Wednesday, October 16, 2013

Hair, breast milk and eggs doubling as ATMs for cash-strapped Americans

Nice ATM
With a stunning 41% of global wealth in the hands of a mere 0.7% of the world's population, the lower- and middle-class continue to fight amongst themselves for the scraps to maintain a decent standard of living. In the US, with the home-equity ATM now closed (and maybe EBT interrupted), those struggling to make ends meet are turning to the only "asset" they have left that is unencumbered (for now) - their body parts.

As Bloomberg reports, since the beginning of 2011, 'hair,' 'eggs,' or 'kidney' have been among the top four autofill results for the Google search query, 'I want to sell my...;' and "the fact that people even explore it indicates that there are still a lot of people worried about their financial outlook," as hair, breast milk and eggs are doubling as ATMs for more and more cash-strapped Americans.

As one analyst noted, “This is very much unlike every other recovery that we’ve had. It’s going to be a slow-grinding, very frustrating recovery.”

Which should come as no surprise given the massive wealth inequalities. Read more >>
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