going to happen if they can’t. Looking for hunger-relief resources? Try here. 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 Nick Fountain and Jeff Guo. It was produced by James Sneed and Willa Rubin, edited by Marianne McCune and Jess Jiang, fact-checked by Sierra Juarez, and engineered by Debbie Daughtry and Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

For decades, the U.S. has been the single biggest source of remittances worldwide. A remittance is a transfer of money, typically from an immigrant to their family in their country of origin. But we are in the middle of a big, loud and very public immigration crackdown on those who are here without legal status. And that crackdown is disrupting the global remittance market. People who have come to the U.S. from a handful of countries — especially some Central American countries — have been sending more money back to their countries of origin. And it’s a bit of a puzzle because … you might think the opposite would be the case. As immigration plummets, we try to figure out why remittances are surging in some countries, and not others. And we learn why a surge in money sent home inspires joy — but also fear. 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. Register here for our live Zoom event about our board game project on November 1st. This episode was hosted by Erika Beras and Greg Rosalsky. It was produced by Luis Gallo with help from Sam Yellowhorse Kesler. It was edited by Marianne McCune with fact-checking help from Sierra Juarez. It was engineered by Patrick Murray. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

The U.S. Constitution famously outlaws “cruel and unusual punishments.” But there's another, far more obscure part of the Constitution called the Excessive Fines Clause, which basically says that the fine has to fit the crime. So far, the Supreme Court has been pretty mysterious about what that means. But for Ken Jouppi, the fate of his $95,000 plane hinges on it. Ken is a bush pilot. He used to run an air taxi service in Fairbanks, Alaska. In 2012, police caught one of Ken’s passengers with a six-pack of Budweiser in her luggage. Over that six-pack, Ken was convicted of bootlegging. As punishment, he was ordered to forfeit his $95,000 Cessna. The Supreme Court is now considering whether to take Ken’s case. And what’s at stake here is more than just a plane. Hanging in the balance is an increasingly popular — and controversial — business model for criminal justice. More on economics and the law: - Fine and punishment - The prisoner's solution - Paying for the crime - Rescues at sea, and how to make a fortune 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. Today’s episode was produced by James Sneed and Sam Yellowhorse Kesler with help from Luis Gallo. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Ko Tagasugi Chernovin with help from Robert Rodriguez. Planet Money's executive producer is Alex Goldmark. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

When TikTok videos started to go viral on Instagram and Reddit, TikTok turned to professional sound designers to protect their content. More and more companies are paying to develop a “sonic identity” – a series of sounds, songs, and micro-jingles to help maintain a unified brand. In this episode, in conjunction with the sound design podcast Twenty Thousand Hertz, we hear the backstory to possibly the most successful audio branding campaigns in history. It’s a tale of guerilla marketing and the power of sonic suggestion. 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 adapted episode was hosted by Kenny Malone and Dallas Taylor. It was produced by Casey Emmerling and James Sneed. The episode was edited by Jess Jiang. Alex Goldmark is our Executive Producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Bjarne Caesar Skinnerup works as a maritime pilot in the straits of Denmark. That means he’s used to seeing oil tankers. But after the start of the war in Ukraine, the tankers started getting weird. They were flying flags he’d never seen before. They were old, very old, though many had taken on new names. Something was off. He’d stumbled on a shadow fleet of hundreds of tankers ferrying sanctioned oil out of Russia … with near impunity. Today on the show, how those ships are transforming the global oil market and fueling the war in Ukraine. And why this all might be a financial and environmental disaster waiting to happen. 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 Alexi Horowitz-Ghazi and Daniel Ackerman. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Kwesi Lee and Cena Loffredo. Alex Goldmark is our executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

In 1975, New York City ran out of money. For a decade it had managed to pay for its hundreds of thousands of city employees and robust social services by taking on billions of dollars in debt. But eventually investors were no longer willing to lend the city any more money. New York teetered on the edge of bankruptcy — the city shuttered more than a dozen firehouses, teachers went on strike and garbage piled up in the streets. Rescuing the city required the cooperation of the state of New York, the banks, the city workers unions, giant property owners and … the White House. But President Gerald Ford was adamantly opposed to bailing out NYC, prompting the famous New York Daily News headline — “Ford to City: Drop Dead.” On today’s show, the story of a group of private citizens who were deputized by the state of New York to try to save the city’s finances. Led by investment banker Felix Rohatyn, the group had to put together a grand bargain that everyone would be willing to agree to, and to come up with the billions of dollars the city needed to survive. 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. Today’s episode of Planet Money was hosted by Keith Romer and Nick Fountain. It was produced by James Sneed with help from Sam Yellowhorse Kesler and Julia Ritchey. It was edited by Jess Jiang, fact-checked by Sierra Juarez, and engineered by Debbie Daughtry and Cena Loffredo. Our executive producer is Alex Goldmark. Special Thanks: Denis Coleman, David Schleicher, Liall Clarke, Kevin Hennigan and everyone at Classical King FM in Seattle. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

The U.S. government spends a ton of money, on everything from Medicare to roads to defense. In fact, it spends way more than it takes in. So…it borrows money, in the bond market. By selling U.S. Treasurys, basically IOUs with periodic interest payments. And for decades, people have loved to invest in Treasurys, for their safety and security. But lately, Treasurys have started to look riskier. In part because, in recent years, there’s a new buyer at the table: hedge funds, those loosely-regulated financial companies that invest on behalf of institutions and wealthy clients. They have started doing a special trade called the “Treasury basis trade.” And, depending on who you talk to, this trade could destabilize our entire financial system. Or help the U.S. government borrow more money. Or both. On the latest episode: how and why are hedge funds getting into Treasurys? We follow how a Treasury travels from the nest into the hands of hedge funds. And we speak to someone from one of those hedge funds, about what they’re doing and why. 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 and Kenny Malone. It was produced by Willa Rubin and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Jimmy Keeley and Cena Loffredo. Alex Goldmark is our Executive Producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Pre-order the Planet Money book here for your free gift. Our sister show, The Indicator, is chronicling the evolving business of crime for its Vice Week series. Today, we bring to you two cases of crime in the age of AI. First, cybercriminals are using our own voices against us. Audio deepfake scams are picking up against individuals but also against businesses. We hear from a bank on how they’re adapting defenses, and find out how the new defenses are a game of AI vs AI. Then, we move over to the stock market to witness AI market manipulation. A new breed of trading bots behave differently. They could collude with each other, even without human involvement or instruction, so researchers are asking how to think about blame, and regulation in a world of more sophisticated trading bots. That’s assuming regulators could even keep up with the tech in the first place. Indicator Vice Series Head to The Indicator from Planet Money podcast feed for the latest on the Indicator Vice Series including an episode on data breaches . If you don’t already subscribe, check it out. Each episode explains one slice of the economy connected to the news recently, always in 10 minutes or less. 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 is hosted by Darian Woods, Adrian Ma, and Wailin Wong. These episodes of The Indicator were originally produced by Cooper Katz McKim and engineered by Robert Rodriguez. They were fact-checked by Sierra Juarez. Kate Concannon is The Indicator’s editor. Alex Goldmark is the Executive Producer. Music: NPR Source Audio - “Diamond High” Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

It’s here! It’s free to download and playtest! It’s the Planet Money game! (Download here.) Download and playtest the game go hereSign up for the 11/1 virtual AMA event and get updates about the gameSubmit your feedback on the gameWatch the how-to video with Kenny and Elan for playtest instructionsIn this episode, the story of how we arrived here. Ride along as our game-making partners at Exploding Kittens help us turn our (sometimes wild) economics game ideas into the next blockbuster game. It’s a behind the scenes look at how to design a game from scratch — a game that is somehow filled with economics, impossible to put down, but does not feel like you’re cramming for school. Which is… harder than we thought. After months of trying to find the perfect balance of ideas and entertainment, the Planet Money game is ready for our next phase. And that’s where you come in, listeners! We need you to playtest the Planet Money game to help us perfect it. 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 Kenny Malone and Erika Beras. It was produced by James Sneed with help from Emma Peaslee and edited by Jess Jiang. It was fact-checked by Sierra Juarez and engineered by Cena Loffredo. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

We want to make a board game. It must, of course, teach the world about economics. It must be fun. It’d be nice if it sold lots of copies! How hard could that be!? (Monopoly and Catan are hugely popular and basically little economy simulators, after all.) Well, turns out, it’s quite hard! We’re in a golden age of tabletop games. Thirty years ago there were around 800 new games each year. Now it is more like 5,000. Just a handful of those get to be hits. In the first episode of our new series, Planet Money sets forth on an epic quest to beat the odds. 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 Kenny Malone and Erika Beras. It was produced by James Sneed with help from Emma Peaslee and edited by Marianne McCune. It was fact-checked by Sierra Juarez and engineered by Gilly Moon and Robert Rodriguez. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

The next time you open your fridge, take a second to behold the miracles inside of it: Raspberries from California, butter from New Zealand, steak from Nebraska. None of that would have been remotely possible before the creation of the cold chain. The cold chain is the name for the end-to-end refrigeration of our food from farm to truck to warehouse to grocery store and ultimately to our fridges at home. And it’s one of the great achievements of the modern world. On today’s show, Nicola Twilley, food journalist and author of Frostbite: How Refrigeration Changed Our Food, Our Planet, and Ourselves, tells us the story of how our world got cold, and what that’s meant for the economy. We’ll hear about two pioneers of cold: The cheapskate meat baron Gustavus Swift, and the train-hopping chemist Polly Pennington. And we’ll take a look at whether all this refrigeration might have created some new problems. 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 episode of Planet Money was hosted by Nick Fountain and Alexi Horowitz-Ghazi. It was produced by James Sneed and edited by Keith Romer. It was fact-checked by Sierra Juarez and engineered by Valentina Rodríguez Sánchez. Alex Goldmark is Planet Money's executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

On Wall Street, fortunes are often won and lost with the tiniest advantages. And for the past few years, one trading firm has stood out from the rest for both huge profits and careful secrecy — Jane Street Group. But last year, one of Jane Street’s biggest and most lucrative trading strategies was unexpectedly revealed in a Manhattan courtroom. The news ricocheted around the world. It drew the attention of competitors and regulatory agencies, destabilized billions of dollars worth of trades, and called into question some of the most fundamental strategies in global finance. Some Planet Money episodes about finance: The rise and fall of Long Term Capital ManagementHow George Soros forced the UK to devalue the pound Further reading: Jane Street Group, LLC v. Millennium Management LLC, Douglas Schadewald, and Daniel SpottiswoodJane Street’s Indian Options Trade Was Too Good "Interim Order in the matter of Index manipulation by Jane Street Group"Jane Street Defends India Trading Activity, Blasts Regulator 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 Eric Mennel, with production help from Sam Yellowhorse Kesler and Cooper Katz-McKim. It was edited by Jess Jiang. Fact-checking by Sierra Juarez. Planet Money’s executive producer is Alex Goldmark Music in this episode: Bob Bradley, “Cyber Crime” Jason Bowld; Colin Doran, “Falling Apart 2” Runman, “Dark Shop” Martin Haene [SUISA], “Heavy Trip” Adam Riches [PRS], Murray David Stockdale [PRS], Sammy Gordonski [PRS], “Monster” Alex Arcoleo;Josh Oliver, “Day Dreamer” Alex Arcoleo, “Best Part” Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

Israel has been blocking the flow of physical money into Gaza since the start of the war. So whatever paper cash was in Gaza before the war, that’s all that’s been circulating. It’s now falling apart from overuse. Two best friends, one in Gaza and one in Belgium, are now trying to get money in. But how do you get money into a bank account in Gaza? And how do you get that money out, in Gaza, when there are no functioning banks or ATMs? And almost no electricity. And spotty internet. And what is there to buy? How does money even work in Gaza right now? 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. It was produced by Sam Yellowhorse Kesler. It was edited by Marianne McCune, and fact-checked by Sierra Juarez. It was engineered by Cena Loffredo, Robert Rodriguez, and James Willetts. Alex Goldmark is Planet Money’s executive producer. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

(Note: A version of this episode originally ran in 2016.) It’s no secret that CEOs get paid a ton – and a ton more than the average worker. More than a hundred times than what their average employee makes. But it wasn’t always this way. So, how did this gap get so vast? And why? On today’s episode … we go back to a specific moment when the way CEOs were paid got changed. It involves Bill Clinton's campaign promises, and Silicon Valley workers taking to the streets to protest an accounting rule. And of course, Dodd Frank. 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 Jacob Goldstein and Stacey Vanek Smith, and was originally produced by Nick Fountain. This update was reported and produced by Willa Rubin and edited by Alex Goldmark. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy

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: - The President's Golden Share in U.S. Steel - Bringing a tariff to a graphite fight - A controversial idea at the heart of Bidenomics 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 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: podcastchoices.com/adchoices NPR Privacy Policy

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. 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 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: podcastchoices.com/adchoices NPR Privacy Policy

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: Central bank independence and inflation volatility in developing countries - Lev Menand’s: A New Measure of Central Bank Independence - Carola Binder’s: Political Pressure on Central Banks Further listening: - Lisa Cook and the fight for the Fed - A primer on the Federal Reserve's independence - The case for Fed independence in the Nixon tapes - A Locked Door, A Secret Meeting And The Birth Of The Fed 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 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: podcastchoices.com/adchoices NPR Privacy Policy

When we stumbled upon Milk.com, 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! Sign up for updates about pre-sale special gifts and for book tour events. 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 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: podcastchoices.com/adchoices NPR Privacy Policy

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 posted a bombshell. He said that he was removing Federal Reserve governor Lisa Cook, “for cause.” Lisa Cook has told NPR she intends to remain in office, 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 primer on the Federal Reserve's independence - Happy Fed Independence Day - The case for Fed independence in the Nixon tapes - A Locked Door, A Secret Meeting And The Birth Of The Fed - Trump's unprecedented attack on the Fed - Turkey's runaway inflation problem - Should presidents have more of a say in interest rates? Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter. Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney. Learn more about sponsor message choices: podcastchoices.com/adchoices NPR Privacy Policy