Planet Money

Tigran Gambaryan, a former IRS Special Agent dubbed the 'Crypto Wizard,' shares his gripping story of being detained for eight months in Nigeria. He recounts a chaotic meeting with government officials who accused Binance of economic misdeeds. Amidst the harsh realities of prison life, Tigran faced dire conditions and fought for survival, all while longing for contact with his family. His harrowing journey sheds light on the complex dynamics of cryptocurrency in unstable economies and the systemic flaws within Nigeria's legal system.

Dive into the epic tale of the San Jose, a 17th-century galleon brimming with treasure, which sank off Colombia in 1708. Discover the thrilling search for its wreckage and the astonishing treasures unearthed, along with the intense legal battles over ownership. Delve into the historical implications that reveal colonial legacies and the indigenous voices advocating for reparations tied to this maritime saga. The complexities of undersea claims highlight the intertwining of history, morality, and the quest for lost riches.

John Koza, a computer scientist and the inventor of scratch-off lottery tickets, shares the fascinating journey of how these instant lotteries transformed American gambling. He discusses the surprising fact that Americans spend more on scratch tickets than on pizza or Coca-Cola. Koza details the innovative collaboration that led to their creation and the challenges of fraud prevention. The conversation explores the cultural impact of scratch tickets in Massachusetts, addressing their addictive nature and societal implications.

A new AI model from DeepSeek shakes the stock market, causing a massive revaluation in AI-related companies. This shift raises questions about the future of AI dominance and the necessity of high-end computer chips. The episode also delves into the energy demands of AI technologies and the impact on energy markets. Discussions include how DeepSeek’s cost-effective approach could democratize AI access, reshaping market dynamics and investment strategies. Major players like NVIDIA and Salesforce feel the aftershocks of this surprising industry disruption.

Discover how advances in battery technology are transforming renewable energy. In California, large-scale batteries are now able to power millions of homes, thanks in part to supportive legislation. Meanwhile, Texas approaches the energy market more freely, facing challenges during peak demand periods. The contrasting strategies between these states reveal the complexities of energy management. Also, dive into the innovative processes behind lithium battery production, hinting at a future deep dive.

In a vibrant Chicago neighborhood, the cultural significance of quinceañera dresses contrasts sharply with the fear of immigration raids. The chilling effects of recent deportation policies ripple through the community, impacting family dynamics and local businesses. An economic analysis reveals how the Secure Communities initiative links local law enforcement to deportation efforts, suggesting unintended consequences on labor markets. Unauthorized workers are essential in sectors like construction and dining, challenging assumptions about immigration's economic impact.

Residents return to their devastated neighborhoods in Los Angeles, grappling with heart-wrenching questions about rebuilding. A father and son share their emotional journey through the destruction, while an insurance expert reveals the complexities of valuing lost homes and possessions. Stories of opportunistic investors highlight the impact on generational wealth in marginalized communities. As survivors reflect on lost memories, they face tough decisions about resettling amidst the haunting emptiness left behind.

Brooke Gladstone, co-host of a public radio show about media, dives into the economics behind a potential second Trump term. They tackle whether Trump can influence grocery and oil prices, the complexities of tariffs, and their impact on tech purchases like iPhones. The discussion also highlights the ongoing struggles of NPR funding, exploring its historical political battles and the vital role of public broadcasting in rural communities. It's a thought-provoking mix of politics, consumer behavior, and economic strategy!

Discover the fascinating origins of duty-free shopping, born from a clever tax loophole and driven by the entrepreneurial spirit of Brendan O'Regan at Shannon Airport. Explore how a mundane fuel stop transformed into a luxury shopping haven for wealthy travelers. Dive into the rise of iconic products like Toblerone and the culinary upgrades at the airport that celebrated Irish culture. Unravel the paradox of duty-free stores, where the illusion of savings often clashes with rising prices in airport retail.

Burton Abrams, an economist known for his research on the Nixon tapes, dives deep into the alarming chapter of US monetary policy influenced by Richard Nixon's presidency. He discusses how Nixon pressured Fed Chair Arthur Burns to make short-term economic decisions for electoral gain, potentially igniting a decade of inflation. The conversation reveals the complex dynamics of Fed independence, offering a stark warning of the consequences of political meddling in economic affairs that resonate today.