Ones and Tooze

As the U.S. presidential election draws closer, hosts Cameron Abadi and Adam Tooze look at how the current climate of elevated inflation and economic discontent translates into political instability. They focus their attention by comparing these times to Weimar Germany, an era that lasted between World War I and the rise of the Nazi dictatorship. That brief democratic period also famously had high inflation and eventually collapsed into outright dictatorship. In this episode, the two dig into the economics of Weimar Germany and consider where exactly the analogy with the United States lines up and where it doesn’t.

Special thanks to listener Nick Page for the idea for this episode.

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A snap election called in France could lift the far-right National Rally to power. Adam and Cameron discuss the economic conditions that facilitated the party's rise.

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Adam and Cameron discuss the Tour de France—its historical and economic dimensions.

Also on the show: The Chiquita verdict.

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Russia’s economy is growing at a healthy clip despite international sanctions that the country has endured for more than two years. How did that happen? And why did Russian President Vladimir Putin just appoint an economist—Andrei Belousov—as his new defense minister? Cameron and Adam dig in.

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The conviction of former U.S. President Donald Trump on 34 felony charges raises profound political questions but also some economic ones. Adam and Cameron dig in.

Also on the show: An economic perspective on D-Day—the Allied invasion of Normandy that began 80 years ago on June 6.

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European Union elections in the coming week will likely see a surge in support for populist right-wing parties. Adam and Cameron discuss the economics of the European Parliament.

Also on the show: What the UEFA Champions League final between Borussia Dortmund and Real Madrid tells about Germany’s Ruhr valley.

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We're popping up in your feed between episodes of Ones and Tooze to introduce you to a different show—produced by the team at Foreign Policy, in partnership with Doha Debates. The Negotiators, available exclusively on Wondery+, focuses on some of the most dramatic negotiations around the world—from diplomacy, to hostage crises, to labor disputes and more. On season 4, The Afghan Impasse, we explore why diplomats failed over 20 years to broker a peace agreement in Afghanistan.

This is a preview of episode 1, Original Sin, from reporter Soraya Lennie.

You can listen to the rest of this episode, and all seven episodes of The Negotiators - The Afghan Impasse, exclusively and ad-free with Wondery+. You can find the show and join Wondery+ in the Wondery App or Apple Podcasts.

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The recent attempt on the life of Slovakian Prime Minister Robert Fico raises questions for Adam and Cameron. Do political assassinations mainly occur in advanced economies? Do they tend to bring about change or reinforce the status quo? And what does it cost to hire a hit man?

Also on the show: The economics of holiday grilling.

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How successful is the American singer-songwriter Beyoncé? When she performed in Sweden last year, the event caused an uptick in the country’s inflation. Adam and Cameron explain.

Also on the show: The economics of Immanuel Kant.

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Elon Musk's car company Tesla is in trouble. Its share price has plunged since the start of the year and the company has laid off thousands of employees. Adam and Cameron dig into the problems at Tesla and the reasons electric car companies in China are doing better.

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With students at Columbia and other universities across the country demanding that their schools divest from Israel over the war in Gaza, Adam and Cameron discuss the economic angle: endowments, investments, and billionaire donors.

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The new film Civil War, which follows a group of journalists making their way across a swath of fractured and war-torn America, is a box-office hit. It’s also an opportunity for Adam and Cameron to speculate on the economic implications of a real civil war in the United States.

For more podcasts, check out the latest episode of Disorder, 'How Small States Can Save the World,' featuring Former President of Armenia Dr Armen Sarkissian: https://linktr.ee/disorderpod

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This episode features a live taping Adam and Cameron did at the John Hopkins School of Advanced International Studies in Washington, DC—covering the possible impact of a wider war in the Middle East and the economics of a future Biden or Trump administration.

For more podcasts, check out the latest episode of Disorder, 'How Small States Can Save the World,' featuring Former President of Armenia Dr Armen Sarkissian: https://linktr.ee/disorderpod

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As the Israel-Hamas war drags on, about half of the Palestinians in Gaza are on the brink of famine, and the other half are experiencing acute food insecurity. Adam and Cameron discuss how humanitarian aid works in a crisis zone and what it would take to rebuild Gaza.

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It will cost up to $3 billion to replace the Francis Scott Key Bridge in the U.S. city of Baltimore, Maryland, which collapsed last month after it was struck by a container ship. Adam and Cameron discuss the implications for the city of Baltimore, the insurance industry, and global shipping.

Also on the show: The economics of Tajikistan.

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To mark the Easter holiday, Adam and Cameron discuss the economic thinking of Pope Francis and how it strays from the traditional approach of the Catholic Church.

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This is the fourth installment of a mini series on the long shadow of COVID-19, marking four years since the start of the coronavirus. In this final segment, Adam and Cameron discuss whether the world is now better equipped to respond to similar crises.

Also on the show: The economics of resort hotels.

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To mark four years since the start of the COVID-19 pandemic, Adam and Cameron are talking about the long shadow of the coronavirus. In Part 3, they look at how the pandemic affected the global economy.

Also on the show: China's economy is facing a major rebalancing. Can it keep rising?

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To mark four years since the start of the COVID-19 pandemic, Adam and Cameron are talking about the long shadow of the coronavirus. In Part 2, they look at the economic impact of long COVID—which afflicts about 10 percent of people who contract the coronavirus.

Also on the show, coinciding with the night of the Oscars: The economics of Oppenheimer’s Manhattan Project—the U.S. endeavor to build the first nuclear bomb.

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To mark four years since the start of the COVID-19 pandemic, Adam and Cameron are launching a miniseries: four episodes on the long shadow of the coronavirus. In Part 1, they look at its impact on the commercial real estate market.

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The United States’ top leaders are older than ever. Is capitalism inherently gerontocratic? Do older leaders govern better or worse historically? And could a leader’s advanced age sap economic confidence and have a pocketbook effect? Adam and Cameron dig in.

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Prabowo Subianto is on track to win the presidential election in Indonesia, raising concerns about a backslide towards authoritarianism in the world's third largest democracy. Adam and Cameron discuss the political and economic implications.

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In today’s episode, Adam and Cameron look at the political realities as they assess both the United States’ and the European Union’s willingness to continue funding Ukraine’s efforts to defend itself against Russia.

In the second segment, the two take a historic look back at how Las Vegas became Sin City and whether or not having a “fun” economy is beneficial to residents in the long term.

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The market value of Novo Nordisk, the Danish company that makes the weight loss drugs Wegovy and Ozempic, hit $500 billion this past week—a rare achievement for a European firm. Novo Nordisk is owned by a non-profit foundation, which gives the company an unusual corporate structure. Adam and Cameron discuss.

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Boeing's stock price has fallen by 14 percent since a hole blew open on one of its 737 Max 9 planes mid flight earlier this month. The plane has had other safety issues over the years. What are the implications for Boeing and its European rival, Airbus? Adam and Cameron dig in.

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The attacks by Houthi militants on cargo ships in and around the Red Sea is posing a serious threat to global trade—serious enough to prompt American-led air strikes on the group in Yemen. Thirty percent of all global containers pass through the Red Sea Strait. Adam and Cameron discuss the economic implications.

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The theme of the 54th annual meeting of the World Economic Forum at Davos is "Rebuilding Trust." Do the rich and powerful have our trust? Do they deserve it? Adam and Cameron dig in.

Also on the show: Will the Biden administration block the $14.1 billion bid by Japan's Nippon Steel to take over U.S. Steel?

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In the coming year, a record number of elections will be held around the world, including in Taiwan, India, Britain, the European Union, and the United States. Adam and Cameron look ahead at 2024 and specifically at the potential impact of these elections.

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Adam and Cameron look at the biggest economic stories of 2023, from inflation surges to the declining growth rate in China to the impact of artificial intelligence on jobs and life generally.

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Just in time for Christmas, Adam and Cameron talk all things Santa and touch on topics ranging from elves, to reindeer, to the political status of the North Pole, in a tongue in cheek look in the holiday. Adam does his best to give real economical analysis to some farcical questions while also offering insight and historical perspective to the holiday celebrated across the globe.

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Member states at the U.N.-led conference on climate change in Dubai have agreed to "transition away" from fossil fuels. Was it an unprecedented deal or a vague agreement that amounts to very little? Adam and Cameron dig in.

Also on the show: Germany's 17 billion euro budget crisis.

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Argentina's new president, Javier Milei, is a far-right libertarian and former television personality. He's also an economist who has promised to slash spending and close the country's central bank. Adam and Cameron dig in.

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Filmmaker Ridley Scott's movie on Napoleon Bonaparte is an ambitious portrayal of a man considered one of the greatest military commanders in history. It's also the worst film Adam has ever seen. On this episode, Adam and Cameron discuss the movie and the man—including his economic policies.

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Wars and climate change around the world have had a huge impact on the insurance industry and the way it assesses risk. Adam and Cameron break it down.

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A 5,000-word essay titled “The Techno-Optimist Manifesto” is getting a lot of attention in Silicon Valley and elsewhere. Written by the venture capitalist Marc Andreessen, the essay is a paean to technology as a driver of wealth and happiness but also a jingoistic glorification of late-stage capitalism and American nationalism. Adam and Cameron discuss.

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This week, Adam and Cameron talk about the United Nations, which operates on an annual budget of $3.4 billion. The money is provided by member states but what does it buy them?

Also on the show: The economics of Sweden.

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Adam and Cam do a live show at the Hertie School in Berlin. The two discuss topics including German political parties, Germany’s relationship to Israel, the efficacy of border walls both physical and virtual, and the state of higher education in Germany.

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The 2023 U.S. deficit is expected to be around $2 trillion — about double the size of the 2022 fiscal year. Adam tends to be less concerned with deficits than other economic experts. But how does he feel about it this time? On today’s episode, Adam and Cameron analyze the current deficit. Then, they explore the World Series in baseball.

Tickets for the livestream of our Oct 27 event in Berlin are still on sale: https://www.hertie-school.org/en/events/event-detail/event/ones-and-tooze-live-in-berlin

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Egypt is struggling economically. Now it’s also facing pressure from the war between Israel and Hamas in the neighboring Gaza Strip. Adam and Cameron dig in.

Also: Harvard University professor and economic historian Claudia Goldin won the Nobel Prize in economics this year for her work studying the gender pay gap. What does that work tell us about today’s labor force?

For other podcasts, check out:

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Hamas’s attack on Israel and the coming Israeli ground offensive in Gaza have significant economic implications for both sides. Adam and Cameron explore.

Hey, Ones and Tooze listeners in Berlin! After the success of the last live show, Adam and Cameron are going to be doing another live taping on Oct. 27 at 7 p.m. at the Hertie School (Friedrichstraße 180, 10117 Berlin, Germany).

Tickets are going quickly. Purchase them here: https://www.podfestberlin.com/event-details/ones-and-tooze-live-in-berlin

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Adam and Cameron devote the entire episode to looking at all aspects of migration as the number of asylum-seekers in Europe is on pace to hit a record 1 million this year. Adam discusses how economically speaking migration is a net-plus for most countries and how it’s vital to invest in housing and other infrastructure in order to absorb new populations.

Hey, Ones and Tooze listeners in Berlin! After the success of the last live show, Adam and Cameron are going to be doing another live taping on Oct. 27 at 7 p.m. at the Hertie School (Friedrichstraße 180, 10117 Berlin, Germany).

Tickets are on sale now. Purchase them here: https://www.podfestberlin.com/event-details/ones-and-tooze-live-in-berlin

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The strike of United Auto Workers raises thorny questions not just about labor in the United States—but also about the fight against climate change. Adam and Cameron dig in.

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Adam and Cameron answer more listener questions, this week about inflation.

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This week, Adam and Cameron mark two years since the start of the podcast. They spend the episode answering listener questions on China.

To sign up for Foreign Policy's excellent weekly newsletter on China for free, go to: https://foreignpolicy.com/category/china-brief/

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Billionaire George Soros has been funding democracy promotion around the world for decades, through his Open Society Foundations. For his efforts, he has become a bogeyman for the far right. But what economic philosophies drive Soros’s charity work? And how do they align with the business strategies that made him so fabulously wealthy? Adam and Cameron dig in.

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Adam and Cameron discuss the common pencil—both a must-have back-to-school item and a metaphor for the free-market economy.

Also on the show: The economics of Mongolia.

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Economic growth in Japan is surging while the U.K. continues its long slump. Adam and Cameron explain what's driving the trends in each country.

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Are Western sanctions on Russia working? The Russian central bank raised interest rates by a dramatic 3.5 percent in the past week after the ruble dropped sharply—clear signs that the Russian economy is faltering. But in many ways, Moscow has defied expectations. Adam and Cameron explain how.

Also on the show: the economics of Niger.

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China is facing a crisis in its real estate market that threatens to impact its economy overall. Adam and Cameron explore the broader issues in China accounting for the slowdown.

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The government of Prime Minister Benjamin Netanyahu has been moving Israel steadily toward authoritarianism, with a series of proposed laws designed to weaken the country’s Supreme Court. In response, many thousands of Israelis have protested, high-tech companies have pulled out, and credit rating agencies are issuing warnings about investment in Israel. Cameron and Adam discuss how all this will impact Israel’s economy and the country’s future.

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For a bonus listen this week, we're sharing an episode from The Hidden Economics of Remarkable Women, a podcast from FP about women creating change through economic empowerment, hosted by Reena Ninan.

The latest season focuses on the role of male allies. When are they effective? Why are they doing this work? And how do they influence men and boys? In this episode, hear how two groups of allies in South Africa are working to end gender-based violence in their country.

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What is U.S. President Joe Biden's economic philosophy? Post-neoliberal? Or maybe pre-neoliberal? Or something else altogether? Adam and Cameron discuss.

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The old debate over equity in Hollywood has become much more complicated thanks to streaming services and artificial intelligence. Adam and Cameron break it down.

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Addressing crises around the world from climate change to poverty will require spending many trillions of dollars. Yet the T-word remains a taboo among politicians. On this episode, Adam and Cameron discuss why we need to embrace it.

Also on the show: The economics of cigarettes.

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This week, Apple became the first company ever to reach a valuation of $3 trillion. Is the company that Steve Jobs built really worth that much? Adam and Cameron discuss.

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The mutiny in Russia led by Yevgeny Prigozhin this past week raises tough questions about the future of President Vladimir Putin. Adam and Cameron discuss the military and economic implications.

Also on the show: The economics of fireworks.

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Europeans recall a time when the European Union’s economy was substantially larger than America’s. But in the past 15 years, the United States has surged, while Europe has declined. On the show this week, Adam and Cameron discuss why that is and what the implications are on both sides of the Atlantic.

Also on the show: the economics of drones.

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On today's episode, Adam and Cam look at the devastating impact Russia's war on Ukraine has had on Ukraine's infrastructure - in particular the destruction of the Kakhovka dam. In the second segment, the two reflect back on the life of former Italian Prime Minister Silvio Berlusconi and try to parse out how much his personal scandals impacted the national economy. 

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An exhibition in Amsterdam of the Dutch painter Johannes Vermeer's works has been sold out for months. But what's in it for the museum hosting the collection? Adam and Cameron discuss the economics of high art and blockbuster art shows.

Also on the podcast: The economics of professional basketball.

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As a special bonus this week, U.S. climate envoy John Kerry joins Foreign Policy’s editor in chief Ravi Agrawal on our new show, Foreign Policy Live. Each week, Agrawal sits down with world leaders and policy experts on the issues that matter most to you. Watch these conversations live by going to foreignpolicy.com/live or listen to the podcast every Friday.

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It's a great time to be in the AI business. Just ask Nvidia, the AI chip company that doubled in value this year. Cameron and Adam discuss whether it's overvalued... or worth every penny.

Also on the show: the economics of Mexico.

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This episode is a recording of a live show Adam and Cameron held at the Prachtwerk in Berlin on May 25, 2023. Topics include the American debt ceiling and Germany's role in the world.

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Turkish President Recep Tayyip Erdoğan's unorthodox monetary policies have caused surging inflation and a currency crisis. And, yet, most voters don't seem to mind. Adam and Cameron analyze Turkey's economy and politics in this episode.

Also on the show: Why is olive oil suddenly so expensive?

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In today's episode Cameron and Adam take a look at the emergence of green hydrogen and its potential for being a major boon to places like Africa and India. Adam also talks about how this green energy source ,which generates a tremendous amount of heat, will help reduce emissions for creating steel and other industrial processes.

In the second segment, grab your backpack, Cameron and Adam take a look at European travel on the cheap. They discuss low cost travel options, hosteling, and which European countries offer the most bang for the buck. (Hint...try Albania!)

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JPMorgan Chase has come to the rescue of the banking industry once again by buying the doomed First Republic Bank. On this week's show, Adam and Cameron discuss what JPMorgan gets from the deal (spoiler alert: higher profits and even more sway in the U.S. financial system).

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The Biden administration has a tough dilemma to work out: how to push back against China's geopolitical ambitions while also maintaining vital economic ties. In this episode Adam and Cameron explore what levers are available to the US and its EU partners to still exert influence and why in the end the existing world powers may need to completely rethink China's role in global institutions.

And a quick note to our listeners in Berlin... Adam and Cameron will be taping a live episode of Ones and Tooze on May 25 at Prachtwerk Berlin. Click on the link below for tickets. Tickets are almost all sold out so don't wait!

https://www.podfestberlin.com/event-details/ones-and-tooze-live

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Iran and Saudi Arabia are exchanging ambassadors a month after announcing their resumptions of diplomatic ties. What will this detente mean for economics in the region?

And a quick note to our listeners in Berlin... Adam and Cameron will be taping a live episode of Ones and Tooze on May 25 at Prachtwerk Berlin. Click on the link below for tickets. Their last show in New York City sold out quickly, so don’t wait!

https://www.podfestberlin.com/event-details/ones-and-tooze-live

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On this episode, Cameron and Adam discuss the Nike Air juggernaut: how Michael Jordan's basketball shoes became a multi-billion dollar enterprise. Also on the show, how austerity measures in Greece contributed a deadly train crash there earlier this year.

And a quick note to our listeners in Berlin... Adam and Cameron will be taping a live episode of Ones and Tooze on May 25 at Prachtwerk Berlin. Click on the link below for tickets. Their last show in New York City sold out quickly, so don’t wait!

https://www.podfestberlin.com/event-details/ones-and-tooze-live

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This week on the show, Adam and Cameron discuss the economy of South Africa, which has come a long way since the end of apartheid in 1990. South Africa is now number 36 on the list of countries ranked according to GDP. But deep economic inequalities persist, as a legacy of the apartheid era.

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Hosts Cameron Abadi and Adam Tooze talk about Berlin, Cam’s home town, on this week’s episode. They grapple with the recent mayoral election and what it says about the economy there. 

Before that, Cam and Adam dig into climate change news. According to the latest report from the Intergovernmental Panel on Climate Change (IPCC), it seems increasingly unlikely the world will be able to limit global warming to 1.5°C. Adam and Cam discuss what countries should be doing with this new information.

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It's been 20 years since the U.S. invaded Iraq and the toll continues to mount. Hundreds of thousands died in the fighting and millions were displaced, when you count the ancillary wars that rippled across the region. Adam and Cameron focus their discussion this week on Iraq's economy, which was devastated by the war and has never fully recovered.

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Adam and Cameron discuss what really caused Silicon Valley Bank to collapse and what other potential calamities to look for in the coming weeks and months.

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Environmentally conscious investing has been a thing for at least two decades now, with many corporations around the world embracing it. But the backlash is now a thing as well, driven largely by anti-woke activists and lawmakers. On the show this week, Adam and Cameron explain the mechanics of ESG—environmental, social and governance investing—and break down the arguments for and against.

Also on the show: The economics of divorce.

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According to the Bureau of Labor Statistics, U.S. inflation rates only rose by half a percentage point in January – the slowest annual rate for inflation in more than a year. Still, after periods of inflation, most economists expect a recession in the near future. But will it be a hard landing recession with many job losses, or a less painful soft landing?

On this week’s episode, hosts Cameron Abadi and Adam Tooze discuss how plausible a soft landing scenario may be. Plus: the financials of therapy, the fourth part of Adam and Cam's special series on the economics of love.

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Poland has had an incredible economic rise since the collapse of communism, even as its government has become increasingly illiberal. Are the two things connected? Or contradictory? Adam and Cameron dig in.

Also on the episode: The economics of marriage.

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As Elon Musk's fortune dwindles to a mere $190 billion, a new oligarch has been crowned the richest person in the world: Bernard Arnault of France. On the episode this week, Cameron and Adam discuss how Arnault made his money and what his empire tells us about his home country.

Also on the show: the economics of chocolate.

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This week's episode happens to overlap with Valentine's Day, so we thought we'd use that as an opportunity to start a new series on the economics of love. For the next several weeks, we're going to be spending part of every show talking about romantic relationships from an economic perspective.

We thought we'd start this week with the place that most romantic relationships tend to start, and that is with dating, specifically with dating apps. And the data point there is 39 39%. That is the share of all heterosexual couples who now report having met their partner online. That makes online including dating apps the most popular single method of meeting a romantic partner more popular than all the traditional avenues, whether through family friends at a bar, their work, church in the neighborhood, etc..

And actually, that means heterosexual couples are only now catching up to same sex couples. 65% of same sex couples say they met their partner online. So they have been ahead of the curve. All this adds up to dating apps, being in the center of our national romantic life. So we thought we'd dig in...

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A special bonus this week, we share an episode from Heat of The Moment, a podcast from FP and the Climate Investment Funds which offers a hopeful perspective on the climate crisis. The latest season focuses on a "just transition," the idea that as we shift to climate-smarter energy, food systems, infrastructure, and more, we bring everyone along. Also that the communities and industries who historically made their living from fossil fuels or unsustainable practices, for example, aren't left behind. And that those most vulnerable to the effects of this transition are heard and also reap the benefits of this new economy.

Follow the series here on Apple or wherever you get your podcasts.

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When activist short-seller Hindenburg Research issued a scathing report about the Adani Group this past week, the value of the Indian conglomerate plunged quickly. Adam and Cameron discuss Hindenburg's findings and what they say about the Indian economy.

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With news that Western countries will send tanks to Ukraine, Cameron and Adam discuss how the weapon system could help fend off Russia—and why it won't.

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Three years ago, a new virus wreaked havoc on China and triggered a public health and economic crisis around the world. Today, COVID is still roiling China and destabilizing the world economy.

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Dr. Martin Luther King, Jr., was a towering figure in the history of American civil rights. But he also had an economic philosophy, and he expressed his ideas late in life about capitalism, communism and the right path for the United States. As Americans observe King's birthday in the coming week, Adam and Cameron discuss his approach to economic policy and justice.

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How did The Bahamas become a global center for money laundering, tax avoidance, and financial engineering? Adam and Cameron take up this question following the collapse of FTX, which had its headquarters in the island country. Also on the show: Is the fusion revolution really here?

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On this episode, Adam and Cameron discuss three things that could roil the world's economy in 2023: the downturn in the U.S. housing market, the yield curve control of the Bank of Japan, and the debt crisis in Africa.

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The United States is challenging the very authority of the World Trade Organization—which it helped establish decades ago. Adam and Cameron discuss why and what a weakened WTO would mean for the world.

Also on the show: Why Americans give more to charity than anyone else in the world (hint: it's less about altruism and more about how Americans organize themselves).

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Adam and Cameron look back at the first 10 months of Russia's war in Ukraine and its economic impact around the world. They also discuss the economics of...snow—just in time for the winter.

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Natural gas has made Qatar among the wealthiest countries in the world. On this episode, Adam and Cameron discuss whether global warming and other factors will change the country's economic outlook. Also on the show: ChatGPT is pushing AI into the mainstream. What does it mean for labor markets?

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China was one of the first countries to produce a COVID vaccine but nearly three years into the pandemic, only 50 percent of its population is vaccinated. Why is that? And why did Chinese leaders opt for lockdowns instead of a more aggressive vaccination campaign? On this episode, Cameron and Adam unpack the issue and assess what sustained protests could mean for China and the world.

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Ever want to know why turkeys are actually cheaper around Thanksgiving or the origins of Black Friday? Get ready to be the smartest person at the holiday table as Adam reveals some of the lesser known economic histories of Thanksgiving. In the second segment Adam and Cameron share what they've been most thankful for this past year.

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This week on the show, hosts Cameron Abadi and Adam Tooze analyze how the $32 billion cryptocurrency company FTX went bankrupt and its implications for crypto more generally. They also discuss inflation’s surprisingly small role in the U.S. midterm election results.

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Adam and Cameron discuss the work of French philosopher Bruno Latour, who died last month. Latour was not an economist but his ideas touched on related issues, including climate change, economic growth, and the relationship between scientific inquiry and facts. His work had a profound influence on Adam.

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On this episode, Cameron and Adam discuss the challenges facing Luiz Inácio Lula da Silva, the new leader of Brazil. Also on the show, a report card for Olaf Scholz, who began serving a year ago as Germany's chancellor.

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This week we bring you a live recording of Ones and Tooze, taped at the Caveat Theatre in New York City. The show begins with a segment on Adam himself—how he came to be an economic historian and what political and philosophical tenets underpin his writing. Cameron and Adam also discuss the malign influence of billionaire Peter Thiel on American politics, and the declining importance of Wall Street as a place to hang out your shingle.

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This week on the show, Cameron and Adam discuss Liz Truss's resignation, and the economics of Halloween. They also address listener questions.

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In what's becoming an annual traditional, Adam and Cameron examine the Nobel Economics Prize. This year former U.S. Federal Reserve Chair Ben Bernanke as well as economists Douglas Diamond and Philip Dybvig won for their research on preventing bank runs. Adam notes that while the study of bank runs isn't new, the work of this trio helped provide greater understanding of the macroeconomic forces behind banking.

In the second segment, the two reflect on the recent protests in Iran and the current role of women in the country. They also take a broader view of the Iranian economy and its tremendous potential if it were to allow full participation from women and was no longer under international sanctions.

Want to see Adam and Cameron's live show but won't be in NYC on October 25th? Click here to buy tickets to watch the live stream or on demand for a full week afterward.

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Winter is coming and Europe is facing an energy crisis that people are calling "generational." Gas prices are now eight times what they were on average over the past 10 years and eight times more expensive than in the United States. On the show this week, Adam and Cameron discuss how bad it could get and why next year could be even worse.

Hey Ones and Tooze Listeners in NYC, come check out our first live show on Oct 25th at 7pm. Click here to purchase tickets. Not in NYC? No problem! Click here to sign up for a virtual ticket.

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The economic news from Britain could hardly be worse. In the weeks since Liz Truss became prime minister, the British pound has fallen to historic lows, financial markets lost $500 billion, and the IMF has issued warnings. Adam and Cameron explain what happened and where things go from here.

Also: India's economy is surging but why hasn't New Delhi been able to match Beijing's economic success of the past few decades?

Hey Ones and Tooze Listeners in NYC, come check out our first live show on Oct 25th at 7pm. Click here to purchase tickets. Not in NYC? No problem! Click here to sign up for a virtual ticket.

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In today's episode hosts Cameron Abadi and Adam Tooze preview the upcoming Italian election and the rise of Giorgia Meloni. Her party, Brothers of Italy, is leading in the polls and has a lineage that connects it directly to former Italian fascist dictator Benito Mussolini. They also examine the current appeal of far-right rhetoric in Italy and the long term implications a Meloni government would have on the country's economy.

In the second segment the two dissect the economic history of Australia, from its beginnings as British penal colony to its more recent decades-long run of positive growth.

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In this episode hosts Cameron Abadi and Adam Tooze take a look at how Ukraine's war against Russia is straining the country's finances and the increasing pressure the US and EU will face to save the country from financial collapse. In the second segment, in the wake of the passing of Queen Elizabeth II, the two examine the UK's financial relationship with its monarchy and how it's evolved over the centuries.

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China's economy is projected to grow by four percent this year, a rate that many countries would envy. But with China's track record, that number could actually be a harbinger of bad news. On today's show, Adam and Cameron discuss the mechanics of the Chinese economy and why it's unlike any other in the world.

Also on the show: Golf has been described as a game of strenuous idleness. How did it become an $84 billion industry in the United States?

And... Adam and Cameron will be doing a live taping of the show in New York City on October 25th! This is the podcast's first-ever live show, at an intimate venue on the Lower East Side. Seating is limited! Follow the link for tickets (livestream available as well). https://www.caveat.nyc/events/ones-and-tooze-live-10-25-2022

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As NASA prepares for new missions Adam and Cameron look at the cost of space exploration and how America views its return investing in the space program. The two also discuss what a possible lunar economy might look like. In the second segment Adam answers listener questions on everything from how to get the rich to pay their fair share to the economics of union organizing.

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Hosts Adam Tooze and Cameron Abadi look at the Jackson Hole Economic Symposium taking place this week and talk about its history and its significance in influencing world economics. And in the second segment the two discuss the massive teacher shortage occuring in the United States this year and how teacher salaries have failed to keep pace with the salaries of similarly educated professionals.

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For the news data point this week Cameron and Adam look at the proposed merger of Penguin Random House with Simon & Schuster as well as the tragic attack on acclaimed novelist Salman Rushdie. The two then discuss the overall state of the publishing industry and how digitization has impacted the business model for major publishing houses as well as their relationship with libraries.

In the second segment the two discuss the astronomical inflation currently underway in Argentina. Adam gives a historical look back at the Argentine economy and details the decline that has lasted for nearly a century. The two also talk about how uncertainty in the price of food has had a negative impact not only on GDP but mental health as well.

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On the show this week: The Inflation Reduction Act isn't the climate change revolution that some Democrats had hoped for. But it could signal a shift in the power balance between the fossil fuel industry and the renewable energy industry.

Also: How much will it cost to rebuild Ukraine when the war finally ends and who will foot the bill?

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In this episode Cameron and Adam discuss how the US dollar has reached near parity with the Euro and is the strongest it's been in nearly two decades. The two review what that means for exports and imports and what it says about the overall strength of the US economy. Plus a look at how some Americans are finding it cheaper to buy homes in Europe rather than the US and what that says about the housing markets at home and abroad.

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On this episode, Adam and Cameron discuss stagflation—possibly the most ominous portmanteau in the English language. It's the double whammy of inflation combined with zero or negative economic growth. How can the two coexist? And what does stagflation mean for the world economy?

Later on the show, they talk about dinosaur bones and the economics of Jurassic Park—if it could actually exist.

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With the latest political turmoil in Italy, Adam and Cameron consider a bewildering data point: The country has had 67 governments in the past 75 years. Why are Italian politics so chronically unstable and what does the economy have to do with it?

Later in the show: The economics of food insecurity.

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As U.S. President Joe Biden visits Saudi Arabia, where he hopes to get more oil, Adam Tooze and Cameron Abadi look at the broader state of the Saudi economy. Then, Adam and Cam answer a first batch of listener-recorded questions. Expect a lot more soon.

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Adam and Cameron look at dropping prices for crude oil and forecast what that might mean for the global economy. And they take a broader look at energy consumption and what can be done to curb it in times of crisis. In the second segment the two take a deep dive into playgrounds and the history of how they've been valued.

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NATO is enlarging its rapid response force from 40,000 to 300,000, in light of Russia's invasion of Ukraine—a huge expansion. But who will foot the bill and how will the force operate in practice? Adam and Cameron discuss these and other questions in the first segment of the episode. Then, to mark the July 4th holiday, they dive into the history and economics of...hot dogs.

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On this episode, Adam and Cameron explain why flight disruptions and cancellations are the new normal. They also discuss the economics of summer vacation.

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It has been a rocky week for the U.S. economy, with record high inflation reports and the Federal Reserve increasing benchmark interest rates by three-quarters of a percentage point. This is the steepest hike in close to thirty years. In this episode, Adam and Cam make sense of this spike and ponder what the Biden administration should do to curb inflation – if anything. 

Later on, they set their eyes on Colombia, which has a presidential election on Sunday. For the first time in Colombia, there's a high likelihood they may elect a left-wing president. Adam and Cam analyze why right-wing economics have been such a large part of Colombian history and what presidential candidate Gustavo Petro’s proposed policies could do for the country.

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In this episode, Cameron and Adam dive deep into the economics of bunkers. Mostly seen as relics of the Cold War, they now are gaining renewed interest with the conflict in Ukraine. Then, the two discuss the Faroe Islands, a self-governing archipelago in the North Atlantic ocean. Despite its tiny size and dreary climate, it has managed to thrive economically with a robust fishing industry.

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With the U.S. Supreme Court apparently poised to overturn abortion rights, Adam and Cameron discuss the potential economic impact on women. Later on the show, they look at the economic indicators that characterized the 1970s—inflation, high energy prices, and slower growth—and discuss whether our national feeling of déjà vu is warranted.

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It was hard not to think about the mass shooting at Robb Elementary School in Uvalde, Texas. In this week’s show, Cam and Adam look at where funding for school safety actually goes and what emerging research tells us about the long-term impact of school shootings on children’s futures. Later in the show, with Adam in Davos, Switzerland for the World Economic Forum, Adam and Cam consider what makes the Swiss economy special.

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With the collapse of stablecoin and the blow to cryptocurrencies like Bitcoin hosts Adam Tooze and Cameron Abadi take another look at crypto markets and parse out what's behind their instability. Plus, a look at the link between air conditioning and productivity and why climate change is making cooling technology increasingly vital.

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The U.S. unemployment rate is 3.6 percent, the lowest it’s been since the pandemic began in March 2020. So why aren’t we celebrating that? Adam and Cam dig into the other things bumming people out about the economy, as well as how low unemployment and inflation impact each other. In this first segment, Adam and Cam also answer the show’s first-ever listener audio question! After that, they look at Africa’s population boom and the economic questions that come along with it.

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This wonderful, nearly ten minute tangent did not quite make its way into our latest episode. But we thought many of you would appreciate Cameron and Adam's Berliner discussion. So here's that whole segment as a bonus May Day special.

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In this episode, Cameron and Adam look ahead to the upcoming May Day celebration and discuss the roots of this holiday as well as the current state of the labor movement. In the second segment, they talk about the economic impact of the massive outpouring of refugees from Ukraine both for Ukraine and for the host countries receiving Ukrainians.

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In this episode Cameron and Adam discuss how inflation is having an impact on wide swaths of the US economy and what tools are available to curb the rise. Adam also looks back at past inflation crisis to help decipher what course may be most prudent this time around. In the 2nd segment, the two discuss the critical state of Sri Lanka's economy which has suspended payments of its 51 billion dollars of foreign debt. Adam says Sri Lanka's crisis may be a harbinger for other developing economy which are still reeling from the impact of the Covid-19 crisis.

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On paper, at least, the American tax code is one of the most progressive in the world. In reality, it's deeply unfair and inefficient. On this episode, Adam and Cameron discuss how it got this way and how it compares to the systems of other countries.

Also, to mark Easter Sunday, Cameron and Adam discuss the financial state of the Catholic Church.

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Western sanctions on Russia after its invasion of Ukraine quickly led the Ruble to lose more than 45 percent of its value. But these days, the Russian currency is back to its pre-war value. Cameron and Adam explain the turnaround and discuss what it means for the war.

Also on the show: The economics of canned fish.

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The first round of the French presidential election is coming up on April 10. On the latest episode of Ones and Tooze, Adam and Cameron analyze what French President Emmanuel Macron’s views really are – and what it says about how France has changed. 

Also, there’s an April Fools’ Day special: a segment on the economics of humor.

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More than 100,000 people currently want to evacuate the besieged city of Mariupol in Ukraine. On this episode of Ones and Tooze, Adam Tooze and Cameron Abadi look at the significance of this port city to Ukraine and Russia’s military campaign. 

Also on the show, Tooze and Abadi commemorate the Godfather’s 50th anniversary.

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More than 50 million people are living under lockdown restrictions in China amid a dramatic surge of COVID cases. Adam and Cameron discuss the potential economic impact for countries around the world.

Also, just in time for spring, a segment on the global flower industry, worth some $8.5 billion.

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As the war in Ukraine entered its third week, the price of a barrel of oil peaked at $130, its highest since 2008. The pain is already spreading around the world—to people who rely on gas to get to work or oil to heat their homes. On the show this week, Adam and Cameron discuss the possible longterm effects of the spike, including the impact on inflation and climate change.

Also on the show: Don't bet against New Yorkers. In the first month since gambling became legal in the state, residents put down a record $2 billion in wagers.The real winners are the tax authorities.

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On this episode, Adam and Cameron discuss the sanctions Europe and the United States have imposed on Russia's economy in response to its invasion of Ukraine. The penalties are unprecedented in scope but will they bring an early end to the war?

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On this episode, Cameron and Adam discuss the sanctions President Biden has imposed on Moscow over its invasion of Ukraine and the gaping hole that allows Russia to continue exporting oil and gas.

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Adam and Cameron take a closer look at the economics of the Canadian trucker protest to see how much damage one blockade can inflict on the entire Canadian economy and why a singular bridge has such outsized importance for trade between the US and Canada. In the second segment, a look at the Winter Olympics from an economic standpoint; how beneficial are they for the host country, the IOC, and individual athletes? And how much is an Olympic gold medal actually worth?

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The U.S. economy grew close to 6% in 2021, the strongest year in nearly four decades. On this episode of Ones and Tooze, Adam Tooze and Cameron Abadi analyze how we have bounced back from the pandemic recession, and what ways the economy is still falling short. Spoiler: It’s more than inflation. 

Also on this show, a Valentine’s Day special: Tooze and Abadi look into why perfume is booming and how the scent industry actually works.

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The cryptocurrency market has lost some $1.1 trillion in value over recent months. On this episode, Adam and Cameron discuss what accounts for the tumble and what function crypto serves beyond its appeal to financial speculators.

Also on the show, the last of our lifecycle segments focuses on inheritance and, more specifically, on where the vast fortunes accumulated by the Baby Boomer generation will go when its members die off.

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If Prime Minister Boris Johnson loses his job over the the scandals now engulfing the British government, his political obituary will focus on just three things: Brexit, COVID, and Partygate. On this week's episode, Adam and Cameron discuss the sordid legacy of a man who seemed almost invincible just two years ago, and analyze the economic impact of Johnson's policies.

Also on the show, part three of the lifecycle series: The Tawdry Arithmetic of the Midlife Crisis.

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It's been lampooned as a gathering of "the rich and the clueless." U2 lead singer Bono referred to its attendees as "fat cats in the snow." So what makes the World Economic Forum's annual conference in Davos so closely watched? Co-host Adam Tooze has been there twice and would have traveled to Switzerland again this year had the confab not been relegated to online-only status thanks to Omicron. Instead, he talks to Cameron Abadi about what really happens in Davos and how the super rich differentiate themselves from the run-of-the-mill aristocrats there.

Also on the show: Part two of our lifecycle series, this one focusing on education.

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Talks with Russia to resolve the Ukraine crisis hit a dead end this week. As Foreign Policy reports, top Biden administration officials have reiterated the possibility of economic actions against Russia if it invades Ukraine. ​​On Ones and Tooze this week, Cameron Abadi and Adam Tooze explain how potential U.S. sanctions against Russia would work, and analyze the state of Russia’s economy in general. 

Later in the show, our hosts delve into the first of a four-part series on what they’re calling “life cycle” economics – basically, the macroeconomic implications of the biggest stages of our lives. They start with conception, or the cost of creating life. More specifically, they look at why the demand for egg freezing has soared during the pandemic.

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After watching the Beatles: Get Back sessions, Cameron Abadi was inspired to dive deeper into the economics of the Beatles versus the Rolling Stones with Adam Tooze. So, rock lovers rejoice, that’s what you’ll get in the second half of Ones and Tooze this week. 

But first, Tooze and Abadi dig into the heated online debate over price controls. For those not following, the internet somewhat broke over a Guardian op-ed arguing that price controls could fight inflation. Tooze tempers the hysteria and looks at the historic data.

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When we first aired this episode of Ones and Tooze on why prices are rising, analysts were warning of a possible inflation crisis. Now, two months later, the crisis is here, with inflation at a four-decade high. Listen to hosts Cameron Abadi and Adam Tooze discuss how inflation works and what it means for ordinary people around the world. 

Also on the show: what Germany’s increasing demand for Italian pasta says about the European Union economy. 

This is our last episode of 2021, so happy new year! We’ll be back in January.

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Congress has approved a $768 billion defense budget for 2022. If the Pentagon were a private company, would it be bigger than Amazon? Walmart?

Also, can $859 billion buy you love? Or at least domestic goodwill? That's the amount of money Americans will spend on themselves and their loved ones ahead of the Christmas holiday.

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With President Joe Biden's Democracy Summit underway, Adam and Cameron discuss whether democratic principles help or hinder economies. The answer is more complicated than you might think. Also, if you have an old Ford Escort or other classic car, hang onto it. You might get rich.

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U.S.-led sanctions have devastated Iran's economy over the past decade but have failed to curb the country's nuclear program. On this episode, Adam and Cameron discuss why sanctions sometimes work—and often don't.

Also on the show: The travel and tourism industries accounted for a whopping 10.4 percent of GDP worldwide. Then COVID-19 came along.

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10.4 million—that’s the number of jobs that are currently unfilled in the U.S. economy as of September, according to the latest data from the Bureau of Labor Statistics. That’s not much different than the record high of 10.9 million openings that were recorded back in July. As vaccinations have increased, and the economy has continued to open up, employers have been finding it incredibly difficult to find workers to fill jobs.

Economists are calling it The Great Resignation—this phenomenon of people exiting the labor force in droves, and employers struggling to fill their openings. Adam and Cameron examine The Great Resignation and what it may portend for the economy.

And then in 2nd segment the two discuss the billions of dollars Americans spend each year in the growing market for pet food. Is this consumerism run amok or does the connection between humans and pets tell a different story about the value of animal companionship?

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President Biden's infrastructure bill allocates $15 billion to making electric cars more popular in the United States. Cameron and Adam discuss how that money will be spent and why the United States is still way behind China when it comes to infrastructure for electric cars.

Also on this episode: Why COVID has been terrible for the American healthcare economy.

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On this episode, Adam Tooze and Cameron Abadi discuss the moves and countermoves of the bond market and the Federal Reserve Chairman in response to inflation.

Also: A new alliance of banks and investment funds is committing $130 trillion to carbon neutral projects in the next 30 years. Green altruism or green washing?

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On this episode, why Adam Tooze is optimistic ahead of the climate summit in Glasgow and how COP26 really works.

Also: The food crisis around the world that could become a humanitarian crisis and even a political one.

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Inflation is rising quickly. Cameron Abadi and Adam Tooze discuss the who, the why and the whattheheck? Also, why are Germans are eating so much Italian pasta and what does it tell us about the European economy?

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This week Cameron Abadi and Adam Tooze discuss the economists who won the Nobel Prize—for helping make the science of economics…more scientific.

Also: Whatever happened to cap and trade? The strategy for stemming climate change is largely dead in the United States but surging in Europe.

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On this episode of Ones and Tooze, Cameron Abadi and Adam Tooze discuss the scandal swirling around Kristalina Georgieva, who runs the International Monetary Fund. Also, what the steep rise in China’s life expectancy says about China—and about the United States. 

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On this episode of Ones and Tooze, Cameron Abadi and Adam Tooze discuss the results of the German election and the economic policies of the winner, Olaf Scholz, of the Social Democratic Party. Also: Why is Greece, a country with huge debt and a terrible financial record, able to borrow money virtually for free?

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On this episode of Ones and Tooze, Cameron Abadi and Adam Tooze discuss the Chinese company Evergrande and its $300 billion debt—that has prompted panic in U.S. markets and raised fears of economic contagion. Also: Why other wealthy countries have bullet trains while the United States has... Amtrak.

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On this first episode of Ones and Tooze, Cameron Abadi and Adam Tooze discuss two stratospheric numbers: 28.5 trillion and 3.3 billion. One refers in dollars to the U.S. debt ceiling and the other corresponds to the number of people furloughed around the world during the pandemic.

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What does China’s life expectancy say about the current moment? How does the jump in U.S. interest rates back in 1994 help us understand inflation risks today? These are some of the data points that Foreign Policy columnist and acclaimed author Adam Tooze will unpack each week on Ones and Tooze, FP's new economics podcast. Join Tooze along with FP deputy editor Cameron Abadi as they connect the dots for listeners and explain how the world works. Check out Tooze’s column at https://foreignpolicy.com/author/adam-tooze/

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