Amex Customers – Above-Average-Income Consumers – Are Spending like Drunken Sailors, incl. on Travel & Restaurants
They’re the Big Spenders, they can move the needle. Millennials and Gen Z-ers are now the drivers of this growth.
Read more...Category Archives: Credit cards
Debt and the Collapse of Antiquity – Michael Hudson
Michael Hudson explains how Rome rejected debt forgiveness and nstituted a pro-creditor legal system, which our establishment defends today.
Read more...Leverage & Interconnectedness Are Blowing Up Crypto & DeFi
What’s different this time: Stuff blows up because of leverage and cascades through the crypto space because everything’s interconnected.
Read more...‘Public Bank’ Bill Blocked From State Senate Vote After Industry Pushback
Why is a modest public bank plan for New York going nowhere?
Read more...Fog of Financial Sanctions: Visa and Mastercard Shutdown in Russia Whacks Consumers
Russia is scrambling to deal with being shut off Visa and Mastercard.
Read more...An Increase in Interest Rates Would Be An Act of Class Warfare
While increasing interest rates to combat this inflation is bone-headed, the Fed has long wanted to be out of super low rate terrain.
Read more...Halloween Is Over – Are Corporate Zombies Still Out There?
Corporate debt levels are up due to Covid. Some will businesses will not make it. Restructuring sooner is better for everyone than later.
Read more...War on Cash: NYC Enforces its Cashless Business Ban
NYC sides with those who want to use cash and enforces its cashless business ban, hitting ice cream shop Van Leeuwen with $12000 in fines.
Read more...Cash in the Time of Covid: Down But Not Out
Physical cash should still have an important — albeit diminished — role to play in the economy of the future.
Read more...Is It Time for a Debt Jubilee?
Steve Keen and Micheal Hudson provide a deep dive on a debt jubilee, and how it could be implemented in a Covid-afflicted economy.
Read more...Michael Olenick: The Surprisingly Short Road from Abolitionism to Credit Bureaus
Abolitionist Lewis Tappan, the inventor of credit bureaus, would be distressed to see how his creation is being put to use.
Read more...It’s Time for a Debt “Jubilee”
Households and businesses are overloaded with debt. Richard Vague offers a set of proposals for how to restructure it.
Read more...WSJ Says Banks Can’t Determine Who Is Credit-Worthy: More COVID-19 Fallout
WSJ says banks can no longer determine who is credit-worthy using existing models – more COVID-19 fallout, this of uncertain magnitude.
Read more...Modigliani Meets Minsky: Rising Inequality and U.S. Household Debt Since 1950
Yves here. This short piece looks at some of the intuitions about the relationship between rising household debt levels and increasing inequality. And they sure do look to be connected! By Alina Bartscher, University of Bonn, Moritz Kuhn, Professor, Department of Economics, University of Bonn and Moritz Schularick, Professor of Economics, University of Bonn. Originally […]
Read more...Why You Should Stop Using or Cancel Your Citi Mastercard: Systematic Violation of Cardmember Chargeback Rights, Insistence on Using Fraud-Friendly Voiceprints
Citi is doing a number on its own and the Mastercard brand name with cringe-makingly inept and dishonest credit card operations.
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