John Vachon Auto of migrant fruit worker at gas station, Sturgeon Bay, Wisconsin Jul 1940 Let’s see, how do we close this year in a proper manner? I already wrote that 2014 for me has been The Year Propaganda Came Of Age. Likewise, looking forward, I said that The Biggest Economic Story Going Into 2015 Is Not Oil. Moreover, I talked about things that need to be done next year in Things To Do In 2015 When You’re Not Yet
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NPC “Poli’s Theater, Washington, DC. Now playing: Edith Taliaferro in “Keep to the Right” Jul 1920 • US Opening Door to More Oil Exports Seen Foiling OPEC Strategy (Bloomberg) • The Market Chart Of The Year: Nope, It’s Not Oil (CNBC) • Commodities Head for Record Losing Run on Oil to Dollar (Bloomberg) • As Oil Prices Fall, Alaska Governor Halts Project Spending (AP) • Falling Energy Costs And Economic Impacts (STA) • Chart Shows How US Drillers Respond To
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DPC Times Square seen from Broadway 1908 • Greece Comes Back To Haunt Eurozone As Anti-Troika Rebels Scent Power (AEP) • Syriza Can Transform The EU From Within (Costas Lapavitsas) • ‘Perfect Storm’ Could Send Euro Even Lower (CNBC) • Oil Falls Further But Saudi Arabia Doesn’t Care (CNBC) • Oil Industry Set For Year Of Mergers And Takeovers, Says PwC (BBC) • The Cartel: How BP Used a Secret Chat Room for Insider Tips (Bloomberg) • Iron-Ore Slump Fails
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NPC Tank truck with plow clearing snow, Washington, DC 1922 This is an article from our friend Euan Mearns’ site, Energy Matters, written by Euan’s co-conspirator, Roger Andrews. It was originally published here. Roger Andrews: Many people, including more than a few prominent politicians, accept that global warming must be limited to no more than two degrees C above the pre-industrial mean, or a little more than one degree C above where we are now, to avoid dangerous interference with
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Unknown Daniels-Wells Pontiac, 3055 Broadway, Oakland 1938 • Greece Faces Snap Election as Samaras Fails to Install President (Bloomberg) • Greek Stocks Tank After Presidential Vote (CNBC) • ‘Life Will Go On’ Thesis About Global Economy Might Not Work In 2015 (Guardian) • Distressed Debt Losses Worst Since ’08 Credit Crisis on Oil Rout (Bloomberg) • US Bond Sentiment Worst Since Disastrous ’09 as Fed Shifts (Bloomberg) • The 94% Plunge That Shows Abenomics Losing Global Investors (Bloomberg) • Japan’s
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Unknown GMC truck Associated Oil fuel tanker, San Francisco 1935 America has managed to construct an entirely one-dimensional political system. There’s no discernible difference left between left and right, other than in spin language pre-cooked for the sole purpose of faking the concept of elections. There’s very right and ultra right. America is living proof that once money is allowed into politics, the accumulation of it, and of the power it can buy, will and eventually must fully control a
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DPC Cuyahoga River, Lift Bridge and Superior Avenue viaduct, Cleveland, Ohio 1912 • Pope Francis Climate Change Encyclical To Anger Deniers, US Churches (Observer) • Hungry Britain: Millions Struggle To Feed Themselves, Face Malnourishment (Ind.) • Decline in Oil Could Cost OPEC $257 Billion in 2015 (Daily Finance) • US Oil-Producing States See Budgets, Jobs at Risk as Price Falls (NY Times) • China’s 3.5% Trade Growth in 2014 Falling Far Short Of 7.5% Target (Reuters) • Japan Approves $29
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John Vachon Billie Holiday at the Newport Jazz Festival Jul 1954 • Natural Gas Drops Below $3 for First Time Since 2012 (Bloomberg) • Oil Caps Fifth Weekly Loss on Global Supply Glut Concern (Bloomberg) • Saudi Arabia Maintains Spending Plans in 2015 Despite Oil Slide (WSJ) • Saudis To Hit ‘Panic Button’ At $40 Oil: Energy CEO (CNBC) • Drilling Cutbacks Mean Service Companies Forced to Scrap Rigs (Oilprice.com) • Gartman: Get Ready For Oil Bankruptcies (CNBC) • China
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Dorothea Lange Drought hit OK farm family on way to CA Aug 1936 From just about as early in my life as I can remember, growing up as a child in Holland, there were stories about World War II, and not just about Anne Frank and the huge amounts of people who, like her, had been dragged off to camps in eastern Europe never to come back, but also about the thousands who had risked their lives to hide Jewish
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Marion Post Wolcott “Center of town. Woodstock, Vermont. Snowy night” 1940 • SF Fed Warns US Stock Values Will Be Cut In Half In Next Decade (Zero Hedge) • Dipping Into Auto Equity Devastates Many US Borrowers (NY Times) • First Oil, Now US Natural Gas Plunges Off The Chart (WolfStreet) • China Eases Again, Sets Non-Bank Deposit Reserve To Zero (Zero Hedge) • Russia Says Ruble Crisis Over As Reserves Dive, Inflation Climbs (Reuters) • Reuters Objectively Sees Russia’s
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