Marketplace All-in-One

Doubts about Britain’s fiscal policy hang over the fall of its currency, the pound. On the side of the U.S., markets experienced a bit of a turnaround after a rugged week. Then, we check in on how the world of social media is trying to catch up to TikTok.

The British government unveils a tax cut plan as its currency drops in value. We then look into what happens when you send hundreds of millions of dollars to the wrong people by accident.

From the BBC World Service: Sterling bottoms out at a low not seen since the U.S. dollar was created 230 years ago. The markets saw a continued sell off of the British currency after huge tax cuts were unveiled by the U.K. treasury last week. And in Italy, Giorgia Meloni seals victory for the far right after touting tax cuts, immigration restrictions and Euroskeptic economic reforms.

Painters, musicians, writers — artists in virtually every medium — often struggle to make enough revenue to create their art because there are so many layers between them and the people who buy their work. We’re talking gallery commissions, record label contracts, even bookstore overhead costs. Increasingly, tech companies add another layer. And many argue that’s bad for the arts. Activist-journalist Cory Doctorow and law professor Rebecca Giblin addressed these issues in their book, “Chokepoint Capitalism: How Big Tech and Big Content Captured Creative Labor Markets and How We’ll Win Them Back.” It will be out Tuesday. Marketplace’s Kimberly Adams speaks with Doctorow about what chokepoint capitalism entails.

Central banks all over the world are on a interest-raising spree. We’ll explain why that raises the risk of a recession. Buckle up, folks! Plus, how a volcano eruption led to the discovery of a new island in the Pacific Ocean. And Kimberly Adams gives us a lesson in pawpaw fruit harvesting!

Here’s everything we talked about today:

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The soft landing the Federal Reserve hopes for the economy appears increasingly out of reach. Stocks tumbled this week and fears of a global recession loom, but Fed Chair Jerome Powell isn’t looking to back off his inflation fight. Today, we’ll try to chart the rocky path ahead. Plus, a look at natural gas reserves, a check-in with publishers and booksellers, and a taste of the nonalcoholic beverage industry.

The Labor Department also notes what kind of fraud, and where. The SEC has charged Boeing with misleading investors after two deadly crashes. The worlds of commercial and residential construction carry differing experiences within the economy.

The SEC has charged Boeing and its ex-CEO for misleading investors in the wake of two deadly crashes. The Fed paints a harsher unemployment picture. Puerto Rico’s water system is reeling in the wake of Hurricane Fiona.

From the BBC World Service: After President Vladimir Putin announces mobilization of hundreds of thousands of reservists, Serbia experiences an influx of Russians hoping to avoid the war in Ukraine. U.K. Chancellor Kwasi Kwarteng slashes taxes for high earners in a “mini-budget” the government says will boost growth. And is Italy lurching to the right? The BBC’s Mark Lowen travels to Sicily ahead of elections on Sunday.

A Texas law banning social media companies from applying certain content moderation policies was recently upheld by the 5th U.S. Circuit Court of Appeals. The 2021 law prohibits platforms from banning or restricting content based on the “viewpoints” of users. Now, tech companies will have to appeal to the Supreme Court if they want to avoid legal risk in the state. Marketplace’s Kimberly Adams spoke about this case on the show back in May, when the Supreme Court put the implementation of the law on hold while the case ran its course. Issie Lapowsky, chief correspondent at Protocol, helped Adams back then and joins her again for an update. She says tech companies are in a tough spot.