Jack Delano Truck service station on US 1, NY Avenue, Washington DC Jun 1940 • Growth Isn’t God in Indonesia (Bloomberg) • Federal Reserve In Easy Decision To End Stimulus (BBC) • Fed Debate Shifts to Tightening Pace After First Rate Increase (Bloomberg) • The Only Thing More Bullish Than Inflation Is …. Deflation (Zero Hedge) • Cheap-Oil Era Tilts Geopolitical Power to US (Bloomberg) • Oil Industry Risks Trillions Of ‘Stranded Assets’ On US-China Climate Deal (AEP) • Iron
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DPC Launch of battleship Georgia, Bath, Maine, Oct 1904 I was reading this letter to his fund investors by Hugh Hendry, a very intelligent and probably slightly autistic fund manager I’ve liked a lot forever and a day and have written about quite a bit in the past, and it got me thinking about how and why I see the world different from the way he does, and wondering how you see that difference. Hugh was for years known as
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Christopher Helin Federal truck, City Ice Delivery Co. 1934 • Japan’s Last Stand (Michael Pento) • Why Japan’s Money Printing Madness Matters (David Stockman) • New Repair Manual Needed For Japan’s Broken Economy (CNBC) • Kuroda Wins Wider Majority, Warns Inflation Could Dip Below 1% (Bloomberg) • Yellen Inherits Greenspan’s Conundrum as Long Rates Sink (Bloomberg) • Mission Accomplished: Stocks & Homeless Kids Hit All-Time Highs (Simon Black) • China’s Central Bank Makes The Fed Look Like A Bunch Of
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Dorothea Lange Saturday afternoon, Pittsboro, North Carolina Jul 1939 • Japan PM Abe Calls Snap Election, Delays Sales Tax Hike (CNBC) • Japan Prepares Stimulus to Strengthen 2015 Growth After Recession Hit (Bloomberg) • Japan’s ‘Abenomics’ Can Survive Quadruple-Dip Recession (AEP) • ‘Godfather’ Of Abenomics Admits It’s A Ponzi Game, Taxpayers May Revolt (ZH) • ECB’s Draghi: Buying Sovereign Bonds Is An Option (CNBC) • Draghi Says ECB Measures May Entail Buying Government Bonds (Bloomberg) • Draghi Seen Bypassing QE
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Dorothea Lange Miserable poverty, Hooverville, Elm Grove, Oklahoma County, OK Aug 1936 What is it with us? Don’t we WANT to understand? Japan announced on Monday that its economy is in hopeless trouble and back in recession (as if it was ever out). And what do we see? ‘Experts’ and reporters clamoring for more stimulus. But if Japan has shown us anything over the past years, and you’re free to pick any number between 2 and 20 years, it’s that
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NPC US Naval Research Lab, Bellevue, DC 1925 • Japan Falls Into Recession As Consumers ‘Stop Spending’ (BBC) • China Bad Loans Jump Most Since 2005 (Bloomberg) • China’s Shadow Banking Grinds To A Halt As Bad Debt Surges (Zero Hedge)
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Dorothea Lange Negro woman carrying shoes home from church Mississippi Delta July 1936 Dumb and Dumber To, the sequel after 20 years, was released recently. Unfortunately for Jim and Jeff and the Farrelly brothers, unintended humor will always be funnier than the scripted kind, no matter how hard Hollywood tries. Case in point: the Dumber slapstick was easily upstaged over the past few days by the G20 summit in Brisbane. Not only did the pedantic Anglo-Saxon power hungry freak show
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Wyland Stanley Indian guides and Nash auto at Covelo stables, Mendocino County, CA 1925 • We Need To Ramp Up Global Growth: OECD (CNBC) • G-20 Plans $2 Trillion Growth Boost to Uneven Global Economy (BW) • The G-20 Doesn’t Need a Growth Target (Bloomberg) • How The UK Coalition Has Helped The Rich By Hitting The Poor (Observer) • The Centre Is Falling Apart Across Europe (Observer) • Across Europe Disillusioned Voters Turn To Outsiders For Solutions (Observer) •
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Harris & Ewing Gettysburg reunion: G.A.R. & U.C.V. veterans at the encampment July 1913 Because it’s Saturday, and because I‘ve been asked to provide more info on the man, but most of all because I think Beppe Grillo could well hold in his hands the dividing line between a Europe torn to bits and a Europe that may ride the waves of crisis in a more or less civilized way, by all means, let’s do some more, after yesterday’s The
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DPC Elephants in Luna Park promenade, Coney Island 1905 • Oil Price Slump To Trigger New US Debt Default Crisis (Telegraph) • How Low Can the Price of Oil Plunge? (WolfStreet) • Russia Braces for ‘Catastrophic’ Drop in Oil Prices (Bloomberg) • What Really Happened In Beijing Between Putin, Obama and Xi (Salon) • Can Low Oil Prices Be Good for the Environment? (AP) • More Than 4 In 10 Americans Still Exhaust Unemployment Benefits (MarketWatch) • Most Americans Make
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