Financial Shock
A World Teetering on the Financial Edge
An Investigative Report By: Chris Tyree, Journalist, Email and Scott Wallace, Journalist, Email
ONE WORLD, ONE STORY
ORB IMAGES
MYANMAR. DAY LABORERS IN YANGON HUSTLE FOR COVER FROM AN APPROACHING RAINSTORM. THEY ARE PAID FOR EACH 50 LB SACK OF RICE THEY CARRY ON BOARD THE SHIPS DOCKED ALONG THE YANGON RIVER. THEY ARE PART OF THE INFORMAL ECONOMY IN MYANMAR THAT IS ESTIMATED TO BE AS LARGE IN GDP AS THE FORMAL ECONOMY.
UNITED STATES. JAMES VICK READS A BOOK IN HIS KITCHEN. HE SUFFERS FROM DIABETES, WHICH LEFT HIM IN A WHEELCHAIR AND UNABLE TO WORK. HE RECEIVES PAYMENTS FOR HIS DISABILITY FROM THE GOVERNMENT BUT THEY ARE NOT ENOUGH TO COVER HIS MEDICAL COSTS AND LIVING EXPENSES. WITH NO SAVINGS, JAMES WOULD BE UNABLE TO FIND MONEY IN A FINANCIAL EMERGENCY.
MYANMAR. A CROW STANDS VIGIL OVER YANGON, MYANMAR. COMPARED WITH OTHER COUNTRIES, MYANMAR RANKS AMONG THE LOWEST IN TERMS OF CITIZEN PARTICIPATION IN THE FORMAL FINANCIAL SECTOR. YET, THE WORLD BANK’S GLOBAL FINDEX DATA INDICATES THAT MYANMAR’S POPULATION IS ABLE TO GET MONEY IN EMERGENCIES EASIER THAN ANY OTHER COUNTRY IN THE WORLD.
A NEED FOR ELEVATING FINANCIAL EDUCATION
MYANMAR. A YOUNG GIRL WITH HER PURSE IN A SQUATTER’S VILLAGE OUTSIDE OF YANGON.
USA: KAREN OLIVER WATCHES AS HER COUCH IS CARRIED AWAY AFTER SHE SOLD IT TO HELP PAY MEDICAL EXPENSES FOR A FAMILY MEMBER.
MYANMAR. DAY LABORERS HAUL FISH ALONG THE PIERS ON THE YANGON RIVER. THE MEN WORK IN THE INFORMAL, OR “GRAY ECONOMY,” MAKING ON AVERAGE AROUND USD$2 A DAY.
CAMBODIA. A BOY CELEBRATES THE ARRIVAL OF RAIN IN A FISHING VILLAGE ON CENTRAL CAMBODIA’S TONLÉ SAP LAKE. SOON FLOOD WATERS WILL RISE AND THE NETS OF LOCAL FISHERMEN WILL SWELL WITH THEIR CATCH. TO MAKE IT THROUGH THE DRY MONTHS, MANY FISHERMEN LOOK FOR WORK AS DAY LABORERS OR GO INTO DEBT TO MAKE ENDS MEET.
RISE AND CRASH
BRAZIL. FAVELAS IN THE CITY OF VITÓRIA SIT IN STARK CONTRAST TO THE HIGH RISE TOWERS OF THE NEW MIDDLE CLASS.
MYANMAR. YOUNG GIRLS, WHOSE FACES ARE COVERED WITH THANAKA PASTE, PLAY IN THEIR HOME IN A SQUATTER’S VILLAGE OUTSIDE THE CAPITAL OF YANGON. THEIR PARENTS WORK IN MYANMAR’S INFORMAL, OR “GRAY,” ECONOMY, WHICH FINANCIAL EXPERTS SAY SURPASSES THE SIZE OF THE COUNTRY’S ENTIRE COMMERCIAL BANKING SECTOR.
CAMBODIA. HOM HAN SITS WITH HIS DAUGHTER, HAN SREY VIN, AS SHE RECEIVES AN IV A DRIP AT A PRIVATE CLINIC NEAR THEIR FARM IN KOMPANG CHHANG PROVINCE. SHE WAS BORN WITH POLIO AND SOMETIMES HAN DOESN’T HAVE THE MONEY TO COVER THE COSTS OF HER TREATMENTS. WHEN THAT’S THE CASE, HE BORROWS FROM FROM LOCAL LENDERS AT HIGH RATES OF INTEREST. IN A GOOD GROWING SEASON, HE CAN PAY THEM BACK PROMPTLY.
UNITED STATES. DAVID BAILEY COMFORTS HIS DAUGHTER OUTSIDE THEIR APARTMENT. HE LOST HIS JOB AT A SCRAP-METAL YARD, PUTTING FINANCIAL AND EMOTIONAL STRAIN ON HIS FAMILY.
CAMBODIA. BOYS COME TO SHORE AFTER PLAYING ON FISHING BOATS BEACHED ON THE NORTH SHORE OF THE SPRAWLING TONLÉ SAP LAKE. A PROLONGED DROUGHT HAS CONTRIBUTED TO LOW WATER LEVELS AT THE LAKE, LEADING TO A DROP IN FISH PRODUCTION AND DEEPENING DEBT FOR FISHING FAMILIES, WHO MUST BORROW MONEY AT HIGH RATES OF INTEREST TO MAKE ENDS MEET.
THE “GRAY” ECONOMY
BRAZIL. MOST RESIDENTS IN THE SHANTYTOWNS CONDUCT THEIR BUSINESS IN CASH AS PART OF THE INFORMAL, OR “GRAY,” ECONOMY.
BRAZIL. POOR RESIDENTS MAKE ENDS MEET BY COLLECTING AND RECYCLING BOTTLES AND DISCARDED APPLIANCES IN THE FAVELA, OR SHANTYTOWN, WHERE THEY LIVE IN THE CITY OF VILA VELHA ON BRAZIL’S ATLANTIC COAST.
MYANMAR. SITTING IN FRONT OF BILLBOARDS PROMOTING MYANMAR’S PROGRESS, A YOUNG WOMAN SELLS CORN ON A STREET IN YANGON FOR PASSERSBY TO FEED PIGEONS. MYANMAR RANKS LOW ON GROSS DOMESTIC PRODUCT (GDP) GLOBALLY, AND A SMALL PROPORTION OF THE POPULATION PARTICIPATES IN THE FORMAL BANKING SYSTEM, YET ITS CITIZENS SCORE HIGH FOR THEIR ABILITY TO GET MONEY IN A FINANCIAL EMERGENCY.
MYANMAR. A WOMAN PAWNS A GOLD BRACELET IN A SMALL VILLAGE OUTSIDE YANGON.
UNITED STATES. THOUGH THEY ARE HOMELESS AND SHARING A ROOM IN A LOW-BUDGET MOTEL OUTSIDE OF SUFFOLK, VIRGINIA, LIFE GOES ON FOR THE COOK FAMILY. SARAH, LEFT, PRACTICES VIOLIN WHILE SISTER ASHLEY GETS A KISS FROM HER MOM, JANE. OLDER SISTER BETH WORKS ON THE COMPUTER. THEY HAVE BEEN HOMELESS FOR OVER A YEAR BUT ARE LEARNING TO ADJUST TO THEIR CRAMPED QUARTERS.
MYANMAR. A GIRL RIDES HER BICYCLE THROUGH A SQUATTER’S DISTRICT IN THE DALA TOWNSHIP OF YANGON. AS ILLEGAL OCCUPANTS, RESIDENTS MUST BE READY TO FLEE WHEN LANDOWNERS APPEAR WITH HIRED MUSCLE AND FORCE THEM FROM THEIR MAKESHIFT HOMES. THE COST IS HIGH TO REBUILD THEIR HOMES AND MANY WILL TURN TO MONEY LENDERS TO HELP FINANCE RECONSTRUCTION.
UNITED STATES. JOHN SMITH, HIS WIFE DEANA, AND CHILDREN RYAN, 8, AND BRANDON, 4, ARE HOMELESS AND STAYING AT A HOTEL IN MARYLAND. JOHN HAD BEEN INJURED ON THE JOB AND FORCED TO GO ON PERMANENT DISABILITY. HE LATER SUFFERED A NERVOUS BREAKDOWN, FOR WHICH HE WAS HOSPITALIZED. MOUNTING MEDICAL BILLS FORCED DEANA AND THE KIDS TO LEAVE THEIR HOME. FOR A TIME, THEY WERE LIVING IN A VAN. DEANA IS SEEN HERE ON THE PHONE TRYING TO GET THE FAMILY'S FOOD STAMPS REINSTATED.
NOT SAVING MONEY? YOU’RE NOT ALONE
BRAZIL. HANDMADE PIGGY BANKS ARE FOR SALE ON THE STREETS OF VILA VEHLA, BRAZIL.
UNITED STATES. WITH ONLY ONE DAY LEFT BEFORE HE AND HIS FAMILY ARE EVICTED FROM FAIRWOOD HOMES IN PORTSMOUTH, VIRGINIA, ROBERT HEWITT, 71, IS NOT SURE WHERE THEY WILL END UP.
UNITED STATES. DARYL BRABSON STRUGGLES TO PULL ON A SWEATER. HE KEEPS HIS CLOTHES ON THE PORCH AT AN ACQUAINTANCE’S HOME WHILE HE LIVES ON THE STREETS. HE HAS NO BANK ACCOUNT AND LIVES ON WHAT HE CAN MAKE BY PLAYING MUSIC ON THE STREET. HE SAYS HE HAS ENJOYED THIS WAY OF LIFE FOR THE MOST PART AS IT GIVES HIM THE FREEDOM TO DO WHAT HE LOVES, SERENADE THE MASSES.
BRAZIL. BRAZIL RANKED NEARLY LAST IN TERMS OF ITS PEOPLE’S ABILITY TO FIND FUNDS IN AN EMERGENCY.
ZERO BALANCE
BRAZIL. ELECTRICAL ENGINEER OSWALDO GONÇALVES STRUGGLES TO STAY OPTIMISTIC AFTER LOSING HIS JOB FOR THE SECOND TIME IN 10 YEARS. OSWALDO WORRIES THAT HE WILL BE FORCED TO SELL HIS HOME OR RESORT TO BORROWING AT HIGH INTEREST RATES IF HE DOES NOT FIND EMPLOYMENT SOON.
TRIGGERS
BRAZIL. A HOMEOWNER CLEANS UP AFTER A FLASH FLOOD ENGULFED HIS HOME IN THE SHANTYTOWN, OR FAVELA, OF PREVENTÓRIO OVERLOOKING RIO DE JANEIRO. THERE IS NO INSURANCE FOR HOMES IN THE FAVELA AND NO ACCESS TO GOVERNMENT SOCIAL ASSISTANCE.
BRAZIL. IN THE SÃO BENEDITO FAVELA, MOST PEOPLE WORK FOR CASH IN THE GRAY ECONOMY. THEY LACK PROPER DOCUMENTATION, PAY NO TAXES, AND HAVE LIMITED OR NO ACCESS TO GOVERNMENT ASSISTANCE OR FORMAL FINANCIAL SERVICES.
BRAZIL. MARINETE APARECIDA PEREIRA ALVES SMILES AFTER RECEIVING LOCAL CURRENCY AT BANCO VERDE VIDA IN EXCHANGE FOR A LARGE HAUL OF PLASTIC BOTTLES AND DOLLS.
RIDING THE DEBT CYCLE
BRAZIL. SIGNS PROMOTING CREDIT CARDS ARE UBIQUITOUS THROUGHOUT BRAZIL. MANY PEOPLE USE ONE CREDIT CARD TO PAY OFF THE OTHER UNTIL THEIR CREDIT LIMIT IS MAXED OUT.
MYANMAR. A FARMER CARRIES BAMBOO ALONG A ROADSIDE IN THE IRRAWADDY RIVER DELTA. JUST EMERGING FROM A HALF-CENTURY OF ISOLATION AND MILITARY DICTATORSHIP, MYANMAR HAS ATTRACTED THE ATTENTION OF INTERNATIONAL FINANCIAL EXPERTS WHO SEE VAST POTENTIAL IN THE USE OF SMARTPHONE TECHNOLOGY TO EXTEND FINANCIAL INCLUSION TO THE COUNTRY’S PREDOMINANTLY RURAL POPULATION.
MYANMAR. IN THE IRRAWADDY RIVER DELTA REGION, A FARMER REFLECTS ON A TIME WHEN SHE NEEDED TO GET A LOAN FROM THE LOCAL MONEY LENDER IN HER VILLAGE.
FLUNKED
BRAZIL. THE WORLD BANK ACKNOWLEDGES THAT A LACK OF FINANCIAL LITERACY IS A CRITICAL BARRIER TO ITS FINANCIAL INCLUSION GOALS.
THE INVISIBLES
BRAZIL. IN THE CITY OF VILA VELHA, ZILDA GOMES SPENDS HER DAYS PICKING UP RECYCLABLE PLASTIC THAT SHE TRADES AT THE COMMUNITY BANK FOR A LOCAL CURRENCY. SHE CAN ONLY USE IT TO BUY FOOD AND OTHER BASIC HOUSEHOLD ITEMS.
CAMBODIA. CHEANG SOPHEAP NURSES HER INFANT DAUGHTER AT HER FAMILY’S HOME IN A FISHING VILLAGE ON THE SHORES OF TONLÉ SAP LAKE. CURRENTLY WITHOUT WORK, SHE WOULD LIKE TO START A SIMPLE RESTAURANT TO SERVE PATRONS IN THE COMMUNITY. SHE IS HOPING THAT HER FAMILY CAN RAISE THE USD$500 SHE WILL NEED TO GET THE BUSINESS STARTED.
UNITED STATES. DANIELLE BAILEY, 3, TIPS HER BOWL BACK TO GET THE VERY LAST DROP OF MILK FROM HER DINNER OF CEREAL. HER FAMILY STRUGGLES WITH FINANCIAL SHOCK BECAUSE HER FATHER LOST HIS JOB.
KEEPING IT LOCAL
BRAZIL. RECYCLED PLASTIC IS EXCHANGED FOR LOCAL SCRIPT AT THE BANCO VERDE COMMUNITY BANK IN VILA VELHA.