Migration is so central to Western Union that forecasts of border
movements drive the company’s stock. Its researchers outpace the Census Bureau
in tracking migrant locations. Long synonymous with Morse code, the
company now advertises in Tagalog and Twi and runs promotions for
holidays as obscure as Phagwa and Fiji Day. Its executives hail
migrants as “heroes” and once tried to oust a congressman because of
his push for tougher immigration laws…With five times as many locations worldwide as McDonald’s, Starbucks, Burger King and Wal-Mart
combined, Western Union is the lone behemoth among hundreds of money
transfer companies… Last year migrants from poor countries sent home $300 billion, nearly three times the world’s foreign aid budgets combined.
Here is the full story, which is consistently interesting throughout.
I was always curious, and remain curious, about the economic effect of dollars sent out of the US. Do they simply disappear from the money supply, to get replaced by the Fed (in effect a gift to the US government)? Or do they come right back in buying something in the US (thus boosting the US economy)? Or is there in fact some sinister effect, as the popular wisdom has it, as if actual wealth disappeared from the US?
Also popular with those who acquire their medication overseas (so I’m told). Positively agorist!
Western Union is starting to attract more competition because WU fees are high.
Look for Wal-Mart to eat up a big chunk of the WU business.
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