By Jeff Schuhrke of In These Times
In addition to repaying loans on their medallions, taxi operators also have to pay thousands of dollars each year in city expenses, like the ground transportation tax and medallion license renewal fee—expenses that rideshare drivers are not subject to. (Cab Drivers United/ Twitter)
Via The Daily Bell
What if everyone declared bankruptcy, would that solve all financial woes? Or rather, would it be the ultimate debt bubble burst? Bankruptcy is a “solution” that would become disastrous if everyone were to use it. So can it truly be considered a solution at all? It just shifts the financial burden to someone else.
Today the Federal Reserve Is the Bank of the United States, and There Is No President Andrew Jackson
Being rich is great. But being rich in America? That’s even better.
With US stock benchmarks trading just below record highs, and Treasury yields not too far from the all-time lows reached last summer, the gulf between the world’s wealthy elite – those 18 million households worldwide with more than $1 million in assets – and everybody else is rapidly widening.
The boost in foreign reserves Venezuela enjoyed after Goldman Sachs investment arm picked up $2.8 billion of bonds from the state oil company is almost gone.
"We're gonna need another boost..." - time for some more Goldman 'swaps'?
As Bloomberg notes, the country’s cash hoard has fallen $326 million this week to $10.2 billion, near the 15-year low reached last month before the windfall.