Something for the weekend.
(Bloomberg) — Hello from California, where an abundance of wildflowers can also fill us with dread. Yes, dread. The winter’s epic precipitation that turned the Golden State green, orange and purple with “superblooms” comes with a little-discussed dark side. The flowering grasses and bushes tend to dry out in the state’s arid summer, and when they do, they become kindling that can ignite in a number of ways, both innocent and nefarious. All it takes is our blustery Santa Ana and Diablo winds to spread the flames faster than people can flee.
Speaking of climate concerns, energy leaders of the Group of Seven industrialized nations met in Sapporo, Japan, today to discuss tackling climate change only to be confronted by some very inconvenient truths. Elsewhere in Japan, Prime Minister Fumio Kishida had a scare after a smoke bomb was allegedly thrown at an event he attended.
Back in the US, Tax Day is fast approaching, and if you haven’t filled out your 1040 yet, you should probably get cracking. Here’s some sobering news: Residents of Honolulu, New York or San Francisco need to gross more than $300,000 to feel like they’re truly six-figure breadwinners after taxes and adjusted for the cost of living. Over in Houston, a person only needs to gross about $125,000 for the same purchasing power, according to an analysis by SmartAsset. At least rents are falling.
A full-on financial crisis isn’t usually part of the daily news cycle, but as Bloomberg reporter Max Abelson writes, the history of banking is a kind of horror story that keeps repeating itself. Although JPMorgan CEO Jamie Dimon says they tend to occur every five to seven years, some experts say calamity doesn’t always have to be part of the system.
And then there’s the business of cryptocurrencies. Now that Bitcoin is back above $30,000, do we celebrate or mourn its drop from last year’s lofty heights? It’s complicated. This story will give you some insight.
But enough doom and gloom! The S&P 500 Index is up 7.8% so far this year. Sure, analysts expect awful first-quarter earnings but many see it as the low point, according to Bloomberg Intelligence. Still worried? Listen to Ruffer Investment Director Duncan MacInnes explain how to create a portfolio yielding up to 7% without taking much risk on this week’s Merryn Talks Money podcast. Enjoy the rest of your Saturday. We’ll be back tomorrow with a look-ahead to the coming week.
More stories like this are available on bloomberg.com
©2023 Bloomberg L.P.