There's about $60 trillion in public government debt worldwide, and the folks at Visual Capitalist created a chart to show proportions and debt-to-GDP ratio in one handy image.
About two dozen countries carry over 90% of the world's debt, with Japan and Greece having the worst debt-to-GDP ratios.
• $60 Trillion of World Debt in One Visualization
U.S. homeownership rate is 63.4%, the lowest since 1967. Bloomberg blames it on a combination of "stringent mortgage standards and wage growth that hasn’t kept up with surging home prices." As a result, rental vacancy rates a falling and rental rates are increasing.
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An excerpt from Linda Tirado's 2014 book Hand to Mouth: Living in Bootstrap America lays out some of the ways that being poor costs more than having a comfortable income -- it's more than having to pay for high daily rents in a motel because you can't afford first-and-last.
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"A capital gains tax rate (making money off money) that is lower than the earned income rate (making money off work) is just not fair; bestowing that rate on hedge-fund managers through a specially designed loophole is just not fair" -Wick Allison, American Conservative, Nov 12, 2012.
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It's well established that the US economy fares better when a democrat is president. Why is this?
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The Washington Post reports on "super zips"--postcodes that rank highly for income and college education levels. A striking interactive map is included in the article, to show what money looks like from space.
Diesel Sweeties creator R. Stevens has some advice for Millennials who are having a hard time finding work in the modern economy. It's so simple!
Six Totally Easy Tips For Millennials To Get Ahead In Today’s Economy
(via Wil Wheaton)
The Economist claims that prostitution in the UK has been hard-hit by the down economy, with men treating sex-for-money as a luxury lacking precedence behind rent, petrol and energy bills. At the same time, more women are reportedly engaging in sex-work, looking for money in an economy with high unemployment and inflation and contracting welfare and benefits. This increases competition for sex-work, driving prices down further. Some sex workers are dropping their prices, and one independent escort in the south of England says that she believes that prostitution can no longer serve as full-time employment adequate to covering all bills and expenses .
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A dead WalMart in McAllen, Texas has been remodelled as a library, making it the largest single-floor library in the USA. It's award-winning design makes excellent use of all that space -- two football fields' worth -- and includes an acoustically separated teen space.
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Here's a little visual aid for any inflation hawks out there who're looking for just the right graphic to stick in a powerpoint decrying stimulus packages or extolling gold's virtue: a group of Weimar-era kids using bundles of devalued
Deutsche marks Reichsmarks as building blocks.
German children using marks as building blocks, when Germany tried to pay its war debts by printing money, causing hyper-inflation. 1923.
(via Dark Roasted Blend)
Most of the time, when somebody goes undercover inside a meat processing facility, it's done with the express goal of convincing other people to stop eating meat. But that wasn't what journalist Ted Conover had in mind. He was more just curious, especially given the growing trend of state laws preventing undercover infiltration of agribusiness facilities. So, using his real name and address, Conover got a job as a USDA meat inspector at a Cargill plant.
What's fascinating here is that the problems he finds have less to do with animal abuse (Maryn McKenna reports that Conover was surprised to find himself in a clean, safe, humane facility) and more to do with the abuse of antibiotics — a trend that is a major contributor to antibiotic resistance.
You can't read the full story for free, unfortunately. Such is the way of Harpers. But Maryn McKenna has a summary, Conover has a blog post on agribusiness gag laws, and you can buy access to the full story with a Harper's subscription.
A new ACLU report called The Outskirts of Hope (PDF) documents the rise of illegal debtors prisons in Ohio. A majority of municipal and mayors' courts (an unregulated and rare system of courts only permitted in two states) surveyed by the ACLU routinely imprison people for their inability to pay fines, a practice banned in both the US and state constitution. 20 percent of the bookings in the Huron County Jail are "related to failure to pay fines."
Taking care of a fine is straightforward for some
Ohioans — having been convicted of a criminal
or traffic offense and sentenced to pay a fine, an
affluent defendant may simply pay it and go on
with his or her life. For Ohio’s poor and working poor, by contrast, an unaffordable fine is just
the beginning of a protracted process that may
involve contempt charges, mounting fees, arrest
warrants, and even jail time. The stark reality is
that, in 2013, Ohioans are being repeatedly jailed
simply for being too poor to pay fines.
The U.S. Constitution, the Ohio Constitution, and
Ohio Revised Code all prohibit debtors’ prisons.
The law requires that, before jailing anyone for
unpaid fines, courts must determine whether
an individual is too poor to pay. Jailing a person
who is unable to pay violates the law, and yet
municipal courts and mayors’ courts across the
state continue this draconian practice. Moreover,
debtors’ prisons actually waste taxpayer dollars
by arresting and incarcerating people who will
simply never be able to pay their fines, which are
in any event usually smaller than the amount it
costs to arrest and jail them.
The report documents heartbreaking cases, like Samantha Reed and John Bundren, a couple with a nine-month-old who were both ordered to pay fines they can't afford. John diverts whatever seasonal/part time wages he earns to Samantha's fines so she can look after their baby, while he goes to jail for ten-day stretches for failure to make payments. They are effectively indigent, but are not given access to counsel when they appear in court over their debts.
An opinion piece by Chris Arnade
on the asymmetry in pay (money for profits, flat for losses), which he describes "the engine behind many of Wall Street’s mistakes" That asymmetry "rewards short-term gains without regard to long-term consequences," Chris writes in a new guest blog at Scientific American
. "The results? The over-reliance on excessive leverage, banks that are loaded with opaque financial products, and trading models that are flawed." [Scientific American Blog Network]
The British government paid out £20 million to compensate 3,000 slave-owning families for the loss of their "property" when slave ownership was abolished in Britain's colonies in 1833. At the time, that sum amounted to 40% of the UK's annual spending budget; today, one could calculate the total value of the 19th-century payouts to be around £16.5 billion (=USD $25 billion; the actual sum can vary, depending on how you calculate).
In The Independent, an article digging in to the data, which will be released this week in the form of a publicly accessible database.
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Caviar vending machines have been installed in three upscale malls in LA. In addition to $500/oz caviar, they also dispense blinis, mother of pearl spoons, and other caviar essentials. The vending machines (they're billed as "ATMs for caviar") can be found at Westfield Century City, Westfield Topanga, and the Burbank Towne Center. Apparently, these are old news in Russia, where they are favorites of oligarchs and their entourages.
Finally! Caviar by ATM
(via Super Punch)
Medbox (MDBX), a firm that makes medical marijuana dispensing machines, says its stock "is getting way too high." Shares spiked 3,000% this week (from about $4 Monday to $215 Thursday), "prompting executives to try and dampen investor enthusiasm." The surge was caused by a MarketWatch story about how to invest in legalized marijuana.
The German pharmaceuticals maker Merck will no longer deliver the cancer drug Erbitux
to Greek hospitals, according to a statement from the company today. The drug also known as cetuximab
is often used for patients with head and neck cancers. The move to halt distribution is a sign of a worsening economic and budget crisis, and its impact on critical services including care for cancer patients. (thanks, Gerrit)