As health workers rush to contain the coronavirus, the
economic effects of the outbreak are beginning to spread. China is the world’s largest maker of what are called intermediate goods — parts and materials that get used to make other things in other countries all over the world. As China closes factories, many companies are scrambling to find alternative suppliers for all the stuff they need.
The closures are also impacting industries like oil production and ocean shipping. OPEC is
considering cutting output as it anticipates sharply lower demand from China. And trade volume on the ocean could
fall by 6 million containers this year.
Former Federal Reserve Chair Janet Yellen
told Kai Ryssdal this week that the outbreak will likely impact Chinese growth and “that’s bound to have spillovers” to the global economy. But over the long term that impact could wane, she said, adding, “many observers are hoping that will be true.”
Stuart C. Wilson/Getty Images for Laureus
Smart In a Shot
You may remember Salt Bae from 2017. The retro sunglasses-clad Turkish butcher, Nusret Gokce, gained internet notoriety for sensually slicing and salting meats with an artful curl of his arm and practiced finger flick. The action caught on with American football players, rappers and many, many Instagram users.
But Gokce’s empire, Nusr-Et Steakhouses, appears to be in a bit of a pinch — even as it seeks to expand.
Its owner faced ballooning debt last year after the Turkish lira plunged in value. And food critics panned Nusr-Et’s first New York location when it opened. The chain also faces several labor complaints and lawsuits from staff in New York and Miami. And last week members of a builders union in New York City protested outside the company’s planned second location in the city over the hiring of non-union contractors.
The (Troop) Numbers
It’s officially Girl Scout cookie season, a beloved — and instructive — annual tradition.
1917
That year marks the first Girl Scout cookie sale, organized by
the Mistletoe Troop in Muskogee, Oklahoma. For several years, participating troops sold homemade cookies, using a standard recipe. In the 1930s, the Girl Scouts turned to commercial bakers and the annual fundraiser went national.
200 million
That’s about how many boxes of cookies the Girl Scouts sell each year nowadays, with proceeds from those sales reaching
about $800 million or more. During the months of January to April, the scouts’ cookies outsell America’s most popular brand, Oreos.
1.7 million
That’s how many girls participate in Girls Scouts. The scouts say their
annual fundraiser teaches girls about entrepreneurship, money management, public speaking and decision-making.
100%
Those skills have propelled former Girl Scouts into powerful careers.
Every female secretary of state in U.S. history — Madeleine Albright, Condoleezza Rice and Hillary Clinton — was at one time a Girl Scout.
Drew Angerer/Getty Images
This week on the podcast
Episode 148: Do we have to call it the “internet of things”?
We may not be able to figure that out today, but we can learn a bit more about privacy, security and 5G. (Listening time, 37:05)
Tell us what’s making you smarter at smarter@marketplace.org. We'd love to include your recommendation in a future newsletter.
Common good
Listener Heather B. recommends the book “The Anatomy of Peace: Resolving the Heart of Conflict” from The Arbinger Institute. Heather says the book “focuses on how we need to avoid dehumanizing others so that we can find commonalities that will help lead to peace.”
•••
Casting about
Ahead of the Academy Awards this Sunday, Marketplace digital producer Tony Wagner recommends watching the movie “Uncut Gems,” about a jewel dealer in New York City’s Diamond District. Tony says the movie’s casting was especially compelling because it included many untrained actors scouted from the neighborhood where the film takes place. “It does a lot for the texture of the movie,” he says.
•••
The riveters
Marketplace producer Maria Hollenhorst has another Oscar-nominated recommendation: the Netflix documentary “American Factory.” Maria calls it “riveting,” saying the movie “wrestles with a lot of big ideas we talk about on Marketplace all the time, like globalization, automation and other ways the economy has changed.”
This Make Me Smart newsletter is written by Erica Phillips.
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