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"Pushed Into Poverty": Somalia’s Currency Crisis Leaves Traders Holding Worthless Cash
"Pushed Into Poverty": Somalia’s Currency Crisis Leaves Traders Holding Worthless Cash
For decades, Muse Omar Jama made a living swapping currencies in Mogadishu’s Bakara market, where customers once lined up to trade Somali shillings for dollars and mobile money. Now his office sits mostly silent, and the safes around him are stuffed with cash no one wants, according to The Guardian.
The problem began when traders in Somalia stopped accepting worn-out shilling notes, saying the bills were too damaged to use. The boycott quickly spread to shops, buses, and businesses across the...
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The Fed's Inflation Problem
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Three Maritime Incidents Reported In Strait Of Hormuz Energy Chokepoint
Three Maritime Incidents Reported In Strait Of Hormuz Energy Chokepoint
Update (1045ET):
The United Kingdom Maritime Trade Operations reports three maritime incidents in or around the Strait of Hormuz involving commercial vessels.
First Incident
Second Incident
Third Incident
Reuters wrote on X, "Tanker owners, oil majors and trading houses suspended oil, fuel and LNG shipments through the Strait of Hormuz after Tehran said it had closed navigation."
Tanker owners, oil majors and trading houses suspended oil, fuel and LNG shipments through the Strait of Hormuz after Tehran said it had closed navigation, raising fears of a...
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May 12, 2026 / Tyler Durden
Millions Of Student Borrowers Are Defaulting: They Are 40 Years Old On Average
Millions Of Student Borrowers Are Defaulting: They Are 40 Years Old On Average
The NY Federal published its latest report on Household Debt and Credit for the first quarter: the report showed total household debt increased by $18 billion, just a 0.1% increase, in Q1 2026, to $18.8 trillion.
Some details:
Mortgage balances shown on consumer credit reports grew slightly by $21 billion during the first quarter of 2026 and totaled $13.19 trillion at the end of March.
Balances on home equity lines of credit (HELOC) rose by $12 billion, marking the 16th...
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