| Good morning. Happy Monday? | | | |  | Nasdaq | 14,822.90 | | | | | S&P | 4,468.00 | | | | | Dow | 35,515.38 | | | | | Bitcoin | $47,621.01 | | | | | 10-Year | 1.274% | | | | | JPMorgan | $159.98 | | | | *Stock data as of market close, cryptocurrency data as of 9:00pm ET. Here's what these numbers mean. | - Markets: The trend to watch on Wall Street is whether financial and energy companies (the ones most tied to the fortunes of the US economy) will continue to outperform high-flying tech companies. The Dow and S&P begin the week following record closes on Friday.
- Covid: The US administered nearly 1 million vaccine doses on Saturday, the most since early July. But new Covid hospitalizations for Americans 30–39 have hit a record rate. Meanwhile, vaccination leader Iceland is seeing a surge, though a vast majority of the cases are mild.
| | | WAKIL KOHSAR/AFP via Getty Images | The Taliban has effectively taken power in Afghanistan after insurgents captured Kabul, the capital city, yesterday. President Ashraf Ghani fled the country, and American diplomats and Afghan civilians were scrambling to get out as conditions rapidly deteriorated around the airport. The US government said it's deploying nearly 6,000 troops to facilitate evacuations via military and civilian flights over the next two days. Big picture: Since the US invasion in 2001, more than 47,000 Afghan civilians and nearly 2,500 US troops have died in the conflict. The war has also cost the US an astronomical sum—$2.26 trillion to be exact, according to the Brown University Costs of War project. - That includes $815.7 billion in direct war-fighting costs and $143 billion for nation-building, including infrastructure projects and training Afghan military forces.
But instead of raising money through war bonds or raising taxes as it has for previous wars, the US paid for its post-9/11 military actions through general government revenue, which means it needed to borrow heavily. The government has already forked over roughly $530 billion in interest, and total debt payments are estimated to balloon to $6.5 trillion by 2050, according to the Costs of War project. What is there to show for it? Very little. The Afghan poverty rate increased to 47% in 2020, up from 36% in 2007 when World Bank records began. Schools, hospitals, and dams built by Americans have been largely ineffective. The US-trained Afghan military was easily overwhelmed by the Taliban's advance in a matter of weeks. - A few noticeable improvements in Afghanistan over the past two decades include increased life expectancy (56 years → 64) and a jump in the literacy rate (rising 8%, to 43%).
Looking ahead...the costs outlined here are really just the tip of the iceberg. For example, the US will need to continue to provide care for veterans wounded in the Afghanistan and Iraq wars for decades to come. That expense, which will total more than $2 trillion, is not expected to peak until after 2048, according to Linda Bilmes of Harvard University's Kennedy School. + Further reading: How America failed in Afghanistan and who are the Taliban? | | | Getty Images | Starting today, you cannot enter a New York City restaurant, gym, or entertainment venue without showing proof that you are prepared to spend one bazillion dollars...and that you've received at least one dose of a Covid vaccine. The vaccine requirement is the first of its kind in a major US city, but it's not the only one on the docket. - San Francisco is rolling out its vax mandates on Friday, which are even stricter than New York's in that they require proof of full vaccination to enter many indoor businesses.
- And while drinking inside is not required (or even recommended) in New Orleans, beginning today you'll have to show that you're vaccinated or that you recently tested negative for Covid to do it and other indoor activities in the Big Easy.
Zoom out: The recent Delta-fueled Covid wave is causing local governments—especially those whose economies rely on tourism—to take stronger action to make sure residents and visitors feel safe when they're standing shoulder-to-shoulder at a bar. It's all the more urgent considering consumer confidence plunged to its lowest level since 2011 in July. | | | Giphy | We all have that one friend who used the pandemic as cover to work two jobs at once without telling either employer. Oh...we don't? Well, they exist. The Wall Street Journal talked to six white-collar workers who are secretly juggling two remote jobs at once. It is legal, according to employment experts, though obviously if you're found out you're likely to be fired. How does it work exactly? - Some of the workers told the WSJ they use color-coded browser windows or multiple devices to keep their tasks separate.
- But slipups can happen. One double-dipping employee said that they unmuted a speaker while on simultaneous meetings and for five seconds a meeting at one job could hear a meeting at the other.
The catalyst: Some multiple-job employees said they were emboldened by Overemployed, a website dedicated to helping people work two jobs at once and achieve "financial freedom." On the site, you'll find helpful blog posts like, "How to set low expectations at your two remote jobs," and "12 rules for working two remote jobs" (Rule #1: Don't talk about working two jobs). Bottom line: While offering remote positions can open up new talent pools for employers, it can also lead to apathy in employees and a sense of disconnect from their jobs. | | | | The thrill of day trading, the adrenaline rush of cryptocurrency, the excitement of purchasing your first NFT. Investing can be an extreme sport in itself. But these riskier deals and investments can be a lot like jumping out of a plane at 15,000 ft in the air. There is likely to be a rough landing if you forget to bring a parachute along. A Fundrise parachute may make that descent easier. They're radically changing the investment world by making an old standby more accessible than ever: private real estate. Real estate is a generally reliable asset class with historically high returns and low volatility. Bottom line: It's a smart choice to ensure a smoother landing. Ready to jump? With the Fundrise Starter Portfolio, you can start investing with just $10. Those looking for something a bit larger can score a Premium Portfolio for $100,000. So go ahead and take the leap, check out Fundrise today. | | | Giphy | Stat: The market capitalization of all cryptocurrencies once again rose above $2 trillion on Saturday, a comeback propelled in part by individual traders piling into altcoins (cryptos other than bitcoin). Quote: "A number of times I crossed the line to where it was copyright infringement. I own that." David Mikkelson, the CEO and cofounder of the fact-checking site Snopes.com, apologized after an investigation found he published 54 articles with plagiarized material between 2015–2019. Read: Inside the secretive, semi-illicit, high stakes world of WhatsApp mango importing. (Eater) | | | A pretty quiet week on the business calendar. Checks out for late August. Earnings: Walmart, Home Depot, Target, Macy's, and Kohl's highlight a big earnings week for the retail sector. Investors will be paying attention to their comments on how the Delta variant is impacting consumers. Economic data: After posting a surprise bump in June, retail sales are forecasted to have dropped 0.2% in July. We'll find out the actual number on Tuesday. Tesla AI Day: The auto company is holding an invite-only event on Thursday to tout its advances in artificial intelligence...beyond cars. CEO Elon Musk, who's giving the keynote, has said that people will start thinking of Tesla as an "AI robotics" company instead of just an electric car company. | | - A 7.2-magnitude earthquake hit Haiti, killing more than 1,200 people and demolishing countless buildings. Rescuers are rushing to look for survivors before Tropical Depression Grace hits the island later this week.
- T-Mobile is investigating hackers' claims that they have gained access to the personal data of more than 100 million people, per Motherboard.
- Ford escalated its fight with GM over trademarks for the terms "Cruise" and "Super Cruise."
- Free Guy, an action comedy starring Ryan Reynolds, earned a surprising $28.4 million at the North American box office this weekend, taking the top spot.
| | | | Ready to level up your finances? We have just the ticket—well, videos—for you. Watch our 4-part series, M1nute Money Masterclass. They each take about a minute (obvs) and will help you learn a thing or two about creating a financially fulfilled future. Check them out: | | | Pod rec: What's the connection between Covid and kids' birthday parties? We didn't know there was any until listening to Freakonomics, M.D. hosted by the sensational Dr. Bapu Jena, a PhD from UChicago and a medical school professor at Harvard. Check out all the episodes here. Dive back into the week. | | | Kriss Kross: The theme for today's puzzle is a holiday that takes place 101 days from now. See what it is here. Nutritional Facts For today's Nutritional Facts, we're stepping away from the world of food and into the world of...well, can you guess the product from the following ingredient list? SD Alcohol 40-B, Acrylates/Octylacrylamide Copolymer, Caprylyl Glycol, Aloe Barbadensis Leaf Extract, Retinyl Palmitate (Vitamin A), Ascorbic Acid (Vitamin C), Tocopheryl Acetate (Vitamin E), PEG-8 Dimethicone, Sodium Propoxyhydroxypropyl, Thiosulfate Silica, Octyldodecanol, Silica, Fragrance. | | | | Tomorrow is a big day here in the Brewniverse. We're launching Money Scoop, our new personal finance newsletter. Every Tuesday and Thursday, our writer/CPA (but like, the cool kind) Ryan, will discuss anything and everything you want to know about student loans, mortgages, portfolio management, retirement planning, and a million other things. Make sure you're subscribed so you don't miss an issue. It could just be the most lucrative newsletter you ever read. Subscribe to Money Scoop before tomorrow's first issue here. | | | Banana Boat Sport SPF 50 sunscreen. (Only partial credit if you guessed the wrong SPF.) | | | ✢ A Note From Fundrise (Here's all the legal jargon we know you love reading.) | | | Written by Neal Freyman Illustrations & graphics by Francis Scialabba Was this email forwarded to you? Sign up here. | ADVERTISE // CAREERS // SHOP // FAQ
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