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Nonfungible Tidbits: This week in bitcoin, cryptocurrency and NFTs

Nonfungible Tidbits: This week in bitcoin, cryptocurrency and NFTs

Welcome to the first edition of Nonfungible Tidbits, where we highlight some of the most interesting things that happened this week in cryptocurrency, NFTs and related realms. 

Certainly the biggest story this week was the price of bitcoin, which isn't, um, doing well. Meta, formerly known as Facebook, is reportedly ending its stablecoin project. And last Friday, Twitter debuted a feature that allows subscribers to its paid Twitter Blue service to use an NFT as a profile picture. Here are a few other stories that caught our eyes this week.

1. SEC turns down another proposal for a spot bitcoin ETF

Getty

The US Securities and Exchange Commission said no to a proposal on Thursday that would've allowed shares of Fidelity's Wise Origin Bitcoin Trust to be listed and traded, Bloomberg reported. The SEC cited concerns (PDF) over investor protections and public interest for the decision. Investors have been able to buy shares of an exchange-traded fund that tracks bitcoin futures contracts since last year. But a spot bitcoin ETF would track the actual price of bitcoin, rather than the price of bitcoin futures, and the SEC isn't ready for that quite yet. 

2. Texas Gov. Greg Abbott thinks bitcoin mines will shore up the state's power grid

Crypto mining rigs.

Getty

The main thing bitcoin mining operations require is electricity -- lots and lots of electricity. This is what drives the ongoing concern about bitcoin's impact on the environment. But there's a growing presence of bitcoin miners in Texas, and Gov. Greg Abbot wants to use them to… help reinforce the state's power grid? The idea here is that mining operations use so much energy they will entice new investment in power plants in Texas. Then, when demand for electricity is high, like it was during the winter storms last year, the bitcoin miners can turn off their operations to free up electricity. We should note that there is currently no law in Texas that would require miners to do this. Maybe if the governor asks nicely?

3. Miller Lite aims for Super Bowl marketing in internet land 

James Martin/CNET

Bud Light is the big game's official beer, so no Miller ads are allowed on America's most valued advertising slots of the year. What's the next best thing? Apparently it's a "metaverse bar." Miller Lite is partnering with Decentraland, a platform that allows people to buy and sell virtual plots of land. What's a metaverse bar? After reading this Marketing Dive story, the concept sounds like it's essentially a video game where you log in, and your avatar sits at a bar and buys NFTs. Very 2022.

4. The Ethereum Foundation nixes 'Eth2' terminology 

NurPhoto

The Ethereum Foundation oversees the Ethereum blockchain, which is the blockchain of ether, the No. 2 cryptocurrency after bitcoin (by market cap). The blockchain, currently in its "Eth1" phase, is scheduled for an upgrade later this year, which is supposed to make it more efficient, environmentally friendly and less expensive to conduct transactions with. Previously, the new version was to be known as Eth2, but not anymore. Why? According to an Ethereum Foundation blog post, Eth1 will be known as the "execution layer" and Eth2 will be known as the "consensus layer." This is a change in semantics, and the change reflects that the execution and consensus layers are, rather than two separate versions of Ethereum, both aspects of the same system. And that's good, right? 

That's all the tidbits we have for now. Thanks for reading. We'll be back next week with plenty more to talk about. In the meantime, check out the So Money podcast featuring CNET's Farnoosh Torabi.

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Will crypto be the Super Bowl's biggest winner? This week's top cryptocurrency news

Will crypto be the Super Bowl's biggest winner? This week's top cryptocurrency news

Welcome to Nonfungible Tidbits, a weekly roundup of cryptocurrency, NFTs and their related realms.

Our lead story is Sunday's Super Bowl and all the crypto ads viewers will see. And, while we're on the topic of crypto and pro sports, the Washington Nationals baseball team also partnered with a decentralized autonomous organization. We'll cover the Nats' sponsorship deal and what a DAO is.

This week's roundup also features the Justice Department's biggest bust in history, as well as a new coalition of crypto companies that aims to fight market manipulation. 

In other news, the World Wildlife Fund decided to shutter its NFT project after a backlash due to the tokens' potential environmental impact. 

Here's what caught our eyes this week. Stay tuned for more next week. 

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Crypto firms gear up for the big game

Brittany Murray via Getty Images

No fewer than five crypto ads are reportedly scheduled to air at Sunday's Super Bowl, where the Los Angeles Rams face off against the Cincinnati Bengals. According to multiple media reports, FTX, Coinbase, eToro and Crypto.com are expected to have ads during the big game's US broadcast, while Toronto-based Bitbuy reportedly purchased an ad for the Canadian broadcast. 

Advertising during the Super Bowl, one of the most watched television events of the year, is eternally expensive. This year, a 30-second spot is going for about $6 million -- a new record and a small fortune for some businesses. 

Tech companies have long used the Super Bowl to enhance brand recognition. During the dot-com bubble of the late 1990s and early 2000s, a host of fledgling firms advertised during the big game. Perhaps the most memorable was a 2000 commercial by Pets.com, an early e-commerce company that went bust just a few months later.

An expected 117 million Americans will tune in to the match this Sunday. With crypto going mainstream -- 16% of Americans have invested or used cryptocurrency, according to Pew Research Center -- the Super Bowl may prove an effective way to reach an even broader audience. 

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Washington Nationals team up with a DAO. What's a DAO again?

G Flume via Getty Images

It looks like baseball is trying to keep up with football's crypto enthusiasm. With spring training right around the corner, the Washington Nationals baseball team announced a partnership with Terra, a cryptocurrency enterprise. Fans will be able to use Terra's UST stablecoin at the team's ballpark, which will feature prominent Terra promotions near home plate. 

Terra is a DAO, or a decentralized autonomous organization that makes decisions via a consensus vote using digital tokens on a blockchain. The Terra DAO voted on the sponsorship, and the organization paid the Nats nearly $40 million. 

The Nats-Terra deal follows last November's deal between LA Angels star Shohei Ohtani and FTX, a cryptocurrency exchange. Ohtani, who made history last season as the first player ever selected as both an All-Star pitcher and hitter in the All-Star game, signed on to be FTX's global ambassador and took a stake in the company. 

Last year, FTX also became Major League Baseball's official cryptocurrency exchange -- the first deal of its kind between an American pro sports league and a crypto exchange.

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A $3.6B bitcoin seizure is Justice Department's biggest bust ever

Bill Clark

The Justice Department seized $3.6B in bitcoin from a digital wallet held by a couple living in Manhattan, the department said on Tuesday. The suspects, who allegedly were trying to launder the crypto loot, are a husband and wife team, one of whom was an aspiring rapper on YouTube. The seized bitcoin has been linked to the 2016 hack of Bitfinex, when hackers spirited almost 120,000 bitcoin from the cryptocurrency exchange. The bust is the largest in the department's history.

Read CNET's full story on it here.

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Canada accounting giant buys bitcoin and ether

Mark Garlick, Science Photo Library via Getty Images

KPMG Canada, the Canadian division of the Big Four accounting firm, said Monday it had added cryptocurrency to its holdings. KPMG Canada didn't specify the amount of crypto it had purchased but said it had also bought carbon-offset credits to "maintain a net-zero carbon transaction." Carbon offsetting refers to the practice of buying credits from another company or organization that's engaged in greenhouse gas reduction, with the credits representing a kind of commoditized carbon reduction.

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Crypto firms form coalition

Getty Images

Coinbase, Circle, and 15 other crypto companies founded a new coalition, according to an announcement this week. The Crypto Market Integrity Coalition aims to address the issues raised by New York Attorney General Letitia James, SEC Chair Gary Gensler and other officials, who worry the industry is plagued by market manipulation. The coalition requires members to sign a written pledge, and according to the coalition's website, more than 350 organizations have already joined.

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Thanks for reading. We'll be back with plenty more next week. In the meantime, check out this story on what quantum hackers could mean for bitcoin by CNET's Monisha Ravisetti.

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Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

Hey, Gen Z: Here's What Millennials Say About Riding Out a Recession

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

I'm officially one year away from graduating college, and I have no idea what comes next. A job, hopefully. Grad school, maybe? For me, college has been about preparing to enter the workforce, armed with all the skills I need to succeed. Now that it's time to start actually applying for jobs and planning for long-term financial stability, it's pretty scary.

Entering the job market comes with endless challenges, even in a healthy economy. And regardless of the debate over whether we're in an official recession, the past few months have demonstrated how difficult it can be to remain financially stable during a shaky economy. Inflation is at a historic high, and wages are not keeping up with the cost of living. Higher interest rates are also making homes, cars and other big-ticket items more expensive and inaccessible.

And that makes the idea of entering the job market all the more terrifying.

Older generations who have already lived through recessions may be more prepared. Millennials, those born roughly between 1981 and 1996, are feeling some déjà vu. Many in this cohort entered the job market just as the Great Recession was taking place, and the years that followed altered the course of their career and financial trajectory in major ways. 

I caught up with five millennials who completed their undergraduate studies between late 2007 and 2009 and managed to navigate the last economic downturn. I wanted to learn how they were impacted, from layoffs and tightening budgets to career pivots, and what skills they developed that were most important for staying afloat. Each had a unique experience that affected their approach to finances today. Now, as they reflect on that time, they see the hard-won lessons and share their best advice with the next generation. 

What stood out was the power of investing for the future, such as taking advantage of employee-match programs and routinely contributing to 401(k)s and Roth IRAs. The millennials I spoke with all encouraged Gen Zers to invest early in their careers. And they each had more nuggets of wisdom to hand down to us -- including how to make the most of the first few years out of college, how to talk money with employers, discuss finances with partners and build successful careers in unexpected ways. 

Here's what they shared via email. 

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Embrace career uncertainty and be flexible 

Katie Oelker, St. Paul, Minnesota

Katie Oelker worked in the auditing department of a bank after college while living with her parents, mainly to build some savings and pay off private student loans. That ultimately allowed her to afford going back to school to get her master's in education. 

Since Oelker didn't want to have a career in banking or auditing, she always took advantage of different learning opportunities, like training sessions or conferences, that were offered through her job. "If you don't like what you're doing post-graduation or even if you do, there are always educational opportunities to pursue that can help you further your career down the line," she told me by email. 

That career-building focus came in handy when she decided to pivot once again, this time to become a certified Business Education instructor. After teaching courses ranging from personal finance to marketing at two different high schools, she now runs her own business as a freelance writer and money coach. Having flexibility in her vision allowed her to navigate the recessionary job market and explore new industries.

"I've never been afraid to open new doors and try new things when it comes to career and educational opportunities, and it has paid off," she said. 

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Talk about money with your partner, even if it's hard

Jared and Katie Pogue, Atlanta, Georgia

Before getting married, Jared and Katie Pogue learned that they needed to find productive ways to talk about money, especially how to afford building a family. The two had radically different outlooks on financial planning, which caused anxiety. Katie said she had many long-term goals, while Jared described his approach as "ignorant optimism."

They developed a routine to talk about money. They set a time limit for one day a week and slowly worked through their finances. They were eventually able to align their goals, which helped them make big financial decisions, including how to finance a house, when to have children and if they should go back to school. They came up with a division of labor, with Jared taking care of the daily and monthly payments, and Katie overseeing more long-term planning. Neither one could do their part alone.

"Once we started making tangible progress and got on the same page, our financial conversations were much more fruitful," said Jared. 

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Negotiate for more, despite your doubts

Sara Gifford, Hyattsville, Maryland

Sara Gifford's first full-time job out of college wasn't her ideal choice. But with the tightening labor market, she felt compelled to accept an offer from the company she had interned with. 

"I settled for a job where I was expected to work 60-plus hours a week for laughably low pay, and I didn't negotiate my salary or benefits because I felt the employer held all the power," she said. Accepting such low compensation at her first job made it harder to move her salary benchmark forward in future negotiations.

Though recessions put more pressure on workers to avoid asking for higher pay, Gifford said that shouldn't discourage you from negotiating other benefits, such as commuting stipends, paid vacation and flexible or remote working hours. If the employer's not agreeable to any perks, it might be a sign to keep looking. "If the company pulls the offer, that's such a red flag."

Though she regrets not asking for better pay, she's proud that she took advantage of opportunities to network and learn new skills. It all came in handy when she decided to leave and build her career. Today Gifford runs her own marketing strategy company.

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Identify your money priorities 

Adam Eisenberg, Huntington Woods, Michigan

Adam Eisenberg is still working at the company that offered him his first job in sales logistics. After college, he got his money goals in order, which for him meant immediately prioritizing payments toward his student loans -- instead of moving out of his parents' house. 

"I put my commission checks toward paying off my debt. It took four years to do it, and the first three I was living at my parents house, but it was worth it." While everyone's priorities are different, identifying them early on can help you better decide where your money should go.

In fact, Eisenberg originally had a second job offer he was considering, and took a similar approach when comparing his options -- he prioritized what mattered most to him. A higher commission rate, he decided, would ultimately be more beneficial for him, even if the base salary was lower. Another appealing component was the company's potential for growth. 

Eisenberg said that those entering the job market should expand beyond their normal job research to "make sure the foundation is there for future success." 

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Budgets can be your calm in the storm

Jonathan Schrull, Indianapolis, Indiana

At the end of 2008, Jonathan Schrull was laid off from his second job after graduating. He was unemployed for six months before securing a new job and felt as though he had to put off beginning his long-term career and delay savings and investing. That, according to him, cost "a lot of money in the long run." 

Looking back, he found that maintaining a budget helped alleviate some of the stress. "Seeing the figures in front of me made the situation more tangible and easy to understand," he said. Having a way to track his spending, even without any income, helped him find new opportunities to reduce his expenses. Looking at his whole financial picture, not just income, was important, because "the numbers don't lie."

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Netflix: The 50 Absolute Best TV Shows to Watch

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Netflix: The 50 Absolute Best TV Shows to Watch

Netflix has a bulging library of TV shows. Because each week brings new series to watch, it can be tough to find the best of the bunch. No need to worry. We've done the hard work for you.

You'll find highlights of new content below, as well as CNET's full list of best TV originals on Netflix.

What's new this week (Aug. 29 to Sept. 4)

Check out this week's highlights.

Tuesday

• I Am a Killer (Season 3): Documentary. Murderers recount the true stories of their crimes, including a woman who killed her abusive husband and the man behind a deadly New Year's Eve party.

Wednesday

• Club América vs. Club América (Limited Series): Documentary. This docuseries delves into the past, present and future of América, the most winning and controversial soccer club in Mexico, and its players' DNA.
• Family Secrets (Season 1): Polish drama. A couple's wedding day threatens to turn disastrous when they begin to unravel a web of secrets and lies that connects their two families.

Thursday

• Off the Hook (Season 1): French rom-com. Realizing they both have a toxic relationship to the Internet, roommates Léa and Manon decide to do the unthinkable: abandon all devices for 30 days.

Friday

• Buy My House (Season 1): Reality. Homeowners from across the US pitch properties for sale to four experienced real estate investors, hoping to make a life-changing deal on the spot.
• Dated & Related (Season 1): Reality. Single siblings help each other search for their soulmates, hoping to find love (and maybe win $100,000) while living at a luxurious villa.
• Devil in Ohio (Limited Series): Crime mystery starring Emily Deschanel. Determined to protect a young patient who escaped a mysterious cult, a psychiatrist takes the girl in, putting her own family -- and life -- in danger.
• Fabulous Lives of Bollywood Wives (Season 2): Reality. Cameras follow the banter and bonding between four fun-loving women from Bollywood's inner circle as they juggle professions, family and friendship.
• Fakes (Season 1): Teen drama. Emilija Baranac and Jennifer Tong lead this YA dramedy series about friendship and fraud told from different perspectives. 
• You're Nothing Special (Season 1): Spanish teen drama. Life in Amaia's new hometown starts to get a lot more interesting when a rumor spreads at school that she's inherited her grandmother's magical talents.

Read more: The Absolute Best Movies on Netflix

Best Netflix original TV shows

At the time of writing, these TV shows all scored at least 70 on Metacritic.

Thriller

Netflix

Lupin (2021—)

If you enjoyed Money Heist, then meet Lupin, another non-English language show with an action-packed story. This time we're in France, where professional thief Assane Diop enacts his revenge mission on the man responsible for his father's death. Inspired by a book about gentleman thief Arsène Lupin, Assane uses disguises, thieving know-how and a good dose of charisma to expose the wealthy and powerful Hubert Pellegrini's crimes.

Netflix

Bodyguard (2018)

Bodyguard broke records when it first aired in Britain, climbing from cliffhanger to cliffhanger at a relentless pace. This might be the definition of the unstoppable binge, not surprising given it comes from the mind of Line of Duty's Jed Mercurio. Game of Thrones' Richard Madden plays the titular bodyguard, who suffers from PTSD after serving in the Afghanistan war. On top of that, he's assigned to protect the Home Secretary (Keeley Hawes), whose politics he despises. Taking provocative turns, and crafting one of the best-ever 20-minute opening scenes, Bodyguard is an expert tension-building balancing act.

Netflix

House of Cards (2013-2018)

While Kevin Spacey's sexual harassment allegations ended up marring this slick, fourth-wall breaking slice of politics' dark side, it's still worth watching if you dig power games and the occasional backstabbing. Initially following Spacey's Frank Underwood, House of Cards' sixth and final season pivots to follow his wife Claire (Robin Wright) as she takes on more and more power in the Oval Office.

Horror

Netflix

Midnight Mass (2021)

From the auteur who brought us The Haunting of Hill House and Bly Manor, comes another slow-burning horror series that'll haunt you for days. Midnight Mass is Mike Flanagan's latest creation, a meticulously crafted mystery spanning seven hourlong episodes. Riley Flynn, still paying the price for a drunk driving accident four years ago, returns home to Crockett Island, where the arrival of a charismatic new priest coincides with astonishing miracles around the town. Pregnant with a sense of foreboding and dread, Midnight Mass is an eloquent interrogation of faith, with horrifying supernatural monsters along for the ride.

Steve Dietl/Netflix

The Haunting of Hill House (2018)

Mike Flanagan's The Haunting of Hill House, loosely based on Shirley Jackson's novel of the same name, weaves its horror into a deeply affecting story about a broken family. Fractured after growing up in a haunted house, the Crains can't ignore their past and must do what you never want to do: Go back down those dark corridors. The impressive set-pieces will please horror fans, but it's the sad story of the Crains that will, yes, haunt you for days. Good news: The second chapter of the anthology, The Haunting of Bly Manor, is a similarly affecting Gothic romance.

Netflix

Crazyhead (2016)

If you were a fan of Howard Overman's insanely entertaining Misfits, Crazyhead might be where you want to head next. Overman's follow-up show, which first aired in the UK in 2016, is a comedy-horror starring Cara Theobold (the voice of Tracer in Overwatch) and Susan Wokoma as unlikely friends who bond over being able to see demons gallivanting about in normal society. Their brilliant double-act is at the heart of this disturbingly entertaining series, featuring exorcisms, accidental roommate killings and demon fathers. Yeah, you need to watch this for yourself.

Sci-fi

Netflix

Archive 81 (2022)

Enjoy sci-fi series that play with two timelines? Have a special spot for cults and mysteries? Meet Archive 81. The multiple genre-straddling show stars Mamoudou Athie as Dan Turner, an archivist who takes a gig restoring a collection of damaged videotapes from the '90s. He gets far more than he bargained for, drawn into an investigation of a mysterious cult and a young woman who may or may not be dead. A supernatural thriller with horror, mystery, noir and sci-fi seeped into its creepy atmosphere, Archive 81 has it all.

Netflix

Dark (2017-2020)

Germany's answer to Stranger Things deliberately takes its time before stepping into completely compelling and original places. A sci-fi noir, Dark folds time travel, conspiracies and estranged families into a generation-spanning story kicked off by a child's disappearance. If those kinds of meticulously-crafted layers are what you're after in your storytelling, settle in. All three seasons of Dark's meditative look at time travel and its effect on human nature are waiting to hit you at full force.

Netflix

Stranger Things (2016—)

It wouldn't be a best list without Stranger Things. If somehow you've missed the Duffer Brothers' ode to '80s horror and Steven Spielberg, things are about to get tubular. We follow El, a near-mute girl who was the subject of scientific experiments. She develops telekinetic powers, which she uses to fend off monsters who invade from a frightening alternative dimension. The world of Indiana, Hawkins, is lovingly detailed for anyone in need of an '80s nostalgia hit and the misfit characters, played by a stellar young cast, are part of everything that makes this show a tour de force.

Netflix

Travelers (2016-2018)

Full disclosure: Netflix sadly canceled Travelers after its third season, but this tightly plotted sci-fi out of Canada does manage to end with an ambitious bang. We start with Marcy, a disabled woman who's beaten up after helping a friend escape thugs. She dies -- then comes back to life. This strong character-driven sci-fi reveals its secrets in clever ways, following operatives from the future tasked with preventing the collapse of society but also navigating the tricky territory of living a double life.

Laurie Sparham/Netflix

Black Mirror (2011—)

While Charlie Brooker's bleak tech anthology series can be hit and miss, at its best, Black Mirror packs its mini-movies with an exploration of futuristic technological ideas through painfully human stories. One of those is San Junipero, following two women in the '80s (cue banging soundtrack) as they fall for each other in ways they couldn't do in their "real" lives outside the beach city. The tech aspect is revealed with genius timing and, in general, the show explores the consequences of our plugged-in lives in disturbing and occasionally uplifting ways.

Drama

Netflix

Extraordinary Attorney Woo (2022—)

Extraordinary Attorney Woo hasn't even finished airing its first season on Netflix, and it's already a runaway winner. Its unique concept: A woman who has autism becomes a lawyer in South Korea, elevated by her brilliant and unexpected ways of approaching cases. An inspiring heroine, Woo Young-woo (Park Eun-bin) brings extraordinary representation to the screen. Charming, heartwarming, as radiant as the sun -- you could watch this show for days.

Mike Kollöffel/Netflix

Borgen (2010—)

Denmark's bleaker answer to the West Wing. Borgen is the epitome of sophisticated political dramas, chronicling the inspiring fictional underdog story of how, against all odds, Birgitte Nyborg Christensen (Sidse Babett Knudsen) becomes the first female prime minister of Denmark. Produced by the same company behind The Killing, Borgen is four influential seasons of one woman's complicated, intricate rise to power.

Netflix

Maid (2021)

Margaret Qualley is the heart of this miniseries based on a memoir. Maid follows Alex, a young mother trying to support her daughter by working as a housecleaner. Alex's task is made slightly more difficult thanks to an abusive relationship, poverty, homelessness and more. But it's not all heavy subject matter, with light and charming moments that give Maid an extra sheen. Not only a moving story expertly crafted, Maid cements Qualley as a major star.

Netflix

The Queen's Gambit (2020)

How do you make chess the thrilling centerpiece of a coming-of-age tale? You shake it into a cocktail of stylish visuals, a rocking '60s soundtrack and the magnetic Anya Taylor-Joy as Beth Harmon, one of the youngest (and few female) chess players in the world. The fictional story in The Queen's Gambit, named after a chess opening, follows her rise from an orphanage to toppling the best players in the world -- as long as her drug addiction and bags of wine bottles don't get in the way.

Netflix

Unorthodox (2020)

This miniseries is based on a memoir and told primarily in Yiddish with painstaking detail. Almost a thriller, Unorthodox follows 19-year-old Esty Shapiro, who escapes her arranged marriage in an ultra-Orthodox community in Brooklyn. She ends up in Berlin, exploring a new life outside the strict beliefs she grew up in, but her community doesn't let go that easily. Featuring a stunning performance from Shira Haas, Unorthodox lets you take a step into a relentlessly compelling world.

Netflix

Godless (2017)

This miniseries carves itself firmly into the Western genre, with a female-led cast boasting Merritt Weaver and Downton Abbey's Michelle Dockery. With its 1880s New Mexico vistas swirling around it, Godless draws up the violence in a tale that sees an outlaw on the run from his boss seek refuge with an outcast widower. Oh, Jeff Daniels is in this too, if the show wasn't enticing enough.

Netflix

The Crown (2016—)

Sumptuous is one word to describe the production values of The Crown's drama about the British monarchy. Following Queen Elizabeth II's life, starting in her 20s with a powerhouse performance from Claire Foy, The Crown captures the grand workings of historical events from deep within Buckingham Palace. Figures like Winston Churchill, Princess Margaret, Margaret Thatcher and more are treated with the highest cinematic sophistication. A fifth and sixth season are on their way to round out your knowledge of the queen's reign into the early 21st century.

Fantasy

Netflix

Arcane (2021—)

One of the best TV shows of 2021 was an animated series. That's right -- if you're animation-unfriendly, Arcane is the show to change your mind. The action-adventure introduces us to the steampunk world of Piltover and Zaun, two cities grinding on opposing values and fortunes. Then there's Violet (Hailee Steinfeld) and Jinx (Ella Purnell), two sisters torn apart by tragedy and fighting to survive. Arcane is the kind of moving portrait that gets under your skin on a par with Pixar. The characters will draw you to tears. A must-watch.

Netflix

Sweet Tooth (2021—)

This fantasy based on Jeff Lemire's comic book is the definition of weird and wonderful. Sweet Tooth follows Gus (a stellar Christian Convery), a half-deer half-human child, who lives a sheltered life in the forest with his dad Pubba (Will Forte). Events relating to The Great Crumble, a viral pandemic, sweep Gus into an adventure branching down mysterious, action-filled and highly entertaining paths. Echoes with real-world struggles can be heard in the treetops of this immersive, riveting fantasy world. Genre fans settle in for this fantastic ride.

Kevin Baker / Netflix

The Dark Crystal: Age of Resistance (2019)

We weren't ready for The Dark Crystal: Age of Resistance. Canceled after one season, the critically acclaimed fantasy series is, well, a gem. A prequel to the 1982 Jim Henson film, the series returns to the planet Thra, where three Gelflings inspire a rebellion against the absolutely diabolic Skeksis. The puppet design and performances -- from a stunning cast including Taron Edgerton, Anya Taylor-Joy and Nathalie Emmanuel -- sneak up on you. You'll find yourself deeply invested in the poor, oppressed Gelflings' lives, hurt just as much as the puppets whenever one of their own is harmed. A full-on fantasy epic, built with love, care and staggering detail.

Crime

Netflix

Unbelievable (2019)

This miniseries, based on a true story of rape, deftly navigates its disturbing and tricky subject matter with the help of a remarkable performance from Kaitlyn Dever. She plays Marie, a teenager who's charged with lying about being raped, but of course it's more complicated than that. Toni Collette and Merritt Wever team up as whip-smart detectives who see what others fail to, adding another layer to Unbelievable's delicate, powerfully moving triumph.

Netflix

When They See Us (2019)

Ava DuVernay's When They See Us comes under the tough but essential viewing banner. It depicts the real-life events of the 1989 Central Park jogger case, involving five male suspects of color who were falsely accused of rape and assault. Not only sensitively drawing the humanity of the boys into focus, When They See Us demands outrage at the injustice of systemic racism.

Netflix

The Sinner (2017—)

Four fascinating seasons of The Sinner await to be cracked open, each one focused on a murder committed by an unlikely offender in even stranger circumstances. Season 1 follows Jessica Biel's Cora, who stabs a man to death on a beach in a sudden frenzy, but has no idea why. It's up to Bill Pullman's Detective Ambrose to unravel the shockingly disturbing events embedded in her psyche that lead to her being triggered.

Netflix

Money Heist (2017—)

This series is loved by many (and Netflix loves you for it), but in case you haven't heard what all the fuss is about, Money Heist is, yep, about a heist. The mastermind doing Ocean's Eleven-level prep work with equally satisfying reveals is The Professor. He's got banks in his sights and we see how his intricate plans come together with slick flashbacks, time-jumps and even an unreliable narrator. This is captivating TV with a distinct Spanish identity -- don't let the subtitles put you off.

Netflix

American Vandal (2017-2018)

The first two seasons of this mockumentary series burst onto Netflix with a potent combination of potty humor and social commentary. A parody of true crime documentaries such as Netflix's own Making a Murderer, American Vandal follows the aftermath of a high school prank gone wrong. After 27 faculty cars are left fatally vandalized with grievous phallic images, it's up to a couple of sophomores to crack the crime, before the wrong person is expelled for good. Yep, this is a satire. But it weaves a surprisingly engrossing mystery that creates an accurate bigger picture of contemporary high school life. A hefty achievement.

Netflix

Alias Grace (2017)

This miniseries is from a couple of years ago, but in case you missed it, it's definitely worth checking out. In the vein of The Sinner, Alias Grace steps back into its young female protagonist's past to figure out why she commits murder, of which she has no memory. An adaptation of a Margaret Atwood novel, the show stars a hypnotic Sarah Gadon as Irish immigrant Grace, navigating a turbulent life as a servant for a family in colonial Toronto. Partly based on a true story, this isn't a straightforward mystery with straightforward answers and that's what makes it all the more captivating.

Netflix

Mindhunter (2017-2019)

David Fincher directs a stash of episodes in this psychological crime thriller's two-season run (the third is on indefinite hold), so meticulous visuals and captivating storylines are a given. Holden Ford (Jonathan Groff) is a special agent in the FBI, sent to interview serial killers in prison to build a profile of what makes them tick. Cameron Britton as real-life serial killer Ed Kemper is absolutely chilling. Mindhunter is smarter and richer than your average crime show, somehow growing with its complex characters. It would be a shame if the third season didn't happen (although that seems to be the case).

Netflix

Narcos (2015-2017)

Drug kingpin Pablo Escobar is the subject of this, yes, addictive series that races through his rise to becoming the infamous cocaine distributor and billionaire. A true-to-life account that blends in archival footage, Narcos manages to present a sympathetic side to Escobar without undermining the gravity of its material. Plus, the DEA's hunt to bring Escobar down ratchets up the suspense. After you finish the three series, head to Narcos: Mexico, a companion series that focuses on the illegal drug trade in Mexico.

Netflix

Peaky Blinders (2013-2022)

Netflix wisely snapped up the rights to Peaky Blinders and there are six seasons (and eventually a spinoff film) to traverse the stunning rise of 1900s Birmingham gang leader Thomas Shelby. Prepare yourself for a mesmerizing performance from Cillian Murphy in this family saga that has a fantastic amount of fun and flair showing Shelby's dealings with other gangs, the police and the occasional lover.

Romance

Netflix

Heartstopper (2022—)

If you're in the market for an impeccable new happy place to move into, look no further. Heartstopper is a bright spark of a coming-of-age series, telling an LGBTQ+ love story with compassion and grace (and no one dies). Charlie falls in love with Nick, but Nick is still figuring out his sexuality. With real teenagers playing teenagers, fleshed out characters and little animations that evoke Alice Oseman's graphic novel of the same name, Heartstopper is a safe, joyous, life-affirming queer romance. Essential viewing.

Netflix

Bridgerton (2020—)

Known as Jane Austen but with sex, this period piece offers a different take on the early 19th century dating scene. With lavish production designs and colorful costumes, this is Regency London like you've rarely seen it. The Bridgerton siblings' adventures in love are captured by a scandalous newsletter, written by Regency London's version of Gossip Girl, voiced by none other than Julie Andrews. Settle in for this gorge-worthy viewing.

Netflix

Love (2016-2018)

This Judd Apatow creation draws the best out of the talented Gillian Jacobs (Britta in Community) and Paul Rust. They play Mickey and Gus respectively, an opposites-attract couple, who go to messy, frustrating and endearingly down-to-earth places that make this an honest look at a relationship being built over time. Iris Apatow is a standout as the unhappy child actress Gus tutors who gets away with just about anything.

Netflix

Lovesick (2014-2018)

Easy, enjoyable viewing with a premise ripe for embarrassment humor. Helpless-in-love Dylan discovers he has chlamydia and must track down past flings and inform them they might have it too. A flashback narrative keeps us on our toes, especially when the focus turns to Dylan and best friend Evie's feelings for each other. It never goes into soapy territory, with an eccentric but loveable supporting cast playing English flatmates in a Glasgow setting.

Comedy

Netflix

The Chair (2021—)

A comedy-drama starring Sandra Oh? The Chair is elevated by Oh's impeccable charm. Set at the fictional Pembroke University, The Chair follows Oh's Professor Ji-Yoon Kim, the newly appointed chair of the English department. She's the first woman chosen for the position and faces an uphill battle to move the stale department along with the changing times. With astute observations about academia, scene-stealing appearances by Holland Taylor as a senior faculty member, and ambitious social commentary, The Chair reaches worthy heights.

Netflix

Never Have I Ever (2020—)

Devi is your average high schooler who wants nothing more than to be cool and get a boyfriend. But it's hard to stay chipper after your dad dies. Mindy Kaling's coming-of-age story covers familiar territory and yet it stands out from the pack in multiple ways. Get this: Its narrator is John McEnroe. The sporting connection is just one layer of this surprising, charm-your-socks-off show, depicting an Indian family living in California. You've seen these stories before, but not with these unique characters.

Netflix

Julie and the Phantoms (2020—)

Stick with Julie and the Phantoms' silly premise before making any judgements. Julie is a teenager who accidentally summons a boy band from the '90s -- The Phantoms. While Julie helps the band achieve their potential, they help her enjoy music and life again after the death of her mother. As music tends to do, the catchy tunes will send you soaring through the joyous, ridiculously entertaining and, of course, romance-filled first season. Ghost jokes are included.

Netflix

Feel Good (2020-2021)

Comedian Mae Martin's Feel Good really does try to do what it says on the tin. It follows the repressed George (Charlotte Ritchie) as she falls for Martin's Mae after seeing her stand-up show. Their London-based romance sees George grappling with coming out to her middle-class friends and family, while Canadian Mae has a drug problem that makes their love even more difficult. A confidently told story with its sense of humor nailed on from the start, Feel Good exudes sweetness and grace.

Sam Taylor/Netflix

Sex Education (2019—)

Binging Sex Education is a no-brainer: The self-aware, John Hughes-possessed mishmash of American and British high school culture is a joyful breeze to watch. We follow Otis (Asa Butterfield), the son of a sex therapist (Gillian Anderson), as he embarks on his sexual awakening. The explicit sex talk and scenes are addressed in refreshingly healthy and honest ways. Built around a diverse cast with pure charisma, the show gets even bigger in season 3.

Netflix

Russian Doll (2019—)

Russian Doll takes its Groundhog Day premise and wrenches it apart in the most unpredictable ways. Natasha Lyonne is the crackling spark at the center of its time-looping mystery, playing Nadia, a game developer who repeatedly dies on the night of her 36th birthday party. The Amy Poehler co-created show uses time travel to explore self-reflection on a whole new level, making this a definite one-sitting appointment.

Guy D'Alema/Netflix

Cobra Kai (2018—)

Initially Cobra Kai, a series based on the Karate Kid films, might sound like a cynical money-making spinoff of the martial arts franchise. But it's become one of Netflix's most popular shows, thanks to well-written characters and a good measure of nostalgia. The series follows Johnny Lawrence, 34 years after he was jump-kicked in the face by Daniel LaRusso. Taking this subversive viewpoint, Cobra Kai is four seasons of self-aware, light-hearted and full-of-heart fun.

Netflix

Derry Girls (2018—)

Another unmissable show, Derry Girls follows the mishaps of Erin and her friends in 1990s Derry, Ireland. Their teenage woes are paired with antics from their equally hilarious parents, set on a backdrop of the Northern Ireland conflict. While you can make comparisons with The Inbetweeners, Derry Girls draws from its own well of sweet charm and the historical context paves ground for surprisingly dark humor.

Michele K Short/Netflix

Maniac (2018)

This dark comedy miniseries stars Emma Stone and Jonah Hill as two strangers, Annie and Owen, who sign up for a mysterious pharmaceutical trial (because that's a good idea) that induces wild, often distressing dreams. Entrenched in dazzlingly crafted visuals, Maniac is a multilayered dive into the subconscious. Which means it's dark and unpredictable, with a surprising touch of the warm sentimental stuff.

Netflix

GLOW (2017-2019)

A show inspired by the true story of the first pro female wrestling syndicate in the '80s? Starring Alison Brie? Produced by Jenji Kohan? Dreams do come true. GLOW's purely fun comedy, packed with eccentric female characters, teams campiness with underdog triumph and soars. Season 3 progresses deeper into the lives of its diverse ensemble, shifting the series to Las Vegas. A fourth and final season was in the works, but sadly production fell victim to the pandemic and Netflix canceled the show.

Netflix

Dear White People (2017-2021)

This provocatively titled show delivers a timely look at modern race relations through the eyes of a different character each episode. Following several Black students at Winchester, an Ivy League institution, Dear White People manages to blend its social commentary with a sharp sense of humor. With its fourth and final season now in the books, this remains a powerful eye-opener.

Netflix

The End of The F***ing World (2017-2019)

If you like your dark British humor, look no further than The End of The F***ing World. Psychopath James (Alex Lawther) comes up with a plan to kill Alyssa (Jessica Barden) while on the run from their lousy parents. But as they soar across the open road and commit a couple of violent crimes, their callous hearts soften and they develop feelings for one another. Surprising, fast-paced and surreal, both seasons of this deadpan teenager of a show, with its headphones pumping the best sad '50s, '60s and '70s doo-wop, will blow you away.

Netflix

Crashing (2016)

Before she electrified everyone with the word-for-word perfect Fleabag, Phoebe Waller-Bridge wrote a six-part comedy that showcased the early stages of her astonishing talent. Crashing follows six twenty-somethings living in a disused hospital, casually observing the strict rules in exchange for cheap rent. The oddball characters subvert expectations wherever hilariously possible, with Waller-Bridge dropping in as the ukulele-playing Lulu. Not only disrupting the Friends setup, she gets herself into occasionally jaw-droppingly dark situations (see the all-too-touchy Aunt Gladys).

Netflix

Master of None (2015—)

On the surface a comedy about a 30-year-old New Yorker who loves his pasta, Master of None casually throws in nuanced and moving episodes about immigrant families and their second-generation children. Then it drops an entire episode about Tinder. Dev's relatable experiences bubble with creator and star Aziz Ansari's wit and charm and, personal controversy aside, the romantic and cultural themes he explores are remarkably mature. Season 3 takes things down a different road again, starring Lena Waithe and Naomi Ackie. Ansari features in an episode, letting us know where Dev's at in his love life.

Netflix

Call My Agent! (2015-2020)

Thinking about dipping your toe into more of Netflix's international content? French comedy Call My Agent! hosts an ever-growing list of famous actors playing themselves, from French stars to Americans like Sigourney Weaver (!) in the latter seasons. But we look at the world of showbiz from the perspective of the long-suffering agents, including Camille Cottin's scene stealing powerhouse agent Andréa Martel, who rebuffs male colleagues with lines like: "When I moved on from guys to girls, it was like graduating from the sandpit to the football pitch." A brilliant series with four seasons poking fun at the entertainment industry (a fifth season and a TV film are on their way).

Netflix

BoJack Horseman (2014-2020)

When it comes to cartoons that lower your guard before gut-punching you with reflections on mental health, BoJack Horseman takes the cake. Set in an LA filled with anthropomorphic animals, it follows a washed-up ex-sitcom star who tries to climb back to his former celebrity by releasing an autobiography. While at first it might take you some time to digest this unconventional cocktail, BoJack Horseman soon astounds you with its truths about struggling with depression and addiction on the path to getting your life back on track.

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Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

Inflation, Interest Rates and Jobs: How Today's Economy Compares to Recessions of the Past

This story is part of Recession Help Desk, CNET's coverage of how to make smart money moves in an uncertain economy.

What's happening

There's still debate about whether the US economy is officially headed into a recession, but the economic downturn is causing widespread stress.

Why it matters

Periods of financial volatility and market decline can drive people to panic and make costly mistakes with their money.

What's next

Examining what's happening now -- and comparing it with the past -- can help investors and consumers decide what to do next.

Facing the aftershocks of a rough economy in the first half of 2022, with sky-high inflation, rising mortgage rates, soaring gas prices and a bear market for stocks, leading indicators of a recession have moderated slightly in the past month. That could mean the economic downturn won't be as long or brutal as expected. 

Still, the majority of Americans are feeling the sting of rising prices and anxiety over jobs. The country has experienced two consecutive quarters of economic slowdown -- the barometer for measuring a recession -- even though the National Bureau of Economic Research hasn't made the "official" recession call.  

At a time like this, we should consider what happens in a recession, look at the data to determine whether we're in one and try to maintain some historical perspective. It's also worth pointing out that down periods are temporary and that, over time, both the stock market and the US economy bounce back. 

I don't mean to minimize the gravity and hardship of the times. But it can be useful to review how the economy has behaved in the past to avoid irrational or impulsive money moves. For this, we can largely blame recency bias, our inclination to view our latest experiences as the most valid. It's what led many to flee the stock market in 2008 when the S&P 500 crashed, thereby locking in losses and missing out on the subsequent bull market. 

"It's our human tendency to project the immediate past into the future indefinitely," said Daniel Crosby, chief behavioral officer at Orion Advisor Solutions and author of The Laws of Wealth. "It's a time-saving shortcut that works most of the time in most contexts but can be woefully misapplied in markets that tend to be cyclical," Crosby told me via email. 

Before you make a knee-jerk reaction to your portfolio, give up on a home purchase or lose it over job insecurity, consider these chart-based analyses from the last three decades. We hope this data-driven overview will offer a broader context and some impetus for making the most of your money today.

What do we know about inflation? 

Historical inflation rate by year

Macrotrends.net

Current conditions: The US is experiencing the highest rate of inflation in decades, driven by global supply chain disruptions, the injection of federal stimulus dollars and a surge in consumer spending. In real dollars, the 8.5% rise in consumer prices over the past year is adding about $400 more per month to household budgets. 

The context: Policymakers consider 2% per year to be a "normal" inflation target. The country's still experiencing over four times that figure. The 9.1% annual rate in July was the largest jump in inflation since 1980 when the inflation rate hit 13.5% following the prior decade's oil crisis and high government spending on defense, social services, health care, education and pensions. Back then, the Federal Reserve increased rates to stabilize prices and, by the mid-1980s, inflation fell to below 5%.

The upside: As overall inflation rates rise, the silver lining might be increased rates of return on personal savings. Bank accounts are starting to offer more attractive yields, while I bonds -- federally backed accounts that more or less track inflation -- are attracting savers, too. 

What's happening with mortgage rates? 

30-year fixed-rate mortgage averages in the US

Current conditions: As the Federal Reserve continues its rate-hike campaign to cool spending and try to tame inflation, the rate on a 30-year fixed mortgage has grown significantly. In June, the average rate jumped annually by nearly 3 percentage points to almost 6%. In real dollars, that means that after a 20% down payment on a new home (let's use the average sale price of $429,000), a buyer would roughly need an extra $7,300 a year to afford the mortgage. Since then, rates have cooled a bit, even dipping back down below 5%. What happens next with rates depends on where inflation goes from here.

The context: Three years ago, homebuyers faced similar borrowing costs and, at the time, rates were characterized as "historically low." And if we think borrowing money is expensive today, let's not forget the early 1980s when the Federal Reserve jacked up rates to never-before-seen levels due to hyperinflation. The average rate on a 30-year fixed-rate mortgage in 1981 topped 16%. 

The upside: For homebuyers, a potential benefit to rising rates is downward pressure on home prices, which could cause the housing market to cool slightly. As the cost to borrow continues to increase with mortgages becoming more expensive, homes could experience fewer offers and prices would slow in pace. In fact, nearly one in five sellers dropped their asking price during late April through late May, according to Redfin. 

On the flip side, less homebuyers mean more renters. Rent prices have skyrocketed, and housing activists are asking the White House to take action on what they call a "national emergency."

What about the stock market? 

Dow Jones Industrial Average stock market index for the past 30 years

Macrotrends.net

Current conditions: Year-to-date, the Dow Jones Industrial Average -- a composite of 30 of the most well-known US stocks such as Apple, Microsoft and Coca-Cola -- is about 8.5% below where it started in January. Relative to the broader market, technology stocks are down much more. The Nasdaq is off almost 19% since the start of the year. 

The benchmark S&P 500 stock index hit lows in June that marked a more than 20% drop from January, which brought us officially into a bear market. Since then, it's bounced back up a little, but some experts warn that a current bear market rally is at odds with expected earnings and we could see even lower stock prices in the near future.

The context: Stock price losses in 2022 are not nearly as swift and steep as what we saw in March 2020, when panic over the pandemic drove the DJIA down by 26% in roughly four trading days. The market reversed course the following month and began a bull run lasting more than two years, as the lockdown drove massive consumption of products and services tied to software, health care, food and natural gas. 

Prior to that, in 2008 and 2009, a deep and pervasive crisis in housing and financial services sank the Dow by nearly 55% from its 2007 high. But by fall 2009, it was off to one of its longest winning streaks in financial history. 

The upside: Given the cyclical nature of the stock market, now is not the time to jump ship.* "Times that are down, you at least want to hold and/or think about buying," said Adam Seessel, author of Where the Money Is. "Over the last 100 years, American stocks have been the surest way to grow wealthy slowly over time," he told me during a recent So Money podcast.

*One caveat: If you're closer to or living in retirement and your portfolio has taken a sizable hit, it may be worth talking to a professional and reviewing your selection of funds to ensure that you're not taking on too much risk. Target-date funds, a popular investment vehicle in many retirement accounts that auto-adjust for risk as you age, may be too risky for pre- or early retirees. 

What does unemployment tell us? 

US unemployment rates

Current conditions: The July jobs report shows the unemployment rate holding steady, slightly dropping to 3.5%. The Great Resignation of 2021, where millions of workers quit their jobs over burnout, as well as unsatisfactory wages and benefits, left employers scrambling to fill positions. However, that could be changing as economic challenges deepen: More job losses are likely on the horizon, and an increasing number of workers are concerned with job security. 

The context: The rebound in theunemployment rate is an economic hallmark of the past two years. But the ongoing interest rate hike may weigh on corporate profits, leading to more layoffs and hiring freezes. For context, during the Great Recession, in a two-year span from late 2007 to 2009, the unemployment rate rose sharply from about 5% to 10%. 

Today, the tech sector is one to watch. After benefiting from rapid growth led by consumer demand in the pandemic, companies like Google and Facebook may be in for a "correction." Layoffs.fyi, a website that tracks downsizing at tech startups, logged close to 37,000 layoffs in Q2, more than triple from the same period last year. 

The upside: If you're worried about losing your job because your employer may be more vulnerable in a recession, document your wins so that when review season arrives, you're ready to walk your manager through your top-performing moments. Offer strategies for how to weather a potential slowdown. All the while, review your reserves to see how far you can stretch savings in case you're out of work. Keep in mind that in the previous recession, it took an average of eight to nine months for unemployed Americans to secure new jobs.

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What's happening

Home prices overall are up by 37% since March 2020.

Why it matters

Surging home prices and higher interest rates make monthly mortgage payments less affordable.

What's next

Rising mortgage rates will make borrowing money more expensive, which will lessen competition to buy homes and eventually flatten prices.

Home prices continued to skyrocket in March as buyers tried to stay ahead of rising mortgage rates. 

Prices increased by 20.6% this March compared to last year, according to the S&P CoreLogic Case-Shiller Indices, the leading measures of US home prices. This was the highest year-over-year increase in March for home prices in more than 35 years of data. Seven in 10 homes sold for more than their asking price, according to CoreLogic. 

Out of the 20 cities tracked by the 20-city composite index, Tampa, Phoenix and Miami saw the highest year-over-year gains in March. Tampa saw the greatest increase, with an almost 35% increase in home prices year-over-year. All 20 cities experienced double-digit price growth for the year ending in March.

The strongest price growth was seen in the south and southeast, with both regions posting almost 30% gains in March. Seventeen of the 20 metro areas also saw acceleration in their annual gains since February. 

"Those of us who have been anticipating a deceleration in the growth rate of US home prices will have to wait at least a month longer," said Craig Lazzara, managing director at S&P DJI, in the release. "The strength of the Composite indices suggests very broad strength in the housing market, which we continue to observe."

Since the start of the pandemic in March 2020, home prices overall are up by 37%. The current surge in home prices is a result of tight competition between buyers in a low-inventory market as they attempt to lock in lower mortgage rates before rates jump even higher throughout the year, as experts predict they will.

If you're considering buying a new home -- or are actively in the market -- the news isn't all bad. Interest rates are at their highest point in more than 40 years, and one potential benefit of that may, eventually, be downward pressure on home prices. As it becomes increasingly expensive to borrow money, fewer people will seek to do so, and homes for sale may receive fewer offers leading to, eventually, lower prices. In fact, nearly one in five sellers lowered their asking price during a four-week period in May and April, according to Redfin.

"Mortgages are becoming more expensive as the Federal Reserve has begun to ratchet up interest rates, suggesting that the macroeconomic environment may not support extraordinary home price growth for much longer," said Lazzara. "Although one can safely predict that price gains will begin to decelerate, the timing of the deceleration is a more difficult call."

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