Money Talks from The Economist

<p>Join <em>The Economist</em>’s Mike Bird, Alice Fulwood and Ethan Wu for award-winning reporting and discussion on the stories that move markets. They speak to top bosses, investors and analysts around the world for unmatched insight into global finance, business and economics. Published every Thursday.</p><br><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>subscribe to Economist Podcasts+</em></a><em>.</em></p><br><p><em>For more information about how to access Economist Podcasts+, please visit our</em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em> FAQs page</em></a><em> or watch</em><a href="https://www.youtube.com/watch?v=Gczo71bg1uY" rel="noopener noreferrer" target="_blank"><em> our video</em></a><em> explaining how to link your account.</em></p><br><p><br></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>After months of bluster, he’s finally done it. At a ceremony in the White House Rose Garden, Donald Trump overturned decades of American trade policy with a simple signature. The new wave of <a href="https://www.economist.com/finance-and-economics/2025/04/03/trump-takes-americas-trade-policies-back-to-the-19th-century?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">trade restrictions</a>, if implemented in full, will <a href="https://www.economist.com/leaders/2025/04/03/president-trumps-mindless-tariffs-will-cause-economic-havoc?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">raise tariffs</a> to the highest level in more than a century. So how bad could it get?</p><br><p>Hosts: Mike Bird and Ethan Wu. Guests: <em>The Economist</em>’s Simon Rabinovitch; and Douglas Irwin, a professor of economics at Dartmouth College.</p><br><p><em>Transcripts of our podcasts are available via </em><a href="http://economist.com/podcasts" rel="noopener noreferrer" target="_blank"><em>economist.com/podcasts</em></a><em>.</em></p><br><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>subscribe to Economist Podcasts+</em></a><em>.</em></p><br><p><em>For more information about how to access Economist Podcasts+, please visit our </em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em>FAQs page</em></a><em> or watch </em><a href="https://www.youtube.com/watch?v=Gczo71bg1uY" rel="noopener noreferrer" target="_blank"><em>our video </em></a><em>explaining how to link your account.</em></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>More than 1bn people around the world are obese. That means there should be extraordinary demand for drugs to cure or mitigate the condition. Novo Nordisk is now Europe’s most valuable company and Eli Lilly’s market value has more than doubled. Both make the “miracle” drugs that can help people shed up to a fifth of their body weight. But these drugs promise to do more than boost drug companies’ profits. How will they reshape the economy?</p><br><p>Hosts: Alice Fulwood, Mike Bird and Tom Lee-Devlin. Guests: <em>The Economist</em>’s Georgia Banjo; pharmaceuticals analyst Michael Nedelcovych; and John Cawley, a professor of public policy and economics at Cornell University.</p><br><p>Subscribers to Economist Podcasts+ can listen to our January 2023 episode on the <a href="https://www.economist.com/podcasts/2023/01/05/the-relationship-between-weight-and-success" rel="noopener noreferrer" target="_blank">economics of thinness</a>.</p><br><p><em>Sign up for our new weekly newsletter dissecting the big themes in markets, business and the economy at</em><a href="https://www.economist.com/moneytalks/?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank"><em> www.economist.com/moneytalks </em></a></p><br><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>subscribe to Economist Podcasts+</em></a></p><br><p><em>For more information about how to access Economist Podcasts+, please visit our</em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em> FAQs page</em></a><em> or watch</em><a href="https://www.youtube.com/watch?v=Gczo71bg1uY" rel="noopener noreferrer" target="_blank"><em> our video</em></a><em> explaining how to link your account.</em></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>Amazon started with a plan to disrupt bookselling. It sold cheap books online, delivering them straight to customers’ homes. Three decades later it employs a million people in America and owns one hundred warehouses, each stocked with millions of products. More than a third of the US e-commerce market flows through it. Now, another company has spied an opportunity to disrupt Amazon: Temu. The <a href="https://www.economist.com/business/2024/02/15/how-worried-should-amazon-be-about-shein-and-temu?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">Chinese e-commerce giant</a> wants to undercut its US rival, delivering impossibly cheap stuff to Americans straight from factories in China. How worried should Amazon be?</p><p>Hosts: Alice Fulwood, Mike Bird, Tom Lee-Devlin. Guests: Wendy Woloson of Rutgers University-Camden; Mark Shmulik of Bernstein; Michael Morton, an e-commerce analyst at MoffettNathanson; and Josh Silverman, CEO of Etsy.</p><p><em>Listen to what matters most, from global politics and business to science and technology—</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em>Subscribe to Economist Podcasts+</em></a></p><p><em>For more information about how to access Economist Podcasts+, please visit our </em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em>FAQs page</em></a><em> or watch </em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em>our video</em></a><em> explaining how to link your account.</em></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>It's been two years since Russia brought war to Ukraine. America, Britain and the European Union may not have intervened by putting boots on the ground—but they have launched a massive <a href="https://www.economist.com/finance-and-economics/2024/02/21/russia-outsmarts-western-sanctions-and-china-is-paying-attention?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">financial counteroffensive</a>. Vladimir Putin’s government, his cronies and the businesses profiting from the war are all subject to sanctions, yet the Russian economy has proved remarkably resilient. So, <a href="https://www.economist.com/leaders/2024/02/21/even-the-toughest-sanctions-on-russias-war-machine-are-no-substitute-for-military-aid?utm_campaign=a.io&utm_medium=audio.podcast.np&utm_source=moneytalks&utm_content=discovery.content.anonymous.tr_shownotes_na-na_article&utm_term=sa.listeners" rel="noopener noreferrer" target="_blank">does financial warfare work</a>?</p><p>Hosts: Mike Bird, Alice Fulwood and Tom Lee-Devlin. Guests: <em>The Economist</em>’s Cerian Richmond Jones; Juan Zarate, the architect of America’s sanctions after the September 11th attacks; and Nicholas Mulder, author of “The Economic Weapon”, which examines the rise of sanctions as a tool of war.</p><p><em>Get a world of insights for</em><a href="https://subscribenow.economist.com/podcasts-plus" rel="noopener noreferrer" target="_blank"><em> 50% off—subscribe to Economist Podcasts+</em></a></p><p><em>If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our</em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em> FAQs page</em></a><em> or watch</em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em> our video</em></a><em> explaining how to link your account.</em></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>European firms dominate the global luxury landscape, accounting for two-thirds of sales and nine of the ten most valuable luxury brands. A strong emphasis on heritage and control of the supply chain have helped ensure success. But can Europe hold on to its crown?</p><p>Hosts: Tom Lee-Devlin, Alice Fulwood and Mike Bird. Guests: Thomai Serdari, a professor of marketing at NYU Stern; and Ermenegildo Zegna, CEO and chairman of Zegna Group, an Italian luxury company.</p><p><em>Sign up for a</em><a href="http://www.economist.com/podcastsplus-moneytalks" rel="noopener noreferrer" target="_blank"><em> free trial</em></a><em> of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our</em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em> FAQs page</em></a><em> or watch</em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em> our video</em></a><em> explaining how to link your account.</em></p><p><br></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>We raise the curtain on the business of New York’s iconic theatre district. Broadway has been struggling with rising costs and falling sales since the pandemic, but its financial drama started much earlier. The economic plot just doesn’t make sense. Will the lights go out on the Great White Way?</p><p>Hosts: Alice Fulwood, Tom Lee-Devlin and Mike Bird. Guests: <em>The Economist</em>’s Stevie Hertz; actor Leanna Rae Conception; Megan O'Keefe, executive vice-president of production company No Guarantees; Broadway investor, Ken Willman; Oliver Roth, CEO and producer at OHenry Productions, Kate Shindle, president of Actors’ Equity; and Lee Seymour, producer.</p><p><em>Sign up for a</em><a href="http://www.economist.com/podcastsplus-moneytalks" rel="noopener noreferrer" target="_blank"><em> free trial</em></a><em> of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our</em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em> FAQs page</em></a><em> or watch</em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em> our video</em></a><em> explaining how to link your account.</em></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>In five days OpenAI’s boss was fired by its board; hired by Microsoft, the startup’s biggest investor; and returned to his post at OpenAI. Yet things cannot be as they were: the shuffle will have consequences for the darling of the artificial-intelligence community and for the industry as a whole.</p><p>Hosts: Tom Lee-Devlin, Alice Fulwood and Mike Bird. Guests: Benedict Evans, a technology analyst and former venture capitalist, and <em>The Economist</em>’s Arjun Ramani and Ludwig Siegele.</p><p><em>Sign up for a </em><a href="https://subscribenow.economist.com/podcasts-plus?purchaseRedirect=economist.com/audio/podcasts/onboarding?podcast=babbage" rel="noopener noreferrer" target="_blank"><em>free trial</em></a><em> of Economist Podcasts+. If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription. For more information about how to access Economist Podcasts+, please visit our </em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em>FAQs page</em></a><em> or watch </em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em>our video</em></a><em> explaining how to link your account.</em></p><br><p><br></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>President Joe Biden’s Inflation Reduction Act promised $370bn for green infrastructure and industry. It has spurred a surge in massive construction efforts such as battery plants and electric-vehicle factories. Our correspondent goes on a road trip, visiting small towns with big new projects under way and gauging the success of Mr Biden’s economic policy so far.</p><p>Hosts: Alice Fulwood, Tom Lee-Devlin and Henry Tricks</p><br><p>Runtime: 44 min</p><br><p><em>This is a free episode of Money Talks. To listen every week, sign up for a </em><a href="http://www.economist.com/podcastsplus-moneytalks" rel="noopener noreferrer" target="_blank"><em>free trial</em></a><em> of Economist Podcasts+. If you’re already a subscriber to The Economist, you have full access to all our shows as part of your subscription.For more information about how to access Economist Podcasts+, please visit our </em><a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank"><em>FAQs page</em></a><em> or watch </em><a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank"><em>our video</em></a><em> explaining how to link your account.</em></p><br><p><br></p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>

<p>Last week, we spoke to the author Michael Lewis, who was embedded with Sam Bankman-Fried, as FTX, the crypto-trading empire he built, came crashing down amid allegations of fraud, which Mr Bankman-Fried denies. Mr Lewis credits Changpeng Zhao - the boss of Binance, a rival exchange - with bringing Mr Bankman-Fried to prominence. But CZ, as he’s known, may also have played a role in his downfall. This week, we speak to him about what the future holds for crypto. </p><p>Hosts: Alice Fulwood, Mike Bird and Tom Lee-Devlin. Guests: CZ.</p><p>Sign up for Economist Podcasts+ now and get 50% off your subscription with our <a href="http://www.economist.com/podcastsplus-moneytalks" rel="noopener noreferrer" target="_blank">limited time offer</a>. </p><p>If you’re already a subscriber to The Economist, you’ll have full access to all our shows as part of your subscription.</p><p>For more information about how to access Economist Podcasts+, please visit our <a href="https://myaccount.economist.com/s/article/What-is-Economist-Podcasts" rel="noopener noreferrer" target="_blank">FAQs page</a> or watch <a href="https://www.youtube.com/watch?v=48TlDbL-4vU" rel="noopener noreferrer" target="_blank">our video</a> explaining how to link your account.</p> <hr><p style='color:grey; font-size:0.75em;'> Hosted on Acast. See <a style='color:grey;' target='_blank' rel='noopener noreferrer' href='https://acast.com/privacy'>acast.com/privacy</a> for more information.</p>