Roman Mars has built one of podcasting's great empires out of noticing things everyone else walks past. His show, 99% Invisible, has racked up over 500 million downloads telling stories about the unnoticed design choices that quietly shape how cities and objects work, from speed bump psychology and flag design to the shape of a good street sign. His TED Talk on vexillology (the study of flags) is so influential that it has reportedly spurred 250 to 300 municipal flag redesigns across the country, including in Pocatello, Idaho, a city he once publicly called out for having the worst flag in America. Tyler asked questions about nearly every visual surface of modern life, and Mars's answers keep circling back to the same tension: beauty and efficiency are often at odds, and most of what looks ugly to us is just a compromise we haven't yet learned to love.

Tyler and Roman discuss street signs, why classic cars were so much more distinctive than today's SUVs, Waymos, New Jersey jughandles, yellow streetlights, lane-stripe colors, why Houston keeps growing despite its lack of charm, whether any post-war American suburb is actually beautiful, the Chrysler Building's rocky reception, brutalism done right and wrong, Central Park as an urban miracle, what Jane Jacobs got wrong, e-bike lanes, Tokyo's bike-free transit model, the placelessness of global coffee shops, why the iPhone looks boring now, the ugliest country he's visited, his love for Australia's polymer notes, his soft spot for the dollar's "locked in amber" weirdness, underground power lines, how to warn future civilizations about nuclear waste, why highway signs lie to you about speed limits, the principles of a great city flag, the Pocatello redesign saga, his own studio, why 99% Invisible works precisely because it's audio-only, the most unusual habit behind his long productive career, and more.

Read a transcript enhanced with helpful links, or watch the full video on YouTube.

Recorded August 28th, 2026.

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Timestamps:

00:00:00 - Intro

00:01:08 - On urban and suburban design

00:21:55 - On phone design

00:24:36 - On the world's ugliest places

00:26:03 - On currency design

00:28:33 - On power lines, speed bumps, and nuclear warning signs

00:34:31 - On city flags

00:40:39 - On building 99% Invisible

00:45:06 - Outro

Liaquat Ahamed has spent years making central bankers into compelling characters. His 2009 book Lords of Finance won the Pulitzer Prize for its account of the bankers whose decisions helped cause the Great Depression; his new book, 1873: The Rothschilds, the First Great Depression, and the Making of the Modern World, tells a stranger story — a severe deflationary crisis that barely dented global growth but poisoned politics for a generation. Tyler pushes him hard on the central puzzle of those two books — why did one financial crisis derail the world, while another left growth almost untouched?

Tyler and Liaquat start with that puzzle before moving through Gladstone's startlingly self-interested bet on Egyptian bonds, Bismarck's role in destroying bimetallism and deflating the world economy for two decades, whether a global silver or symmetallic standard could have worked, Britain's fateful decision to re-peg the pound to gold in 1926, Hjalmar Schacht's transformation from the economist who stabilized Weimar's currency to opportunist collaborator with the Nazi regime, Montagu Norman's spiritualist beliefs, why the 1920s produced such a creative cultural moment, lessons from the IMF on Ireland's housing bubble and Pakistan's two dozen bailouts, what went wrong in the eurozone crisis, Britain's baffling modern stagnation, and finally to his own restless career and what he wants to write next.

Read a transcript enhanced with helpful links, or watch the full video on YouTube.

Recorded July 28th, 2026.

Other ways to connect

• Follow us on X and Instagram
• Follow Tyler on X
• Sign up for our newsletter
• Join our Discord
• Email us: cowenconvos@mercatus.gmu.edu
• Learn more about Conversations with Tyler and other Mercatus Center podcasts here.

Timestamps:

00:00:00 - Intro

00:01:13 - On 1873 vs. the Great Depression

00:15:32 - On bimetallism and the gold standard

00:21:32 - On the 1920s and Weimar hyperinflation

00:29:29 - On Ireland, Pakistan, and the Eurozone crisis

00:36:21 - On Liaquat's career and Ismaili Islam

00:44:37 - Outro