Our new podcast explores the realities that lead to informality: a notion represented by reduction of the middle class, and spread of insecurity, through a series of dynamic on-the-ground interviews in Europe, the US, and the Global south. You will hear what informality is really like, from people who have lived in it all their lives; from those who have escaped it and risen to middle class; and others who have fallen into it. We invite global intellectuals, along with journalists, policy makers, and investors to share their views on what is informality and why we must tackle it now.

Reality Check with Élena
Claim This Podcastby Élena Panaritis
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Podcast Overview
Our new podcast explores the realities that lead to informality: a notion represented by reduction of the middle class, and spread of insecurity, through a series of dynamic on-the-ground interviews in Europe, the US, and the Global south. You will hear what informality is really like, from people who have lived in it all their lives; from those who have escaped it and risen to middle class; and others who have fallen into it. We invite global intellectuals, along with journalists, policy makers, and investors to share their views on what is informality and why we must tackle it now.
Language
🇺🇲
Publishing Since
2/19/2025
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Recent Episodes

January 14, 2026
Episode 6 — Todd Morley: How Impact Investing Can Formalize the Informal World
<p>In Episode 6 of Reality Check with Élena, Élena sits down with legendary investor and Guggenheim Partners co-founder Todd Morley to explore one of the most overlooked forces shaping the global economy: informality. With nearly 70% of the world’s workforce operating outside formal systems, Todd explains why this is not just a humanitarian challenge but the largest untapped economic opportunity on the planet, breaking down how informal markets suppress global GDP, destabilize democracies, and trap billions in poverty. He reveals how data-driven, impact-focused investment models can formalize work, unlock capital, and create measurable, scalable, and profitable growth, offering a bold blueprint for building an economy that works for everyone.</p><p><br></p><p>-Time Stamps-</p><p>0:00 – Why Informality Is the World’s Biggest Untapped Economic Opportunity </p><p>1:26 – How Todd Discovered the Power of Property Rights and Informality </p><p>3:10 – Why Governments Can Fix Poverty Faster Than They Think </p><p>4:50 – The Guggenheim Bilbao Effect & Economic Transformation </p><p>6:29 – From $12 Shacks to Thriving Cities in Peru </p><p>8:36 – Why Some Governments Don’t Want People to Escape Poverty </p><p>9:26 – How Property Rights Built the American Middle Class </p><p>11:18 – Why Fintech and Microloans Aren’t Enough </p><p>11:44 – Private Capital, Public Power & Real Economic Growth </p><p>13:27 – How the Reality Check Analysis (RCA) Works </p><p>15:16 – The “Bilbao Effect” for Entire Countries </p><p>16:36 – The $12 Home That Became Worth $500,000 </p><p>18:09 – Why ESG Is Failing and What Actually Creates Impact </p><p>19:25 – How Property Rights Reduced Child Labor by 27% </p><p>20:37 – Why Ignoring Informality Threatens the Global Middle Class </p><p>21:40 – Final Thoughts & Call to Action</p><p><br></p><p>Learn more, donate, and join our movement at t4action.org</p>

November 21, 2025
Episode 5 – The Silent Journey: Inside the Lives of Africa’s Displaced Youth
<p>In this episode, we step into one of the most invisible and painful realities of our time: the journey of refugees, stranded between war, displacement, and an indifferent world. This 18-minute episode reveals the raw, unfiltered truth of young men and women fleeing South Sudan, Ethiopia, and other countries in Africa, only to find themselves trapped again in North Africa waiting to cross to Europe. We filmed inside a public park, in an elite neighborhood, that turned makeshift camp… and we witnessed their reality!</p><p>They walk for years across countries and deserts. They escape burned homes, persecution… a bad life, and they end up facing insecurity, mafia networks, discrimination, arrest, violence, and the constant fear of being hunted because they carry no papers. And yet, they hold on to one another: sharing food, and the hope of a simple, normal life. This is an issue that many overlook and consider irrelevant... until the reality reaches them at their doorstep.</p><p><br></p><p>This is not a story about statistics. It’s a story about survival.</p><p><br></p><p>About the millions who live outside formal systems (without rights, recognition, or security) navigating an informal world where every hour is a battle.</p><p><br></p><p>Here, informality is not a choice. It is the only way to live.</p><p><br></p><p>Through their voices, we uncover a side of the global migration crisis that very few ever get to witness. The point of this episode is not to judge, but to expose, understand, and connect. Because these journeys are not about borders: they’re about humanity.</p><p><br></p><p>Time Stamps:</p><p>00:00 – Life in Fear and Constant Movement</p><p>00:35 – Introduction to the Episode & Refugee Context</p><p>00:59 – Seeking Asylum: Refugees Relocated to a Park</p><p>02:31 – Experiences of Racism and Social Exclusion</p><p>03:05 – A 22-Year-Old’s Story: From Ethiopia Through Libya & Morocco</p><p>05:06 – Surviving the Day: Markets, Money, and Missing Documents</p><p>06:39 – “No Future Here”: Hunger, Danger & Hopelessness</p><p>08:30 – Cross-Continent Journeys: Sudan, Chad, Libya & the Sahara</p><p>10:18 – Overwhelmed Systems: Why Host Countries Struggle</p><p>11:24 – War, Poverty & The Roots of Forced Migration</p><p>12:05 – Violence on the Road: Mafia, Arrest & Prison</p><p>13:37 – Identity Lost: Stolen Documents and No Legal Status</p><p>15:26 – Children Displaced Since 2015: Years Without Home or School</p><p>17:03 – Lost Trust, Lost Dreams & Living Day-to-Day</p><p>18:01 – Closing Message & Call to Support</p><p><br></p><p>Produced by Thought4Action.</p><p>Edited by Sara Correa.</p>

September 2, 2025
Episode 4 – The Man Behind the Market: Pablo Bustamante and Peru’s Quiet Economic Revolution
<p>In this episode I have the privilege to talk with “the doer” Pablo Bustamante. The man who innovated finance and helped move Peru’s informal sector into the middle class. In this 26 min video podcast, recorded in the spirit of untold stories that drive change, Bustamante shares how Peru emerged from a collapsed state and 25 years of economic turmoil to build one of the most dynamic middle classes in Latin America.</p><p><br /></p><p>He recounts how a generation of doers, working both inside and outside institutions, sparked a quiet revolution. From designing the return of consumer credit to helping unlock property rights for hundreds of thousands of informal families, Pablo helped reshape how finance worked for the people.</p><p><br /></p><p>We talk about informality not as a problem, but as a parallel economy with massive potential, and how it took vision, innovation, and persistence to bring it into the formal fold. This is the story of how the market didn't just take care of it: people became the market.</p><p><br /></p><p>Time Stamps:</p><p><br /></p><p>3:34 – Peru’s 1968 Autarchy: 25 Years of Economic Meltdown and Hyperinflation</p><p>6:15 – Vargas Llosa’s Heroic Vision: Pablo Joins the Fight to Transform Peru</p><p>6:38 – A New Beginning: The 1993 Constitution and Economic Reintegration</p><p>7:33 – Reimagining Credit: Pablo Designs Consumer Lending for All</p><p>9:40 – Rebuilding Trust: Legal Reform as the Foundation for Investment</p><p>11:26 – Property Rights Matter: Understanding and Tackling Informality</p><p>19:00 – Financial Inclusion: Innovating for the Informal Sector</p><p>20:10 – The Long Game: 7 Years to Convince the World Bank</p><p>24:00 – Peru Today: A Country of Opportunity</p>
6 total episodes available
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