Marketplace All-in-One

A massive real estate company is freaking out the global markets. The Evergrande Group is sitting on tons of debt, and investors worry it could go broke and send ripple effects throughout China and beyond. We’ll explain the Evergrande crisis. Plus, you’re awesome! A big shoutout to all the “Make Me Smart” listeners who helped us beat our fundraising goal. And please send photos of you in your banana pants!

Here’s everything we talked about today:

Read the transcript here.

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Pfizer announced today that a smaller dose of its COVID-19 vaccine is proving safe and effective for children ages 5 to 11. If FDA emergency approval goes as planned, kids could be getting their shots by Halloween. This could, among other things, help moms get back to work. And later: how the weather affects what we buy; an Afghan American humanitarian reflects on the recent upheaval; and a look at what corporate pledges actually accomplish.

Many school districts are struggling to find substitute teachers. One reason is surging COVID cases in some areas, prompting administrators to juggle quarantine-sparked sick days and absences. Julia Coronado chats with us about the sharp drop in stock markets, and what China might have to do with it. We discuss natural gas prices. And, the BBC reports on whether or not undersea mining could be the solution to acquiring more hard-to-find metals for electric vehicle batteries.

In a Wall Street Journal op-ed over the weekend, the U.S. Treasury Secretary said a national debt default would permanently weaken the U.S. and make consumer borrowing more expensive. We explain how this warning might be different than others. Michael Hewson joins us for a chat about the economy. Also, vinyl record sales have been enjoying quite the climb up the sales charts.

From the BBC World Service: The cost of natural gas is soaring across Europe. In the U.K., wholesale prices are 250% higher than they were in January, sparking fears many of the country’s energy supply companies could collapse unless the government takes action. Shares tumble 10% for Chinese property conglomerate Evergrande. The company owes $300 billion, and investors are concerned it will be unable to meet loan interest payments due this week. And electric vehicles need batteries, and batteries require hard-to-find metals. Is undersea mining the answer?

For those in prison, privacy is already hard to come by. Now, the Electronic Frontier Foundation is looking at patent applications from some companies that provide communication services to prisons. Some of the applications they’ve seen include ideas to incorporate ads on tablets that would be given to incarcerated people and plans for systems that would identify and disable drones suspected of bringing in contraband. Marketplace’s Jed Kim speaks with Beryl Lipton, an investigative researcher with the EFF. Lipton says there are even ideas for robot guards that could deliver packages or electric shocks, depending on the situation.

Today, a group of advisers to the Food and Drug Administration voted to reject a plan from the White House to approve vaccine boosters for most Americans. That was followed up by a vote to approve boosters for people who are at serious risk of coronavirus disease or over the age of 65. We’ll talk about what makes the discussion around boosters so complicated. We’ll also talk about the Pentagon’s acknowledgment of a drone strike gone very wrong. Finally, we wrap up the show with a round of our favorite game, Half Full/Half Empty.

Give now to support the show you love and to get the “Make Me Smart” banana pants and ringtones! Marketplace.org/givesmart.

Here’s everything we talked about on the show today:

Read the transcript here.

Progressive Democrats are pushing President Joe Biden to appoint a Federal Reserve chair who will be more proactive about climate change than Jerome Powell. Before the Fed could act more rigorously, however, Congress would need to direct it to. Claudia Sahm, a former Federal Reserve economist, joins us to discuss. Plus: The Weekly Wrap, some background on that pesky computer chip shortage and the building buzz around drive-thru coffee shops.

The Justice Department has moved to block the opioid settlement between OxyContin maker Purdue Pharma, saying the deal would unfairly protect the Sackler family, which owns Purdue, from future litigation. Italy becomes the first European nation to mandate proof of vaccination and other safeguards for public and private employees. We also have a discussion about the economic legacy of the Camp David accords between Egypt and Israel.

The third installment of the advance child tax credit hit the bank accounts of most American households with children this week, but a new national survey suggests that some low-income families may not be getting them. President Biden is set to hold a virtual meeting with world leaders to discuss climate change in light of recent hurricanes and other climate-related incidents. China wants to sign up for a partnership that was originally designed to counter its trade practices. The BBC checks in with a preview of the elections in Germany to pick the next chancellor.