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Last year, the Trump administration rolled out a way for foreigners to BUY citizenship in the ole U.S. of A. Someone could pay $1 million (easy) and acquire a “Gold Card” Visa. Commerce Secretary Howard Lutnick predicted the program could raise billions of dollars.
The numbers are in. We now know how many people have been approved and paid that $1 million fee. DRUMROLL please. We are at… *looks at card* … one person! |
Photo Credit: Screenshot of trumpcard.gov, U.S. Department of Commerce |
Coming up, some Jan. 6 rioters want their money back. Can they get it? We also look at how other countries are detaching themselves from the U.S., how transformers (no, NOT the toy) are holding back data center construction, and the origins of the bonus. |
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So you think you can get your money back |
When Trump supporters stormed the Capitol on January 6, 2021, very few people were arrested on the scene despite LOADS of crimes being committed. In the aftermath, political leaders on both sides called for justice.
In time, 1,575 people (our indicator) were arrested. 64 percent of sentenced Jan. 6ers went to jail or prison. And Enrique Tarrio, former leader of the Proud Boys, received a 22-year sentence. His conviction: seditious conspiracy.
It took months, even years, for sentences to come down. But it took just a stroke of the pen for President Trump to fully pardon the Jan. 6 rioters once he returned to office. These rioters also had to pay significant fines, the bulk of which went towards repairs to the U.S. Capitol. So with a full pardon, can the rioters actually get this money BACK? |
NPR organized all the January 6 charges into a database and broke down the data further from there
Photo Credit: Jan 6 archive/NPR |
It’s a tricky question that partly comes down to a legal precedent from just after the Civil War. It says once fines enter the U.S. Treasury, the president can’t simply order them returned. After all, Congress has the power of the purse.
End of story, right? Well, it’s not that simple. |
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Newsletter continues after sponsor message
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How nations are detaching themselves from U.S. dependency |
What To Know: In most of Europe, President Trump is not a popular man. His threats against Greenland and break from the typically cordial tone have European institutions racing to replace all things American. Here’s a taste of what’s underway:
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Defense: European governments have long depended on the might of the U.S. military. And I mean depend! We’re talking reliance on arms, cloud technology, U.S. satellite intelligence, long-range precision weapons… even nuclear deterrent tech. A simple software update relies on U.S. participation. With a less certain U.S.-alliance under NATO along with Russian aggression, the EU wants to protect itself. So it’s investing 800 billion euros in defense. That will mean building up its own defense firms and supply chains right at home.
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Tech: As Germany tries to move on from Microsoft Office, a French startup is offering an alternative to American AI software. Mistral isn’t making its sale on raw AI performance. Its pitch leans on data sovereignty. With indications of limited AI regulation in the U.S., European entities are looking to safer alternatives. Despite its limited performance, Mistral already has deals with HSBC, Tesco (the British grocery chain), and several European governments (Greece, Luxembourg, France).
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Finance: Fareed Zakaria laid it out thoroughly: France has moved its gold reserves from New York City to Paris. European institutions are looking to move away from PayPal. And the European Payments Initiative is working to build an alternative to Visa and Mastercard.
Why We Care: A shift in the economic world order is underway which could have significant repercussions for U.S. economic and political power. It’s happening in energy as well. Last week, we pondered whether the petrodollar is also in the rearview mirror. | |
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What To Know: Almost half of all U.S. data centers planned for this year are delayed or canceled. Jeff Guo, Planet Money co-host and essayist extraordinaire of our internal Slack channels, broke down how the main bottleneck here is electrical equipment, notably transformers. There is literally a waitlist of 2 to 4 years to get these things. And believe it or not, there’s a bottleneck for making transformers TOO which involves a specific type of steel called grain-oriented electrical steel. And yes, there is also a shortage for that kind of steel.
Why We Care: Just this week, Indicator co-host Adrian Ma explained how chokepoints can be a tool for economic warfare. Think how Iran has used the Strait of Hormuz, or how the U.S. leverages the power of the dollar when sanctioning other countries. What’s interesting here: the chokepoint for the U.S. is… itself. There is a U.S. company that makes the kind of steel needed for transformers. But it’s not able to meet domestic demand. | |
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Listener Zoë McInally
Question: “I just received my first full year annual bonus and I have questions. What is their history? How are they calculated, and what do people do with them?”
Answer: Often, early in the calendar year, you have that friend in finance who mentions the ungodly sum they’ve received for their bonus. And you say, “isn’t that nice” with a straight face. An unmoving, concrete visage.
The history of the bonus goes back to the 1800s where employees received gifts for Christmas like candy, watches or even a turkey. Princeton sociologist Viviana A. Zelizer wrote in 2009 that gifts of cash soon followed, and that soon became standardized. By the 1950s, bonuses lost their status as “gifts” and became a negotiable part of a worker’s wages. Every company calculates bonuses differently. It’s OFTEN based on seniority, performance, or a portion of your salary though.
As for how people use them? Well, that’s up to you.
PLEASE send us your questions about the economy! Email us at indicator@npr.org! |
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Supervising Senior Editor Kate Concannon: Netflix’s Boy Swallows Universe
The story is set in Brisbane, Australia and follows a very, VERY dysfunctional family through the eyes of its protagonist, 13-year-old Eli Bell. The characters are well-drawn and beautifully acted from Eli who teeters between infectious optimism and heartbreaking despair to his teenage brother who is mysteriously mute - I’m not sure why yet but his passion for creating incredibly dark art suggests some buried trauma there.
The “adults in the room” are their mum, who is a recovering heroin addict and her live-in boyfriend who actually deals the drug. Yes, I know, this all sounds pretty grim, but I found myself rooting for this dysfunctional but loving family, even the flawed “parents." I’m hoping for a happy ending! |
Felix Cameron, who plays the main character, stands next to Trent Dalton, the Australian author behind Boy Swallows Universe
Photo Credit: Jono Searle/Getty Images for Netflix |
If you've made it this far, we want your feedback. Email us what you liked, didn't like, and anything else
Indicator@npr.org |
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