The Freakonomics Radio Book Club

Just beneath the surface of the global economy, there is a hidden layer of dealmakers for whom war, chaos, and sanctions can be a great business opportunity. In this updated episode from 2025, journalists Javier Blas and Jack Farchy help us shine a light on the shadowy realm of commodity traders.   SOURCES: Javier Blas, opinion columnist at Bloomberg News. Jack Farchy, energy and commodities senior reporter at Bloomberg News. RESOURCES: The World For Sale: Money, Power, and the Traders Who Barter the Earth's Resources, by Javier Blas and Jack Farchy (2021) The King of Oil: The Secret Lives of Marc Rich, by Daniel Ammann (2010). EXTRAS: "How the Supermarket Helped America Win the Cold War (Update)" by Freakonomics Radio (2024). "The First Great American Industry," by Freakonomics Radio (2023). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Werner Herzog, German filmmaker and writer behind films like Aguirre and Fitzcarraldo, reflects on a vast artistic life. He discusses resilience in making risky, epic works. He contrasts factual reporting with his idea of an 'ecstatic' truth. He warns about sloppy thinking, disinformation, and the challenges of AI impersonation.

Pierre Elias, a cardiologist leading cardiovascular AI screening, and Bob Wachter, a medicine chair and author on AI in healthcare, discuss how AI is being deployed in hospitals. They explore ECG-based screening that spots hidden heart disease, AI scribes that restore doctor time, platform battles around EHRs, regulation challenges, and risks like clinician de-skilling.

Zeke Emanuel, a physician, oncologist, bioethicist and health-policy professor, shares counterintuitive rules for a long, meaningful life. He critiques the $7 trillion wellness industry and its fads. He highlights social connection, durable habits, sensible nutrition and the role of medications like GLP-1s. He also urges electronic sabbaths, joyful living and using privilege to help others.

Dan Wang, a research fellow at the Hoover Institution and author of "Breakneck: China's Quest to Engineer the Future," discusses the fascinating contrast between China’s engineering-driven society and the U.S.'s lawyer-centric governance. He delves into China's ambitious infrastructure projects, the impacts of zero COVID, and how American proceduralism hinders innovation. Wang argues that understanding Chinese strategies can inspire U.S. reforms and emphasizes the importance of recognizing both nations' shared traits despite their differences.

Javier Blas, a commodities columnist for Bloomberg Opinion, and Jack Farchy, a senior reporter at Bloomberg News, dive into the shadowy world of commodity traders. They explore how these often-overlooked dealmakers capitalize on geopolitical chaos. The conversation highlights the intricate ties between politics and commodity trading, revealing how traders navigate instability to provide vital resources. Their insights shed light on the evolution of the industry and how government involvement and corruption shape global markets.

Licensing began with medicine and law; now it extends to 20 percent of the U.S. workforce, including hair stylists and auctioneers. In a new book, the legal scholar Rebecca Allensworth calls licensing boards “a thicket of self-dealing and ineptitude” and says they keep bad workers in their jobs and good ones out — while failing to protect the public. SOURCES:Rebecca Allensworth, professor of law at Vanderbilt University. RESOURCES:"The Licensing Racket: How We Decide Who Is Allowed to Work, and Why It Goes Wrong" by Rebecca Allensworth (2025)."Licensed to Pill," by Rebecca Allensworth (The New York Review of Books, 2020)."Licensing Occupations: Ensuring Quality or Restricting Competition?" by Morris Kleiner (W.E. Upjohn Institute for Employment Research, 2006)."How Much of Barrier to Entry is Occupational Licensing?" by Peter Blair and Bobby Chung (British Journal of Industrial Relations, 2019). EXTRAS:"Is Ozempic as Magical as It Sounds?" by Freakonomics Radio (2024). Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

Adam Moss, a renowned magazine editor and the author of 'The Work of Art,' shares his journey from editing to painting. He reflects on the creative process and how it can bring joy, even amid self-doubt. The conversation sheds light on mentorship dynamics within creative fields and the importance of collaboration. Moss emphasizes the pleasure found in creation itself, rather than the end product. He also discusses the role of self-awareness and external validation in shaping artistic identity, along with insights from influential figures that inspire creativity.

John J. Sullivan, former U.S. Deputy Secretary of State and U.S. Ambassador to Russia, shares insights from his extensive career in diplomacy. He discusses the fateful Biden-Putin meeting and warns about U.S. complacency regarding threats from Russia and China. Sullivan critiques ineffective sanctions and the failure of political leadership in addressing these issues. He predicts that despite changes in U.S. administration, Putin's ambitions remain unchanged, urging for proactive and strategic engagement with both nations to safeguard U.S. interests.

Glenn Loury, a Professor of Economics at Brown University and author of the memoir "Late Admissions: Confessions of a Black Conservative," shares his candid reflections on race, identity, and conservatism. He discusses the complexities of self-critique in political beliefs and the impact of his own academic journey. Loury explores themes of personal growth, societal challenges, and the role of honesty in fostering meaningful dialogue about race and systemic issues affecting marginalized communities.