Cautionary Tales with Tim Harford

Cautionary Book Club: When Morgan Stanley offered to lease Chicago's parking meters for the princely sum of $1 billion, the City Council were convinced that they had struck gold. They hastily signed the deal. But they soon learnt that they hadn't just traded away parking revenue - they had traded away the streets themselves...

In this hybrid episode of Cautionary Tales, Tim Harford first tells the story of the Chicago parking metres fiasco of 2008. In the second half, Tim is joined by Henry Grabar, author of Paved Paradise, to discuss the lessons we can glean from Chicago's deal with Wall Street, and why parking is such an emotive issue for so many.

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At the height of World War Two, British intelligence began receiving reports that the enemy was developing a rocket weapon. The idea seemed fantastical — resources in Nazi Germany were scarce and a rocket-building program defied economic logic.

But one intelligence chief took the reports of a rocket weapon seriously and he managed to convince Winston Churchill to heed the threat too. The British Prime Minister gave the order to bomb Germany’s rocket factory to rubble, and 600 bomber planes embarked on a full-scale attempt to obliterate it.

From the air, the damage appeared devastating. The British thought they had succeeded in crushing the rocket-building program. But they were wrong.

For a full list of sources, see the show notes at timharford.com.

Do you have a question for Tim? Send it to [email protected] and we'll do our best to answer it in an upcoming Q&A episode.

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Bonus: When Spanish conquistadors arrived in Peru in 1526, it was the beginning of the end for the Inca. Their bloody pursuit of gold, fame and fortune was rife with treachery and deceit. Within a few short years, the once-thriving Inca empire had been decimated.

Tim Harford is joined by Dan Snow for a special crossover episode of Cautionary Tales and Dan Snow's History Hit. Tim and Dan first recap the spectacular defeat of the French knights at the Battle of Crécy in 1346, and then draw surprising parallels with the fall of the Inca Empire two centuries later.

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In Goiânia, Brazil, a junk dealer acquires an old medical device from two scrap-metal scavengers. The device itself isn't useful, but it comes with precious lead which will fetch him good money. There's something else inside the device, too: a curious, crystal-like substance that glows bright blue in the dark.

At first, the dealer is mesmerized by it: he wants to turn it into jewelry for his wife. But, everyone who comes into contact with the magical glitter seems to get sick. His own family succumbs to nausea and vomiting. A doctor suggests food poisoning - but this isn't like any food poisoning they've ever known before. And soon, the whole city is contaminated.

No-one saw this horrifying radiation accident coming. Should they have?

For a full list of sources, please see the show notes at timharford.com.

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This week, it's an episode from Warfare, a podcast from our friends at History Hit. It's 1942. The year Anne Frank and her family went into hiding during the Second World War. It was there that Anne began keeping a diary that would become one of the most recognisable testimonies of the Jewish war-time experiences. But what do we know of her life before the war? Host James Rogers explores the Franks' lives before the outbreak of war, and why this story is still so relevant today.

You can find more from Warfare at https://podfollow.com/the-world-wars.

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