In a number that’s going to be wildly spun by both sides, new economic reports indicate that US unemployment fell to 8.1%, but that seems to be mainly due to hundreds of thousands of people having dropped out of the job hunt. Oops.
Sure, the economy’s still bad, and a lot of people in Europe and America are pinching pennies and watching purchases, but corporations have tried and tried and tried and failed to market cars, houses and credit cards to the young adults sometimes called the Millennials, between 18 and 25. But they just aren’t buying it.
When you’re super rich, it’s good to stay as super rich as possible by stashing all your cash in offshore tax havens. Who wants to pay taxes that are just going to go towards building bridges and schools for poor people, when you have more yachts to buy? The Tax Justice Network’s Estimating the Price of Offshore Revisted report says that over $21 trillion has been squirrelled away in offshore tax-havens by 90,000 super-rich tax-cheats (0.001% of the world’s population)
Lately, the news news and internet news have picked up on LIBOR, the international banking interest rates standard and how’s it’s set by a group of chaps in London to suit their own whims. There is in fact an international banking conspiracy, but it’s not run by Bond villains or Lex Luthor, trying to build some gigantic sun laser… it’s run by a small group of old tweed jacket lunch buddies in London who are just trying to be cool around each other.
With Greek economy in collapse and looking like it might have to remove itself from the Euro, some are seeing this as the first domino to fall in the single European currency. After Greece could come Spain and Italy and eventually the whole thing. And if it happens, it will be bad, and the UK, which is not a Eurozone country, could bear the weight of the whole thing falling— riots, markets dropping, huge waves of immigration etc. So in case that happens, Britain is drawing up plans for the possibility.
In addition to its annual list of the richest real life people in the world, Forbes also puts out a yearly list of the 15 richest fictional characters, using a bunch of math and mumbo jumbo to try and assess a character’s real-world holdings.
In 1972, The Limits to Growth modeled the effects of unlimited human expansion on the planet’s finite resources. Now, 40 years later, the predicted models are still a near match with reality. So you shouldn’t worry about the shit hitting the fan at the end of this year— but come 2030, start stocking up like a crazy person.
Both in the US and Canada, the copper-coated penny is a coin that costs more to produce than it’s worth. There have been a small movement in America to ditch the penny for this reason, but in Canada, they’re actually doing it. Later this year, the Canadian mint will stop making the penny altogether, phasing out the one cent.
A bit of a heady subject today, but a very interesting and complex one about world economics. With the US and Europe having had a shitty decade economically and pulling much of the world with it, China has been mostly unaffected.
Of course, the short answer is of course “money”. If you’re an American company looking to have something manufactured, even if you want to have that “Made in America” label, in order to stay competitive, your only choice is to take advantage of super cheap Chinese labor. But it also has to do with the incredibly flexible industrial manufacturing industrial manufacturing infrastructure China has developed over the years.