News From the Control Tower - 8/4/2021

News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.

This week’s reads include:

1.       A Banking App Has Been Suddenly Closing Accounts, Sometimes Not Returning Customers’ Money

Chime, a “neobank” serving millions, is racking up complaints from users who can’t access their cash. The company says it’s cracking down on an “extraordinary surge” in fraudulent deposits. That’s little consolation to customers caught in the fray.

2.       Coins, the Overlooked Keys to History

Americans throw away $60 million worth of coins every year, vacuuming them up or dropping them into trash bins. A delightful new book argues that the study of coins is the “beautiful science of civilizations.”

3.       Growth Is Strong, but the Obstacles to Full Recovery Are Big

The new G.D.P. numbers paint a vivid picture of a nation still struggling to complete an economic readjustment.

4.       The Time Tax

Why is so much American bureaucracy left to average citizens?

5.       Home Prices Are Soaring. Is That the Fed’s Problem?

Low interest rates are one reason that the housing market has taken off. They are far from the only one.

Bonus: Society still benefiting from 15th century infrastructure

An Inca highway still benefits people living nearby

A new study finds that wages, nutrition and schooling levels along a pre-Columbian road are all unusually high.