Why United Airlines Wants to Risk a Run on the Bank

Plus! Negative Rates, Belt and Road, Brazil, China, Uber, Korea, Good News, Anomalies Explained

The big network airlines are a funny business. Flying planes is a notoriously cyclical, asset-heavy, operationally-intense industry, with famously poor economics. At various points in its history, US airlines have collectively produced negative profits since Kitty Hawk. And yet, network carriers have two intangible assets that make all the aggravat…

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