Ones and Tooze

Inflation's grip on the U.S. economy is affecting households, adding an extra $5,200 annually for essentials. The podcast dives into historical inflation crises, revealing how past policies, like the Volcker shock, shaped today's economic landscape. They also explore the unique challenges of current inflation compared to the 1970s, focusing on labor market dynamics and the rise of organized labor. Sri Lanka's default on foreign debt serves as a stark warning, indicating potential ripples that could impact other developing economies still recovering from Covid-19.

The American tax system is revealed as a paradox, appearing progressive yet plagued by inefficiency and unfairness. The historical evolution of income tax sheds light on its complex roots and the ongoing debates over tax reform. A comparison with international systems reveals just how costly and time-consuming compliance has become for American taxpayers. Shifting gears, the financial intricacies of the Catholic Church come under scrutiny, from its diverse income sources to the unique challenges in assessing its true wealth.

The podcast dives into the remarkable rebound of the Russian ruble, recovering from a dramatic drop after sanctions, sparking discussions on its implications for the ongoing conflict. Learn about the complexities of sanctions and their effects on economic stability in Europe. The hosts also delve into the fascinating history of canned fish, exploring its culinary evolution and cultural significance. Additionally, urgent issues like overfishing and the future of sustainable fish farming are tackled, highlighting the need for responsible practices in our seafood consumption.

As the French presidential election approaches, listeners gain insight into Emmanuel Macron's complex economic vision and the backdrop of public discontent. The podcast discusses the rise of economic populism among various candidates and its potential impact on the political landscape. There's a humorous twist as the hosts delve into the relationship between economics and humor, exploring how jokes reflect societal moods during different economic climates.

Over 100,000 people are desperate to leave Mariupol, a city crucial to Ukraine's military strategy, facing a devastating humanitarian crisis. The discussion reveals the intricate balance of urban warfare and economic recovery, emphasizing the city's historical status. Meanwhile, a humorous look at 'The Godfather' marks its 50th anniversary, blending film appreciation with economic insights. The challenges of independent filmmaking are explored, highlighting the impact of streaming on creativity and cultural diversity.

The collapse of China's Zero-COVID policy is causing lockdowns for over 50 million people, threatening global supply chains and economic stability. The hosts also dive into the fascinating $8.5 billion global flower industry, highlighting the Netherlands' dominance and unique auction methods. Exploring cultural quirks in flower buying, they draw fun historical parallels, including the tulip bubble of the 17th century, and even connect it to today's NFT speculation. Lighthearted banter adds to the engaging discussion!

Oil prices have skyrocketed to $130 a barrel, prompting discussions about soaring gas costs and geopolitical tensions. The war in Ukraine plays a pivotal role in this economic upheaval, with implications for inflation and climate policies. Meanwhile, New Yorkers are making headlines by placing a record $2 billion in legal sports bets, showcasing the exciting yet complex world of gambling. The conversation dives into the mathematical strategies of sportsbooks and the transformative stories of those who have turned gambling wins into thriving businesses.

This discussion dives into the unprecedented sanctions against Russia due to its invasion of Ukraine. The hosts explore the impact on the ruble and the Russian economy, debating the effectiveness of economic warfare compared to military actions. They also examine how these sanctions could erode trust in international norms and affect the global economic landscape. Additionally, the conversation delves into potential socioeconomic impacts, focusing on how different classes in Russia are coping amidst the crisis.

Cameron and Adam dive into Biden's sanctions against Russia and reveal significant loopholes that let Moscow keep exporting oil and gas. They delve into Europe's precarious dependence on these Russian fossil fuels, especially Germany's vital role. The discussion highlights how the ongoing war could trigger global food insecurity, echoing historical conflicts. Lastly, they unpack the complex web of U.S. energy imports and the rising gas prices in Europe, questioning the reliability of Russia as an energy supplier amidst heightened geopolitical tensions.

Listeners dive into the economic ramifications of the Canadian trucker protests, revealing how a single blockade can ripple across the economy. The pivotal role of the Ambassador Bridge in US-Canada trade is explored, highlighting its significance for the auto industry. The discussion then shifts to the Winter Olympics, weighing the financial benefits for host countries against the costs. Insights into the value of Olympic medals, both monetary and historical, cap off this engaging exploration of economics intertwined with global events.