Doom Loop

“When it comes to medical bills, Americans are often caught in a doom loop between their medical provider and insurance company.” - CFPB Director Rohit Chopra

A new report released by the Consumer Financial Protection Bureau estimates that Americans have $88 billion in medical bills on their credit reports. The CFPB notes that the healthcare system is supported by a billing, payments, and collections system that is riddled with mistakes that patients have significant difficulty rectifying. (CFPB)

Soft skills will always be hard to learn: Companies are using VR training to teach employees skills like firing people. The simulations are designed to be difficult, even distressing, so that employees are inured to the pain. (Peter Matthews)

The war in Ukraine offers a painful lesson in economics and the interconnectedness of people across nations. Here are a couple of the more enlightening pieces we’ve come across this week:

Noah Smith continues to offer excellent explanations for how sanctions work and the possible implications for everyday citizens in Russia. Noah explains the multiple connection points of Russia with the larger world economy. Of note: one of Russia’s main imports from Europe is medicine.

Scott Galloway argues that, at its best, Capitalism encourages “self-preservation instincts that inspire cooperation.” Vladimir Putin (and his country) are now the enemy of a massive cooperative that is coming for his money.