Happy Tuesday. Today is National Library Workers Day, in which we celebrate library workers and volunteers. My wife was a volunteer at our children’s school library before the pandemic but she has not been allowed back yet. Here is to hoping for more library time soon! Support your local library, folks!
A pediatrics research journal says that 40,000 children in the U.S. have lost a parent to Covid.
The U.S. vaccination rate is five times the world average, according to one study.
At least five universities will require students to be vaccinated for Covid to attend classes in the fall.
Today’s Live Show
GOVERNMENT SENDING MORE STIMULUS, YELLEN’S GLOBAL TAX
Join us on today’s live morning show. The government is sending more money to Americans in a nice surprise. Janet Yellen calls for a global corporate tax. And Congress is looking at a new round of stimulus checks. Click here to RSVP and set a reminder and I’ll see you at 9 AM Eastern.
China has created its own digital currency, a digital yuan also known as renminbi. The country will use blockchain technology to track and issue new money into its own economy as well for international use.
By definition, blockchain is supposed to be anonymous and decentralized. This will not be the case with the digital yuan. It will be controlled by the Chinese central bank.
Across the pond
On Monday, Japan’s central bank began issuing a digital currency too but it will pale in comparison to the global reach of the Chinese version. The Chinese cryptocurrency could easily unseat the American dollar as the international standard for currency. It could allow for international transfers between poorer countries far more efficiently than current options.
Even though cryptocurrencies are inefficient for everyday transactions, more than 100,000 people have downloaded apps to use them in China for daily transactions since the government began testing this.
American financial regulators know that they need to come up with their own digital solution but have been slow to do so.
Josh Lipsky, a former International Monetary Fund staffer told the Wall Street Journal: “Anything that threatens the dollar is a national-security issue. This threatens the dollar over the long term.”
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The Russian President is currently serving his fourth term but second consecutive term. The law, previous to this week, precluded him from running for a third consecutive term but Poof! He changed it! He can now run again after this term and again after that one, should he win election.
His two Houses of Parliament approved this law last month.
Comedian Dave Chapelle jokes that gun laws in America will not change unless Black people register for a legal firearm. Well that is happening.
Gun ownership amongst Black Americans is up 58.2%, according to the National Shooting Sports Foundation. While gun ownership has increased all around, Black ownership has increased more than any other demographic.
When asked, Black gun owners say that they resorted to gun ownership due to the stress of the pandemic and the number of armed protestors that took to the streets during last summer’s racial riots and protests.
This has led to new business opportunities for Black gun clubs and training companies because Black Americans claim that they do not feel welcomed to purchase guns by white gun store owners.
“Now 99.9% of my students are either single Black women or Black women with children who fear for their safety,” said Rogers Anderson, commander of the Black Gun Owners Association in the Bay Area.
High-risk borrowers are having a hard time paying their auto loans. Last year, 8.7% of these subprime loans had late payers. This year, the number is up to 10.9% and climbing.
The government has provided help with delinquent rent and home loan payments as well as student loan payments but there is no help for car payments. Many high-risk borrowers are at risk of defaulting and losing their cars. Economists are saying that auto loans are a perfect example of the K-shaped recovery in front of us where the wealthier population recovers just fine but the most disadvantaged plunge into further despair.
Things are heating up for Amazon, already under fire for how the company treats its employees. The National Labor Relations Board has accused the retailer of firing two workers who were outspoken of the company.
The employees, Emily Cunningham and Maren Costa, were both loud advocates for Amazon to reduce its carbon footprint and protect warehouse workers. Amazon says that they were fired for violating internal policy, not for speaking out. The Labor Board disagrees and has threatened to file a complaint if the company does not offer the employees a settlement that compensates them for their lost salaries and expenses related to job loss.
Amazon is also being sued by the New York Attorney General for firing a man who led a walkout to request more Covid protection measures. The company says that he was fired for violating social distancing policy.
Amazon has been all the talk on social media as the world discovers that warehouse workers and drivers work under harsh conditions and often have to urinate in bottles. But shouldn’t we all share some collective blame for a lifestyle of ordering one item at a time, wrapped in a box and driven to our doorstep, to arrive within 24 hours? How could we NOT know that this was bad for the environment and the employees that make it run? Sure we can be outraged but will we do something about it such as buying local and skipping one-off deliveries of our whims? Most of us cannot condemn with impunity. Just saying.
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