Welcome to another edition of "Signs the Economy is Bad" here at The Itinerant Librarian.
This is the semi-regular (as in when I have time and/or feel like doing
it) feature where I scour the Internet in search of the oh so subtle
hints that the economy is bad. Sure, pundits may say things are getting
better, but what do they know? And to show not all is bad, once in a
while we look at how good the uber rich have it.
Big News This Week
- The big news this week has to be infant formula shortage in the United States. The Food Politics blog has a roundup of articles and information to help explain in more elegant terms the consequences of allowing a capitalist for profit monopoly for an essential food supply.
- Meanwhile, in rural areas where low income folks live it is getting harder to find baby formula. The 19th tries to answer the question "where do you find baby formula when there is nowhere to look?" A lot of moms and families are having to create new networks and hustle around in search of one or two cans of formula to keep their babies fed.
- Meanwhile, the uber rich do what the Real Owners always do in a situation like this: they turn to the black market and just get their formula from overseas. Story via The Atlantic (which may or not be paywalled). When you got money to burn, small details like legality or morals are not an issue as long as you get what you want. Besides, let us be honest. If any of them get caught by the government smuggling formula from overseas, worse that would happen is probably a slap on the wrist and a fine that is pretty much what they would consider pocket change under their plush couches.
Government News
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This week the U.S. is number one once more in something. This time it's being number one in financial secrecy and aiding and abetting the uber rich in laundering money and hiding it in the U.S. Story via Scheerpost. So how bad is it? Hell, the U.S. Treasury Secretary herself admitted the following: “There’s a good argument that, right now, the best place to hide and launder ill-gotten gains is actually the United States.” So hey, if you are a rich oligarch, a narco lord, or some other assorted criminal and/or shady financial dealer, the U.S. has your back.
The Bad Economy Around the World
- In the African continent, drought and the war in Ukraine are making famine and hunger worse. Story via NPR.
- In Zimbabwe, where the economy is so bad they have an unemployment rate of 90%, if you want a job you either may need to pay for it (i.e. bribe someone) or sleep with your potential employer (more applicable to women). Story via Al Jazeera. Now that is quite dystopian.
- In Sri Lanka, things are so bad that for the first time in their history they had to default on their foreign debts. Story via the BBC.
- Meanwhile, across the pond in Great Britain you might have a small hope of good news as retail sales jumped in April. Story via the BBC. For that jump, you can thank sales of alcohol and cigarettes because people may be tightening the belt for a lot of things, but they still want their little treats, especially in the Hard Times. That is something I can understand. However, things are so bad that even that small boost may not last long.
- This story is not necessarily a bad economy sign, but I found it interesting enough so I am featuring it here. The Guardian takes a look at the business of vending machines around the world. One thing I can say is that locally the students would be happier here in the college of the vendor that runs our vending machine in the library would actually keep the cold coffee stock filled consistently. It is a common complaint I often hear from them. The article takes a look at how the business has changed, including you and I being able to find a machine that takes actual coins as many of them now only offer a card reader (for the so-called contact-less option, also known as if you are poor and all you have is some coins you are shit out of luck option).
In Other News of the Bad Economy
- Oh no, Walmart suffered a small downturn in their profits due to inflation and the pandemic supply chain issues. Story via Al Jazeera. The real issue is that Wally World is so ingrained into U.S. society that it can be a barometer for how bad the economy is. When regular people can't afford to shop at Walmart and/or they can't find what they want and need at their local Walmart, that can be a problem.
- Speaking of companies that are having downturns in their profits, Netflix is laying off people. Story via NPR. I would have guessed maybe they'll slow down funding every half-brained movie or series idea out there, but no, laying off people and harassing people who may share a password is what they are going with. As for me, I am perfectly fine with free streaming options to supplement the cable I already have (and only reason I have it is because it comes with the Internet, which I do need to have, and the cable company are the reliable Internet here in Bumfuck, USA).
- By now, we all know that the mighty, independent, and very reliable Texas electrical grid is a running joke. However, according to a new report Texas is not the only electrical grid in serious danger of failing this summer. A new report indicates that the majority of electrical grids in the U.S. are in serious risk of failure, especially in the Midwest and the Western states, and yes, Texas is still included. Story via VICE. The article includes a link to the actual report.
- As we all know, food is getting more and more expensive in the bad economy. Want to try your hand at growing your own food? Consider heading on down to your local public library. Many libraries now offer "seed libraries" where you can get seeds free of cost to start your own garden. Story via VICE. Heck, in some places libraries will even lend you some gardening tools. Locally our county library does have a seed library, and yes, you can go in and take some seeds free of cost if you so wish.
- The Hustle has a story on live-in landlords. This is basically homeowners, especially young ones, who are more often renting out rooms in their homes so they can help pay their mortgages and other expense. In other words, this is what in the Victorian era was known as taking in boarders. History does repeat itself.
- Grub Hub decided this week to do a little "free lunch" promo in yet another effort to edge out the competition. Story via VICE. It was a clusterfuck, and it shows why these exploitative gig jobs suck and are not viable in the long term.
Hustlin' in the Bad Economy
- Finally for this week, a group of students at Johns Hopkins University solved a problem that I had no idea existed. They invented "Tastee Tape." Story via UPI. It is an edible tape you can use to keep your burrito shut nice and tight. I have to give them credit, that is a creative hustle in the bad economy.
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