The rich-poor obesity gap in kids is widening

A long time ago, obesity was often used as a shorthand for wealth, but over the decades obesity has become more and more correlated with poverty, both in culture and science (while wealth is increasingly correlated with being slim). Read the rest

Mass protests against IMF austerity force Jordan's Prime Minister to resign

Jordan is broke, thanks to falling tax revenues due to tax avoidance and low taxes on the super-rich, and the country is seeking to bridge the gap in its finances by borrowing from the International Monetary Fund, which backed a bill that imposed crushing cuts on public services to ensure that money could be found to pay back Jordan's creditors. Read the rest

Private equity bosses took $200m out of Toys R Us and crashed the company, lifetime employees got $0 in severance

Private equity's favorite shell game is to take over profitable businesses, sell off their assets, con banks into loaning them hundreds of millions of dollars, cash out in the form of bonuses and dividends, then let the businesses fail and default on their debts. Read the rest

America is the world's first poor rich country

Americans' median income is $60,000 -- but the average American couldn't stump up $500 to bail themselves out of an emergency, and a third of Americans can't afford food, shelter and healthcare. Read the rest

Supreme Court rules that employers can make signing away your right to sue them in a class a condition of employment

Supreme Court Justice Neal Gorsuch used his stolen Supreme Court seat to carry the day for corporations against workers in Epic Systems Corp. v. Lewis, ruling that employers could force potential employees to sign away their legal right to participate in class action suits as a condition of employment. Read the rest

The Vatican dunks on the finance industry and its "amoral culture"

The Vatican has published “‘Oeconomicae et pecuniariae quaestiones’. Considerations for an ethical discernment regarding some aspects of the present economic-financial system” of the Congregation for the Doctrine of the Faith and the Dicastery for Promoting Integral Human Development, 17.05.2018, a lengthy report on the wickedness of Wall Street, in which the finance industry is condemned in the strongest and most specific terms, accused of creating an "amoral culture" dedicated to the "profit of the strongest" instead of the "authentic good." Read the rest

America's new aristocracy: the 9.9% and their delusion of hereditary meritocracy

It's true that the 1% have accumulated a massive share of America's national wealth; but just as significant is the cohort of professionals -- "well-behaved, flannel-suited crowd of lawyers, doctors, dentists, mid-level investment bankers, M.B.A.s with opaque job titles, and assorted other professionals" -- who style themselves as the "meritocratic middle class" but who actually represent the top decile of American wealth, with net worths from $1.2m to $10m. Read the rest

New York surpasses Brexit London as the world's second-hottest luxury property market

If you are an oligarch or criminal looking to exfiltrate and launder your money, London property markets have been your go-to asset class: London lux is real-estate that behaves like cash, thanks to the long line of oligarchs and criminals who'll pay cash for your safe-deposit box in the sky on a few hours' notice, should you need to liquidate ahead of a purge or an indictment. Read the rest

How the "global super-rich" have honeycombed London's posh neighbourhoods with sub-basements, sub-sub-basements, and sub-sub-sub-sub-sub-basements

London -- ground zero for financial shenanigans, money-laundering, and the conversion of housing from a human necessity to an asset-class -- has spent decades converting itself to an inert, open-air vault full of status-displaying safe-deposit boxes owned by offshore criminals and oligarchs who "improve" their empty properties with absurd fripperies to make them more flippable come the day that their local warlord purges them and they need the ready cash. Read the rest

Trump's Labor Department is planning a rollback of teen labor laws, allowing kids to work in "hazardous" jobs

Under a leaked draft plan from Trump's Department of Labor, 16- and 17-year-olds would be permitted to work for extended periods in "Hazardous Occupations" as apprentices; at present, these apprentices are only allowed to train on machines like chainsaws and meat-slicers for short periods under close supervision. Read the rest

Chinese law professor: AI will end capitalism

Feng Xiang is a prominent Chinese legal scholar with an appointment at Tsinghua University; in a new Washington Post editorial adapted from his recent speech at the Berggruen Institute’s China Center workshop on artificial intelligence in Beijing, he argues that capitalism is incompatible with AI. Read the rest

An upcoming Supreme Court ruling could force all workers into forced arbitration, deprived of the right to class lawsuits

One of the cases that the Supreme Court heard this season was NLRB v. Murphy Oil USA, Inc. which rolls up several cases where employers are hoping to establish that they can force prospective employees to sign a mandatory arbitration waiver as a condition of employment; if they prevail, the majority of workplaces in America will likely adopt the practice. Read the rest

The UK is finally cracking down on its Russian money-laundry, but hasn't hired people to do the job

Scottish Limited Partnerships are a preferred money-laundering tool of the world's criminals, looters and oligarchs, especially favored by criminals from the former USSR, who have pumped an estimated $80B through them in the past four years alone. Read the rest

Thanks to streaming, recording industry revenues are back up to pre-internet levels, but musicians are poorer than ever

Since the days of Napster, record labels have recruited recording artists as allies in their fight against unauthorized music services, arguing that what was good for capital was also good for labor. Read the rest

World Bank recommends that countries eliminate minimum wage, dismantle wrongful dismissal rules and contractual protections for workers

A draft of the World Bank's annual flagship World Development Report says that its creditor-states (the poorest countries in the world) should eliminate their minimum wage rules, allow employers to fire workers without cause, and repeal laws limiting abusive employment contract terms. Read the rest

Trump's sweetheart tax deal for economically useless financial engineering triggers a stock buyback bonanza

Stock buybacks are a form of economically useless, business-starving financial engineering that makes rich people much, much richer. Read the rest

The US workforce is the most productive, best educated in history and unemployment is at an all-time low, but wages are stagnant

Orthodox market economics holds that when unemployment falls and the labor supply gets tighter wages go up; it also predicts that better-educated workers and more-productive workers get paid more for their work -- none of this has happened. Read the rest

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