Trumponomics

Money goes where it's treated best. That simple truth is a big reason why more and more money—trillions, in fact—flows into a powerful, low-cost tool that's quietly transformed investing in recent years. Exchange-traded funds, or ETFs, let you invest in everything from the stock market to gold like never before. This podcast will demystify them—and delight you in the process.See omnystudio.com/listener for privacy information.

Benchmark takes the week off for the Thanksgiving holiday and re-runs an episode from March. Post-industrial Midwestern America helped propel Donald Trump to the nation's top job. You've heard that a hundred times. But did you hear about St Louis? A wave of Bosnian refugees, many of them Muslim, arrive in the city, starting in the mid-1990s. The result: a surge in business and job creation, revitalization of the community and help in the transition from a manufacturing to a service economy. Sadik Kukic tells Dan and Michelle about his journey from Balkan concentration camps to a pillar of the local community: He's now president of the Bosnian Chamber of Commerce. What could be more American?See omnystudio.com/listener for privacy information.

Figuring out the global economy has always involved looking at the data. But only in recent years has big data, such as that contained in satellite imagery, become a factor in helping understand what's going on. One place where it's particularly useful is China, where official figures are far less comprehensive than in the U.S. and most other developed nations. It's also provided badly-needed insight into poverty across Africa. Scott and Dan get the scoop from UC-Berkeley professor Joshua Blumenstock and Bloomberg China economy editor Jeff Kearns. See omnystudio.com/listener for privacy information.

By picking Jerome Powell to replace Janet Yellen as Federal Reserve chief, President Donald Trump is making a historic gamble that his five predecessors did not: appointing a new leader of the central bank in his first term instead of retaining the existing one. That move could have massive ramifications for the U.S. and global economies. But how did the Fed get so powerful? And how powerful is it really? Peter Conti-Brown, a professor at the University of Pennsylvania, joins Scott and guest host Chris Condon, a Federal Reserve reporter at Bloomberg, for a deep dive into the Fed's history and how Powell fits in. See omnystudio.com/listener for privacy information.

Mexico just didn't see it coming. The free-trade backlash and anti-Mexican rhetoric that helped fuel Donald Trump's rise came as a surprise to officials and executives in the U.S.'s southern neighbor. Now they are scrambling to save not just NAFTA, but an entire economic model based around global supply chains and ever closer ties with the U.S. Thrown into the mix are elections in Mexico that could propel their own populists into the presidency and congress. Shannon O'Neil from the Council on Foreign Relations explains the stakes to Dan and Scott. Intriguing footnote: Maybe the NAFTA debate is really about China. See omnystudio.com/listener for privacy information.

The biggest challenge refugees face is economic. A couple of financial market insiders are here to help and have recruited some of the biggest names on Wall Street. PIMCO's Greg Sharenow and Trailstone's Michelle Brouhard tell Dan and Scott about their foundation, Interfaith Refugee Project, and how to integrate refugees into the U.S. economic fabric. It's also personal: Greg describes his grandmother's flight from 1930s Germany through Panama.See omnystudio.com/listener for privacy information.

How do you create a new country? For Catalonians looking for independence from Spain, secession can give you an emotional high, but what about the bills? Every nation needs a sense of identity and community, of shared heritage and geography. That won't feed people. There's revenue to be collected and bills to be paid, not to mention possibly issuing currency and creating a central bank. And don't forget about picking up the trash. Bloomberg's Maria Tadeo and Maxime Sbaihi explain the building blocks of statehood to Scott and Dan. See omnystudio.com/listener for privacy information.

Before Hurricane Maria made landfall on Puerto Rico three weeks ago, the U.S. territory's economy was already in shambles, thanks in part to an overload of debt and decades of misguided policies. Now, after a terrible storm, things are much, much worse for the 3.4 million people there, and they're likely to stay that way for a while -- though measuring just how bad is the tricky part. Bloomberg reporter Jordyn Holman shares her recent experience reporting there, and Arthur MacEwan, an expert on the territory's economy, tells Scott how it got so bad in the first place. See omnystudio.com/listener for privacy information.

Saudi Arabia may be best known for its vast supply of oil, but outside of that industry, Islamic tourism is one of the kingdom's biggest businesses. Hajj, the annual Muslim pilgrimage to Mecca, as well as other Muslim pilgrimages throughout the year, have been driving growth in tourism, with a building boom to match. The country is seeking to remain a destination, while liberalizing its ultra-conservative rules such as the ban on female drivers. Scott is joined by Siraj Datoo, a Bloomberg editor in London, to discuss his recent hajj experience and the economics of the pilgrimage, as well as Donna Abu-Nasr, a Bloomberg reporter who covers the Middle Eastern economy. See omnystudio.com/listener for privacy information.

Some of the planet's most powerful people may be out of a job in the next two years. Beginning in the next few months, terms start ending for the central bankers who control the price of money in the world. First Janet Yellen, whose term ends February. Up next, Haruhiko Kuroda in April. England's Mark Carney departs in 2019 as does Mario Draghi of the European Central Bank. How many of them will survive and, if they depart, what will be their legacy? Guest Adam Posen, president of the Peterson Institute for International Economics, walks Dan and Scott through the horse race. See omnystudio.com/listener for privacy information.