The Economics Show

It wasn’t the Trump administration’s first attack on the Federal Reserve – but it was perhaps the most shocking. The Department of Justice’s criminal investigation into Jay Powell – nominally over his testimony about the refurbishment of Fed buildings – has ramped up pressure on the Fed chair, whom Donald Trump has frequently criticised over the central bank’s interest rate stance. Will Trump succeed in imposing his will on the Fed, and how might the world’s most important financial institution fight back? Is there any hope that the next Fed chair will stand up to Trump? FT US economics editor Claire Jones speaks to the Fed's former vice-chair Don Kohn.Further ReadingHigh-stakes Powell probe carries risks for US justice departmentCentral bank chiefs ‘stand in full solidarity’ with Jay Powell Justice department’s probe into Jay Powell galvanises Fed leaders to repel Donald Trump’s attacks Claire Jones is the FT’s US economics editor. You can find her articles here.Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Claire Jones. Produced by Mischa Frankl-Duval. The executive producer was Manuela Saragosa. Original music from Breen Turner, and sound design by Breen Turner and Sam Giovinco.

Affordability is set to be a key issue in US politics ahead of the country’s midterm elections. And though American politicians often express their support for the country’s middle class, life has become progressively more difficult for that group, Mechele Dickerson argues. The University of Texas law professor explains how sluggish wage growth, housing policy and the growth of personal debt have made it harder to secure the markers of middle class life.Claire Jones is the FT’s US economics editor. You can find her articles here Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen. Presented by Claire Jones. Produced by Mischa Frankl-Duval. Manuela Saragosa is the FT’s acting co-head of audio. Original music from Breen Turner, and sound design by Sam Giovinco.Read a transcript of this episode on FT.com

Some of the world’s biggest financial institutions are reeling after the collapse of a little-known car parts supplier: First Brands Group. The company filed for bankruptcy last month, and since then, FT reporters have shone a spotlight on billions of dollars of hidden debt and a secretive founder whose borrowing habits left creditors exposed. The FT’s corporate finance editor Robert Smith and banking editor Ortenca Aliaj walk through their investigation and explain how this event has raised questions about potential cracks in private credit.  This is a repeat of an episode published on Behind The Money, a sister podcast of The Economics Show, on October 29, 2025For further reading:The secretive First Brands founder, his $12bn debt and the future of private creditFirst Brands Group: dude, where’s my cash?First Brands bankruptcy: the losers — and winnersFollow Robert Smith on X (@BondHack), or on Bluesky (@bondhack.ft.com). Michela Tindera is on X (@mtindera07) and Bluesky (@mtindera.ft.com), or follow her on LinkedIn for updates about the show and more. 

The European Commission must urgently dismantle internal trade barriers that are stifling innovation, productivity and investment across the EU. So says Christine Lagarde, president of the European Central Bank, in a conversation with the FT’s chief economics commentator, Martin Wolf, as she calls for immediate structural reforms and explains why this is the moment to do it.This interview was recorded on December 10 as part of the FT’s The Global Boardroom conference.Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Sound design and original music by Breen Turner.Read a transcript of this episode on FT.com

In this final episode of their series for The Economics Show, FT chief economics commentator Martin Wolf and Nobel laureate Paul Krugman consider listeners’ questions and comments ranging from a critique of globalisation, increasing inequality and plutocracy, the global appetite for US federal debt, China’s economic future and much more.Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s substack hereFind Paul’s cultural coda here.Find Martin’s cultural coda here.Produced by Mischa Frankl-Duval and Josh Gabert-Doyon. Manuela Saragosa is the executive producer. Tom Hannen is the video editor. Sound design and original music by Breen Turner.Read a transcript of this episode on FT.com

The US last week released its new national security strategy – and it wasn’t good news for Europe. The document, which sets out US foreign policy priorities, blasted Europe for undermining “political liberty and sovereignty”, de-emphasised the threat from Russia, reframed America’s competition with China and put influence over the western hemisphere at the top of the US agenda. In this episode, FT chief economics commentator Martin Wolf and Nobel laureate Paul Krugman discuss what the impact of this new US strategy may be. How should Europe react to this sharp turn from its strongest historical ally? And is Trump handing China the world on a silver platter?Email any questions for Martin and Paul to economics.show@ft.comSubscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s Substack hereFind Paul’s cultural coda here.Find Martin’s cultural coda here.Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Tom Hannen is the video editor. Sound design by Breen Turner. Original music by Breen Turner.The Wolf-Krugman Exchange: America vs the world videoRead a transcript of this episode on FT.com

Donald Trump promised to bring industrial jobs back to America when he swept to victory in last year’s presidential election, powered by a 12-point lead among male voters, but can he really deliver? In the second of this four-part series, the FT’s chief economics commentator Martin Wolf and Nobel prize-winning economist Paul Krugman discuss the economic plight of American men - why their problems are real, but Maga’s proposed solutions are not. Plus, they consider the policy platform of another populist, the newly elected mayor of New York City, Zohran Mamdani, and whether his affordability agenda can translate into a nationwide policy for the Democrats.Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here Subscribe to Paul’s substack hereFind Paul’s cultural coda hereFind Martin’s cultural coda hereProduced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Sound design by Sam Giovinco and Breen Turner. Original music by Breen Turner.Read a transcript of this episode on FT.com

As President Donald Trump approaches the one-year anniversary of his second term in office, the FT’s chief economics commentator Martin Wolf, and Nobel prize-winning economist Paul Krugman sit down to discuss the US economy and the state of American democracy. Are American consumers finally feeling the effect of Trump’s tariffs? Is AI to blame for the frozen labour market? Or is the spectre of a weakening democracy and plutocracy to blame for slumping consumer sentiment? In the first of four weekly episodes, Wolf and Krugman unpick the US and world economy, with Krugman explaining why he’s less pessimistic now than he was earlier this year.Subscribe and listen to this series of The Economics Show on Apple Podcasts, Spotify, Pocket Casts or wherever you listen to podcasts. Read Martin’s column here.Subscribe to Paul’s Substack here.Find Paul’s cultural coda here.Find Martin’s cultural coda here.Produced by Mischa Frankl-Duval. Manuela Saragosa is the executive producer. Original music and sound design by Breen Turner.Read a transcript of this episode on FT.com

In this four-part series starting on Wednesday November 26, FT chief economics commentator Martin Wolf and Nobel-prize winning economist Paul Krugman take stock after (almost) a year of Donald Trump’s second term and assess the impact of his presidency on the US and world economy and democracy everywhere.Martin Wolf is the FT’s chief economics commentator. You can find his articles here: https://www.ft.com/martin-wolfYou can find Paul Krugman’s Substack newsletter here Subscribe to The Economics Show on Apple, Spotify, Pocket Casts or wherever you listen.Presented by Martin Wolf. Produced by Mischa Frankl-Duval. The executive producer is Manuela Saragosa. Original music and sound design by Breen Turner.