Podcast Summary: Planet Money – "Dark times for Cuba’s economic experiment"

Date: April 2, 2026
Hosts: Erica Barras & Nick Fountain

Overview

This episode of Planet Money explores Cuba’s deepening economic crisis amidst crippling blackouts, shortages, and a collapsing private sector. The show follows stories of everyday Cubans and examines the decades-long push-and-pull between communist ideals and flirtations with capitalism. With U.S. sanctions tightening and allies withdrawing support, the episode asks: How did Cuba get here, and what comes next?

Key Discussion Points & Insights

1. The Current Crisis: Cuba in the Dark

• Widespread Power Outages ([00:23])

  • “Cuba is in crisis. Since January, the US has been preventing almost all oil from reaching the island.” — Nick Fountain
  • Buses, hospitals, and supply trucks aren't running; cell service and internet are unreliable.
  • Blackouts can last more than a day, affecting every facet of life.

• Voice Notes from Cubans ([01:09–04:48])

  • Yasser Gonzalez Cabrera, a bike tour entrepreneur, shares he can rarely use his phone and hasn’t had a paying customer all year.
  • Casamiro, a farmer, and Namedos Garcia, a hotel manager, describe coping strategies (e.g., only opening the fridge during blackouts, cooking when power returns—sometimes in the middle of the night).
  • Yasser on the daily struggle: “I always used to see a lot of potential for my work in Cuba. But now he doesn't see any future.” ([04:11])

2. A Brief History of Cuba’s Economic Experiment

Communism, Compadres, and Rationing ([08:09–11:00])

• Pre-1959: U.S.-owned enterprises dominated Cuba’s economy.
• The 1959 Revolution led to a fully communist system:
  • “Everyone was employed by the government. The government appointed people to jobs, it set wages, and it owned and controlled everything.” — Erica Barras ([08:50])
  • The Soviet Union supported Cuba with overvalued purchases and cheap oil.
• “Even the poor in Cuba, they had the basics covered…sufficient food, education, and healthcare were accessible and free.” — Ricardo Torres ([09:44])

The ‘Special Period’ & First (Reluctant) Steps Toward Capitalism ([10:04–12:26])

• 1991: Collapse of the USSR devastates Cuba.
  • GDP drops by 35%; food and goods become scarce.
• “We just had now bad luck. We were abandoned…But we'll figure it out and we'll go back to that period of well being.” — Ricardo Torres on the lingering faith in socialism ([11:00])
• By 1993, necessity pushes Cuba to open a tiny private sector. Referred to as “Caribbean Communism, but with a teeny, tiny capitalist exception.” — Erica Barras ([11:55])
  • Highly limited; less than 1% of jobs are private; family-only employment rules
  • State continues to control prices and critical business decisions.

New Friends: Venezuela and China ([13:44–14:45])

• China supplies millions of bikes; Venezuela provides preferred oil trade in exchange for Cuban services (teachers, doctors, coaches).
  • “Venezuela took the role that the Soviets had played.” — Nick Fountain ([14:48])
  • This lifts Cuba’s GDP, bringing hope.

Loosening Up: Raul Castro and Economic Reform ([15:39–17:16])

• Raul Castro expands the list of allowable private businesses, allows hiring outside the family, and promotes tourism.
  • “We want the private sector as long as it is a complement to state activity, but it cannot become more important than the state sector.” — Ricardo Torres ([17:05])

3. The Private Sector ‘Boom’ and American Thaw

([17:29–19:56])

• Obama’s normalization attempts spur tourism and optimism.
  • “Luxury fashion house Chanel just staged its very first show in the Cuban capital…the Rolling Stones held a monster concert…” — Erica Barras ([19:10])
• Yasser’s bike touring business, Citicleta, flourishes; hundreds of tourists monthly.
  • “Big groups riding their bikes through the streets of Havana with him… general good vibes.” — Erica Barras ([17:55])

4. Bust: Economic Shocks and Growing Inequality

Triple Blow to Tourism-Based Growth ([22:17–23:44])

1. Venezuela’s Collapse (2016): Less oil to Cuba.
2. Trump Administration (2017): Reinstates sanctions, blocks U.S. tourism.
3. The Pandemic: Tourism dries up almost instantly.

• Only about 10,000 private businesses survive ([23:44]).
• Inequality grows: “There'd be a blackout… but in some richer neighborhoods in Havana, people would still be partying. They'd have lights on, eating lobsters.” — Erica Barras ([24:13])
• Widespread protests erupt as ‘moral reserves’ (faith in the system) are depleted.

5. Mass Emigration and Present-Day Desperation

• “Nearly 3 million people have left since 2020, a quarter of the population.” — Nick Fountain ([24:53])
• Ricardo Torres, now in the U.S., reports:
  • “Cuba’s rich are getting richer…you see Teslas and Escalades. But Cuba’s poor are getting poorer…beggars…trash was piling up.” ([25:14])

6. The U.S., Oil, and Vulnerability

([25:39–26:45])

• 2026: The U.S. captures Venezuela’s president, stopping Cuban oil imports from its last major ally.
• The U.S. warns other suppliers (Mexico, Russia) with tariffs; for months, no oil reaches Cuba.
• “The oil embargo has exposed all the vulnerabilities of Cuba at once.” — Ricardo Torres ([26:21])
• Tourism collapses; aid wanes; blackouts become perpetual.

Only a Negotiated Way Out

• “The only way out for Cuba is through a negotiation with the United States.” — Ricardo Torres ([27:04])

7. Enduring Work and Flickers of Hope

([27:04–28:04])

• Yasser continues to hold free bike gatherings for locals:
  • “He wants people to think of [bikes] as a way to engage and interact with the world, a way to be together, something that can bring joy even during this very difficult time.” — Erica Barras ([28:04])

Notable Quotes & Memorable Moments

• “I always used to see a lot of potential for my work in Cuba. But now he doesn't see any future.” — Yasser, via Erica Barras ([04:11])
• “Moral reserves in a way that, okay, socialism does work. We just had now bad luck. We were abandoned…But we'll figure it out and we'll go back to that period of well being.” — Ricardo Torres ([11:00])
• “We want the private sector as long as it is a complement to state activity, but it cannot become more important than the state sector.” — Ricardo Torres ([17:05])
• “Cuba’s rich are getting richer… you see Teslas and Escalades. But Cuba’s poor are getting poorer…beggars…trash was piling up.” — Ricardo Torres ([25:14])
• “The oil embargo has exposed all the vulnerabilities of Cuba at once.” — Ricardo Torres ([26:21])
• “The only way out for Cuba is through a negotiation with the United States.” — Ricardo Torres ([27:04])
• “He wants people to think of [bikes] as a way to engage and interact with the world, a way to be together, something that can bring joy even during this very difficult time.” — Erica Barras ([28:04])

Timestamps for Key Segments

• [00:23] – Cuba’s crisis and blackouts begin
• [01:09–04:48] – Daily struggles: voice notes from Cubans (Yasser, Casamiro, Namedos)
• [08:09–12:26] – Cuba’s economic history: revolution, rationing, special period
• [13:44–14:45] – Shift to Venezuela and China as economic partners
• [15:39–17:16] – Raul Castro’s reforms, expansion of private sector
• [17:29–19:56] – Obama-era thaw, tourism boom
• [22:17–23:44] – Triple blow to economy: Venezuela, Trump, pandemic
• [24:40–25:33] – Emigration, poverty, and growing inequality
• [25:39–26:45] – U.S. sanctions, lost oil, Cuba’s vulnerability
• [27:04–28:04] – Yasser’s free bike gatherings, community resilience

Conclusion

This episode of Planet Money presents a vivid, human-centered narrative of Cuba’s ongoing economic unraveling. Through historical context and personal accounts, the hosts illustrate how decades of oscillation between communism and limited capitalism—now compounded by U.S. sanctions, pandemic, and the withdrawal of allies—have left Cuba in a precarious position. The show closes with a glimmer of hope as ordinary Cubans like Yasser continue working for their communities, even amidst darkness.