Junk Bonds

Interesting story in The Times yesterday, using the Big Mac as a new index of earning power.

Tokyo workers have to spend only 12 minutes at their desks before they can buy a Big Mac for lunch, while their counterparts in Nairobi, the Kenyan capital, have to work for more than two and a half hours.

Nairobi was certainly getting more expensive while I lived and worked there, but this stat is clearly more about the poor incomes of Kenyans rather than the relative expense of visiting McDonald’s. Particularly as the price of a Big Mac would have to factor in the cost of an airfare to a city which actually has a McDonald’s, Nairobi still apparently being too dangerous for America’s most famous junk food retailer….