Addison Wiggin

Eighty-eight people out 10,000 isn’t much… unless it’s the leading edge of a new and more potent phase of the Occupy movement. At least that’s the thought that crosses our mind with the Wal-Mart strike.

You haven’t heard about it?

You’re not alone.

The Wal-Mart labor strikes since they began a week ago today. They made The New York Times yesterday… on page B2.

Why do we care?

Entertainment value: Major labor unions are backing an effort called “Making Change at Wal-Mart,” a company that’s successfully kept unions at bay throughout the company’s 50-year history. Those 88 workers who walked out Tuesday are spread across 28 stores in 12 states.

Organizers sent 200 employees to WMT’s shareholder meeting in Arkansas yesterday, demanding an end to the company’s attempts to “silence and retaliate against workers for speaking out for improvements on the job.”


Candidates for Wal-Mart’s new banking venture?

Maybe it won’t amount to anything… but the unions are talking about a “combined protest and educational campaign” on Black Friday.

Meanwhile, the evil capitalists who manage Wal-Mart are making a foray into the banking business.

The world’s largest retailer is teaming up with American Express to create a prepaid debit card called Bluebird. Deposit a paycheck at any Wal-Mart cash register, load it up on your Bluebird card. Or leave the money on deposit and use the card at any ATM in Amex’s ExpressCash network. Next year, even check-writing privileges will be available.

We like this idea. The deposits won’t be FDIC insured. Nor are Wal-Mart and Amex likely to take their customers’ money and blow it on collateralized debt obligations.

Cheers,
Addison Wiggin

Addison Wiggin

Addison Wiggin is the executive publisher of Agora Financial, LLC, a fiercely independent economic forecasting and financial research firm. He's the creator and editorial director of Agora Financial's daily 5 Min. Forecast and editorial director of The Daily Reckoning. Wiggin is the founder of Agora Entertainment, executive producer and co-writer of I.O.U.S.A., which was nominated for the Grand Jury Prize at the 2008 Sundance Film Festival, the 2009 Critics Choice Award for Best Documentary Feature, and was also shortlisted for a 2009 Academy Award. He is the author of the companion book of the film I.O.U.S.A.and his second edition of The Demise of the Dollar, and Why it's Even Better for Your Investments was just fully revised and updated. Wiggin is a three-time New York Times best-selling author whose work has been recognized by The New York Times Magazine, The Economist, Worth, The New York Times, The Washington Post as well as major network news programs. He also co-authored international bestsellers Financial Reckoning Day and Empire of Debt with Bill Bonner.