Your Evening Briefing
Modern monetary theory is “garbage.” That’s what BlackRock CEO Larry Fink says, and he has company. MMT posits deficits aren’t too worrisome since America borrows in its own currency. In the coming years, the U.S. deficit may reach $1 trillion. Fink says unbridled deficits could eventually drive up interest rates to unsustainable levels.
Here are today’s top stories
Amazon stopped buying products from many wholesale vendors, encouraging them to sell directly to consumers on its marketplace.
Bank of New York Mellon has done a U-turn on restricting staff working from home after a backlash from employees.
If you want to be an eco-friendly consumer, you don’t have to look hard to find greener alternatives like self-filtering water bottles and specially made duvet covers. But the average American just can’t afford them yet.
Paul Manafort, President Donald Trump’s former campaign chairman, faces sentencing.
New York City developers have made a $2 billion wager that a new shopping mall at Hudson Yards will prosper. It may be a long shot.
United Airlines has turned to computers to make sure the long, terrifying run to your airport connection won’t end with a closed gate.
What’s Joe Weisenthal thinking about? The Bloomberg news director is considering inflation and generational conflict, and how it’s arguable that older Americans like low inflation because it preserves there wealth, while younger Americans saddled with debt see inflationary policies in a more favorable light.
What you’ll need to know tomorrow
- How is Dubai’s economy doing? No one seems to know.
- Some European Central Bankers are pretty grim about 2019.
- Browder says Europe may be looking at $1 trillion in dirty money.
- Michael Cohen sued the Trump Organization, saying he was stiffed.
- QuickTake: Who is looking at what in all the investigations of Trump.
- Elon Musk’s security clearance is under review.
- Dolce & Gabbana is still in trouble in China, Bloomberg Businessweek reports.
What you’ll want to read tonight
The super-rich are falling for private jet scams. Five grand for mystery sushi. Seven grand for plastic cups. And more fuel than a plane can hold. Such are the deceptions stinging the billionaires and mere millionaires of today’s private jet-set class. In an era of ultra-wealth, reports of shady billing related to private-jet travel are on the rise.
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