The Daily Money: Marc Lore's desert city; El Salvador turns to Bitcoin; Ford Mustang production halted after spill
Good Wednesday to you, Daily Money subscribers, it's Nathan here once again!
How would you like to live in a $400 billion city built from scratch in the desert?
I'm not talking about Tattoine here. It's what billionaire and former Walmart president Marc Lore is apparently envisioning. He unveiled a proposal for a 150,000-acre city with "eco-friendly architecture, sustainable energy production, and a drought-resistant water system," Scott Gleeson reports.
I'm all for thinking big. But I'm also for thinking realistically.
For example, I'd like to know more about this "drought-resistant water system" that somehow works in ... you know ... the desert.
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On to our ...
💡 INSIGHT OF THE DAY: Bitcoin holds a lot of promise, but it also holds substantial risk. El Salvador is experiencing that firsthand. After making Bitcoin one of its official currencies – along with the U.S. dollar – on Tuesday, the cryptocurrency's value briefly dropped from more than $52,000 per coin to $42,000. It later recovered about half of that loss. But just imagine your bank account dropping by about 19% in a single day just due to currency swings. Gulp.
⌚ WHAT TO WATCH FOR: Apple announced an event to unveil new hardware on Sept. 14. It's widely expected to reveal the iPhone 13 at the event. We'll have detailed coverage at USATODAY.com/tech.
📰 And here are more stories you won't want to miss:
1. We make kids learn a lot in school: Shouldn't money management be part of their education?
2. Ford Mustang production grinds to a halt: A Ford plant in Michigan spilled 1,400 gallons of gas into city sewers, forcing evacuations.
3. Visiting Maui this fall? Forget about indoor dining at restaurants and bars unless you're vaccinated.
4. Grimace is a what? A McDonald's manager's interview left the internet even more confused about the purple creature.
I'll tell you what he is as soon as I go dig up one of those classic Grimace Happy Meal toys.
--@NathanBomey