David Kestenbaum

David Kestenbaum is a correspondent for NPR, covering science, energy issues and, most recently, the global economy for NPR's multimedia project Planet Money. David has been a science correspondent for NPR since 1999. He came to journalism the usual way — by getting a Ph.D. in physics first.

In his years at NPR, David has covered science's discoveries and its darker side, including the Northeast blackout, the anthrax attacks and the collapse of the New Orleans levees. He has also reported on energy issues, particularly nuclear and climate change.

David has won awards from the American Association for the Advancement of Science, the American Physical Society and the Institute of Electrical and Electronics Engineers.

David worked briefly on the show This American Life, and set up a radio journalism program in Cambodia on a Fulbright fellowship. He also teaches a journalism class at Johns Hopkins University.

David holds a bachelor's of science degree in physics from Yale University and a doctorate in physics from Harvard University.

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10:01pm

Wed March 14, 2012
Planet Money

China's Giant Pool Of Dollars

Originally published on Thu March 15, 2012 9:08 am

There is an advantage to strengthening the currency for people in China: It makes their imports cheaper. A clerk counts bank notes in a bank in Nantong, east China's Jiangsu Province.
Xinhua /Landov

China's central bank is sitting on a giant pool of U.S. dollars. It's the world's biggest holder of foreign reserves, worth over $3 trillion at last count.

All that money has piled up because every year, China exports more than it imports; it runs a trade surplus.

There are lots of reasons for China's trade surplus. In the past few decades, China has built an amazing manufacturing ecosystem. It's become the factory to the world.

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1:38pm

Mon February 27, 2012
Planet Money

From Cell Phones To Cigarettes: The Long Arm Of The Chinese Government

How many government-owned businesses do you see in this picture?
Ed Jones AFP/Getty Images

The streets of Beijing and Shanghai feel like an entrepreneurial free-for-all, full of mom-and-pop stores and street vendors selling snacks and cheap toys.

But when you pull back the curtain, you see a different picture: a country where the government still controls huge swaths of the economy.

When you're in China, there's a good chance you're doing business with the government every time you:

  • make a call on your cellphone (the government owns the country's biggest cellphone network)
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10:00am

Thu February 16, 2012
Planet Money

Is China An Economic Miracle, Or A Bubble Waiting To Pop?

Originally published on Fri February 17, 2012 10:18 am

This can't go on forever.
Jacob Goldstein NPR

China's economy sailed through the financial crisis unscathed — at least in the short run.

When the global crisis hit, the country's government-owned banks started lending out lots more money. The money came largely from the savings accounts of ordinary Chinese people. It went largely to finance big construction projects, which helped keep China's economy growing.

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9:55am

Fri January 20, 2012
Planet Money

The Secret Document That Transformed China

Originally published on Fri January 20, 2012 7:03 pm

Yen Jingchang was one of the signers of the secret document.
Jacob Goldstein NPR

In 1978, the farmers in a small Chinese village called Xiaogang gathered in a mud hut to sign a secret contract. They thought it might get them executed. Instead, it wound up transforming China's economy in ways that are still reverberating today.

The contract was so risky — and such a big deal — because it was created at the height of communism in China. Everyone worked on the village's collective farm; there was no personal property.

"Back then, even one straw belonged to the group," says Yen Jingchang, who was a farmer in Xiaogang in 1978. "No one owned anything."

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2:01pm

Mon January 9, 2012
Planet Money

People Want More Coins, That's A Good Sign For The Economy

Originally published on Wed January 11, 2012 3:40 pm

Demand for quarter, dimes, nickels, and pennies was up this year.
AP

All the instability in the global economy this year has been good for the United States Mint. People in search of a safe place to put their money have been buying gold and silver coins in record numbers.

"Precious metal coins were up $800 million dollars last year and that's approximately thirty some percent," says Richard Peterson, deputy director of the Mint.

According the the Mint's annual report, they sold 45.2 million ounces of gold and silver coins in 2011.

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