In 2019, President Trump tweeted: "I am not a fan of Bitcoin and other Cryptocurrencies." Today, the Trumps are all over crypto.There are memecoins for Trump and the first lady. They own a stablecoin, a bitcoin mining operation, and a crypto financial services company. And, at the Bitcoin 2025 conference, Trump's media group announced they're raising 2.5 billion dollars from investors to buy bitcoin.At that same conference, speakers included two White House advisors, two sons of the US president, the son of the U.S. Commerce Secretary, and a Trump appointee to the Securities and Exchange Commission. For a cryptocurrency built on independence from big government, this was a swerve.So, what happens when the President of the United States showers his love on the crypto community ... while also becoming a crypto entrepreneur himself? We follow along as Trump Inc.'s Ilya Marritz and Andrea Bernstein spend three days at the Las Vegas conference center where convicts are cheered, oversight and regulation are booed, and the separation of crypto and state no longer applies.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

Econ Battle Zone is back! On today's episode Mary Childs and Kenny Malone enter Econ Battle Stadium to throw down against reigning champion Erika Beras.Can Mary explain what effect extending the 2017 tax cuts will have on economic growth AND make her entire segment rhyme? Will Erika be able to overcome her fear of singing and craft a country song about the history of Medicaid? Can Kenny put together a piece about what warning signs economists look for to know whether the national debt has grown too large... but as a romantic comedy?Guest judges Betsey Stevenson and David Kestenbaum face a difficult choice... but only one contestant can claim the coveted Econ Battle Zone Belt.Artists featured in this episode: Rexx Life Raj (IG: @rexxliferaj); Merle Hazard; Alison Brown; Tristan Scroggins; Matt Coles; and Garry West.Special thanks to Liz Garton Scanlon, Robin Rudowitz and Sarah Rosenbaum.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

The U.S. has been policing bribery all over the world for nearly half a century using a law called the Foreign Corrupt Practices Act. But now, President Trump has said that this anti-corruption law is crippling American businesses. Since taking office, his administration has reduced the number of investigators, killed some cases, and changed the rules.In this episode, we look at the FCPA case against Glencore, a large commodity trading company, found guilty in 2022 for paying cash bribes in exchange for lucrative contracts all over the world.And we go back to the inception of the law, a time when using bribes to pay off foreign officials was considered "grease in the wheels" - a reasonable (if unethical) way to get business done.This episode was hosted by Amanda Aronczyk and Erika Beras. It was produced by Willa Rubin. It was fact-checked by Emily Crawford with help from Willa Rubin. It was edited by Marianne McCune. It was engineered by James Willetts. Alex Goldmark is Planet Money's executive producer.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

Note: A version of this episode first ran in 2023.Every year, the U.S. government spends more money than it takes in. In order to fund all that spending, the country takes on debt. Congress has the power to limit how much debt the U.S. takes on. Once we reach that limit, Congress has a few options so that the government keeps paying its bills: Raise the debt limit, suspend it, or eliminate it entirely. Which is daunting, because if lawmakers don't figure something out in time, the ramifications for the global economy could be huge. Shai Akabas, of the Bipartisan Policy Center, has become something of the go-to expert in calculating the exact date America would hit the wall and not be able to pay all its debts. This day is so terrifying it has a special name, the X-Date. Today's episode is about how Akabas and Jay Powell — long before he became chair of the Federal Reserve — worked to create a system to determine the X-Date with the hope of helping us all never reach it.We also have an update on this year's looming X-Date, which could arrive as soon as this summer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

What was it like to work inside Elon Musk's DOGE? The cost-cutting initiative promised transparency, but most of its actions have been shrouded in secrecy.For months, there were reports of software engineers and Trump loyalists entering agencies and accessing sensitive data. DOGE also helped the Trump administration lay off thousands of government workers. NPR reporters have been trying for months to get anyone from DOGE to talk on the record. Now, Sahil Lavingia, a former DOGE staffer assigned to the Department of Veteran Affairs, is speaking.Today, what drew Sahil to DOGE and what he learned about the inner workings, in a way we've never heard before.For more on DOGE and the federal workforce: - The last time we shrank the federal workforce - Can... we still trust the monthly jobs report? - Can the Federal Reserve stay independent?This episode was hosted by Kenny Malone and Bobby Allyn. It was produced by Sam Yellowhorse Kesler and Emma Peaslee. It was edited by Jess Jiang and fact-checked by Sierra Juarez. It was engineered by Neal Rauch. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

When President Trump announced his sweeping new tariffs this year, many trade law experts were startled. Typically, presidents don't have the authority to impose broad tariffs with a snap of their fingers.But Trump's advisors have an unusual new legal theory. They say that as long as there's a national emergency of some kind, Trump may be able to create whatever tariffs he wants. This is a creative interpretation of a 1977 law called the International Emergency Economic Powers Act, or IEEPA. To justify his latest tariffs, the president declared national emergencies involving illegal immigration, the fentanyl crisis, and the trade deficit.But no president has ever tried to use the law in this way. Now, the fate of Trump's tariffs — and the creative legal theory behind them — lies with the courts. About a dozen lawsuits have challenged his tariffs, claiming that they are unlawful and possibly even unconstitutional. And some judges have started to agree.On today's show: What are the President's powers when it comes to tariffs? Where do they come from? What are their limits? And, what will be the fate of Trump's tariffs?For more on Trump's tariffs: - The 145% tariff already did its damage - Do trade deficits matter? - What "Made in China" actually meansFind 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/adchoicesNPR Privacy Policy

Over the past decade, politicians from both parties have courted American voters with an enticing economic prospect – the dream of bringing manufacturing and manufacturing jobs back to America. They've pushed for that dream with tariffs and tax breaks and subsidies. But what happens when one multinational company actually responds to those incentives, and tries to set up shop in Small Town, USA?Today on the show – how a battery factory ignited a political firestorm over what kind of factories we actually want in our backyard. And what happens when the global economy meets town hall democracy. This episode of Planet Money was produced by Emma Peaslee and Sylvie Douglis. It was edited by Marianne McCune and Jess Jiang. It was fact-checked by Sierra Juarez. It was engineered by Robert Rodriguez. Alex Goldmark is our executive producer.Read Viola Zhou's reporting on the Gotion battery factory.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.Help support Planet Money and hear our bonus episodes by subscribing to Planet Money+ in Apple Podcasts or at plus.npr.org/planetmoney.Music: NPR Source Audio - "Collectible Kicks," "Arturo's Revenge," and "Liquid Courage"Learn more about sponsor message choices: podcastchoices.com/adchoicesNPR Privacy Policy

Today on the show – our crypto president. Just before President Donald Trump began his second administration in January, he and his business partners launched the $TRUMP coin. It's a memecoin that quickly raked in hundreds of millions of dollars. And there's a lot of earning potential still left on the table. Is that even legal?We bring you two stories from our daily show, The Indicator about President Trump and his ties to crypto. First, the Trump coin. We explain what it is, how the real Donald Trump profits from it, and yes, whether this whole crypto scheme is within the law. Then we take a look at Stablecoins: how they work, how they make money, and for whom.The original episodes from The Indicator were produced by Cooper Katz McKim and Corey Bridges. They were engineered by Harry Paul and Robert Rodriguez. They were fact-checked by Sierra Juarez. Kate Concannon edits the show. This episode of Planet Money was produced by James Sneed and edited by Emma Peaslee. Alex Goldmark is Planet Money's executive producer.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

Over the last few months U.S.-China trade relations have been pretty hard to make sense of – unless you look at what's happening through the lens of game theory. Game theory is all about how decisions are made, based not just on one side's options and payoffs, but on the choices and incentives of others.So, are Donald Trump and Xi Jinping competing in a simple game of chicken? Or is the game more like the prisoner's dilemma? On today's show, we try to decide which of four possibilities might be the best model for this incredibly high-stakes game. And we take a look at who is playing well and who might need to adjust their strategy.For more on the U.S.-China trade war: - The 145% tariff already did its damage - What happened to U.S. farmers during the last trade war - What "Made in China" actually meansThis show was hosted by Keith Romer and Amanda Aronczyk. It was produced by Sam Yellowhorse Kesler. It was edited by Jess Jiang, fact-checked by Sierra Juarez and engineered by Kwesi Lee with help from Robert Rodriguez and Cena Lofreddo. Additional production help from Sylvie Douglis. Alex Goldmark is Planet Money's executive producer. Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

American universities are where people go to learn and teach. They're also where research and development happens. Over the past eight decades, universities have received billions in federal dollars to help that happen. Those dollars have contributed to innovations like: Drone technology. Inhalable Covid vaccines. Google search code.The Trump administration is cutting or threatening to cut federal funding for research. Federal funding for all kinds of science is at its lowest level in decades.Today on the show: when did the government start funding research at universities? And will massive cuts mean the end of universities as we know them?We hear from the man who first pushed the government to fund university research and we talk to the chancellor of a big research school, Washington University in St. Louis. He opens up his books to show us how his school gets funded and what it would mean if that funding went away.This episode is part of our series Pax Americana, about how the Trump administration and others are challenging a set of post-World War II policies that placed the U.S. at the center of the economic universe. Listen to our episode about the reign of the dollar.Find more Planet Money: Facebook / Instagram / TikTok / Our weekly Newsletter.Listen free at these links: Apple Podcasts, Spotify, the NPR app or anywhere you get podcasts.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/adchoicesNPR Privacy Policy

MOD Pizza founders Scott and Ally Svenson join Guy on the Advice Line, where they answer questions from three founders about strategic expansion, plus discuss MOD’s recent acquisition.Today we meet Evan, who recently turned his Richmond-based pizza restaurant into a vegan frozen pizza company. Then Zebbie, a restaurateur in Birmingham who's looking to take his hot chicken concept on the road. And Christiane, a Los Angeles area tequila-maker on a mission to improve her industry’s labor conditions. Thanks to the founders of Udderless Plant-based Pizza, Eugene’s Hot Chicken and Valor Bebidas for being a part of our show.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to MOD Pizza’s founding story as told by Scott and Ally on the show in 2023.This episode was produced by Katherine Sypher with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When Ben Goodwin was growing up, the concept of healthy soda seemed as oxymoronic as jumbo shrimp. But for Ben, that presented an irresistible challenge: to create a beverage that evoked the colas and root beers of his youth, but was low in sugar and good for the gut. After years of painstaking effort and one failed brand, Ben and his partner launched Olipop in 2018. Made with fiber and prebiotics and sweetened with Stevia, it joined the growing ranks of “functional sodas,” launching first in natural food stores and spreading quickly to the big chains. This year, the brand is expected to do nearly $500 million in sales, and, as younger consumers drift away from legacy soda, Ben says Olipop will only get bigger.This episode was produced by Sam Paulson with music composed by Ramtin Arabloui and Sam Paulson. It was edited by Neva Grant with research by Katherine Sypher. Our engineers were Robert Rodriguez and Kwesi Lee.You can follow HIBT on Twitter & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Parachute Home founder Ariel Kaye joins Guy on the Advice Line, where they answer questions from three founders on being mindful and strategic in their next expansion steps. Today, we meet Daen, an entrepreneur in Australia considering investment for his line of men’s grooming products after ten years of self-funding. Then Deanna, a former educator in New Jersey seeking new press for the emotional health tool she designed for children. And Meaghan, a Florida-based hard seltzer maker trying to gut-check biases in her male-dominated industry.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Parachute Home’s founding story as told by Ariel on the show in 2023.This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Cena Loffredo.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

When Seth Berkowitz was in college, he was the cookie guy on campus. He’d grown frustrated that the only food he could get delivered late at night were standards like pizza or Chinese food. He had a sweet tooth, and he craved warm, homemade chocolate chip cookies. So he took matters into his own hands and started making and delivering cookies to students at his school. The operation soon went from a silly side hustle to a real business - and then an all-consuming struggle. But today, after decades of detours, long-shot decisions, and near-bankruptcies, Insomnia Cookies is now a $350 million dollar business.This episode was produced by Alex Cheng with music composed by Ramtin Arablouei. It was edited by Andrea Bruce with research help from Katherine Sypher. Our audio engineers were Robert Rodriguez and Maggie Luthar.You can follow HIBT on Twitter & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Ring founder Jamie Siminoff joins Guy on the Advice Line, where they answer questions from three founders about balancing short- and long-term goals. Today, we meet Vico, an industrial designer in southern California who's launching a crowdfunding campaign for his patented ergonomic desk. Then Iyin, a Baltimore-based product specialist seeking to balance accessibility and profitability for her ethically-sourced chocolate brand. And Franchesca, an Atlanta area educator deliberating whether to pursue small-business certifications for her motivational classroom posters.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Ring’s founding story as told by Jamie on the show in 2020.This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Neal Rauch.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

With $1500 in savings and no experience in retail, Mel and Patricia Ziegler stumbled upon a clever idea: buy inexpensive Army surplus gear, refashion it into stylish clothes, and sell them in a setting that felt more like a safari than a store. With a retro- feel catalog that turned shopping into an adventure, Banana Republic caught the attention of the media, and sales grew. But so did the headaches of running the business, and in 1983, the Zieglers sold the brand to The Gap. Over the years, Banana Republic lost its distinctive, retro-Safari feel, and the Zieglers departed to start another brand, The Republic of Tea. Today, Banana Republic remains a multi-million dollar business, with hundreds of stores around the world.This episode was produced by Kerry Thompson with music by Ramtin Arablouei. It was edited by Neva Grant. Our audio engineer was Kwesi Lee.You can follow HIBT on Twitter & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Supergoop! founder Holly Thaggard joins Guy on the Advice Line, where they answer questions from three founders about finding the right audience and introducing their brands.Today, we meet Christina, the founder of a Cincinnati cookie business who is trying to bake her business to the next level. Then Philadelphia-based engineer Andy introduces a shaving product he developed with his Navy bunkmate while they were deployed. And Erin in Illinois, who wants to make water sports safer with a life jacket upgrade.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Holly tell the story of how Supergoop! was founded from her first visit to the show back in 2020.This episode was produced by J.C. Howard with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Gilly Moon.You can follow HIBT on Twitter & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

In 2013, Nick Green set out to solve a vexing problem: in many parts of the country, it’s hard to get access to healthy groceries. As a solution, Nick and his co-founders launched an e-commerce mashup of Whole Foods and Costco, where members purchase healthy foods online at a discount.When it came time to ask venture capitalists for funding, dozens of VC’s said no–but thanks to hundreds of small checks written by health bloggers, Thrive Market pulled together enough money to launch in 2014. Within a year, the founders had proven the VC’s wrong, but still scrambled to fuel the pace of growth, while keeping the business afloat. Today, Thrive Market has over 1.5 million paid members and, last year, brought in over $500 million in sales. See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Boston Beer Company founder Jim Koch joins Guy on the Advice Line, where they answer questions from three founders about finding product-market fit.Today, we meet Kim, whose tropical-inspired apparel company in Florida is venturing into the rum market. Then Llance from Washington, who is taking his tea-bag-soup-broth business national. And Ami, who wants potential customers to know that her Ontario-based electrical contracting company has some of the best service out there.If you’d like to be featured on a future Advice Line episode, leave us a one-minute message that tells us about your business and a specific question you’d like answered. Send a voice memo to hibt@id.wondery.com or call 1-800-433-1298.And be sure to listen to Boston Beer Company’s founding story as told by Jim on the show in 2017.This episode was produced by Chris Maccini with music by Ramtin Arablouei. It was edited by John Isabella. Our audio engineer was Gilly Moon.You can follow HIBT on X & Instagram and sign up for Guy's free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Tara Bosch wasn’t always considered a likely contender for success. At 21 years old, she dropped out of college the summer before her junior year and moved in to her grandmother’s basement. But, with a gummy bear mold from Amazon and a sugar-free candy recipe she tinkered to perfection, Tara got to work on a wild vision: she would create a global company called SmartSweets that would revolutionize the candy aisle and become a top seller of low-sugar candies. In 2020, Tara achieved her goal and sold SmartSweets for $360 million — a mere five years after creating the brand. This episode was produced by Carla Esteves with music by Ramtin Arablouei. It was edited by Andrea Bruce with research help from Melia Agudelo. Our audio engineers were Gilly Moon and Maggie Luthar.You can follow HIBT on X & Instagram, and email us at hibt@id.wondery.com. And sign up for Guy’s free newsletter at guyraz.com.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.