Dorothea Lange Farm family fleeing OK drought for CA, car broken down, abandoned Aug 1936 That says quite something, that title. And it’s probably not entirely true, it’s just that I can’t think of any others. And also, I’m in Europe myself right now, and I still have a European passport too. So there’s two of us at least. Moreover, I visited Beppe Grillo three years ago, before his 5-Star Movement (M5S) became a solid force in Italian politics. So
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DPC St. Catherine Street, Montréal, Québec 1916 • Most US Cities Unaffordable For Average Americans To Live In (MarketWatch) • US Wealth Inequality: Top 0.1% Worth As Much As The Bottom 90% (Guardian) • US Foreclosure Filings Climb 15% In October (MarketWatch) • Sub-$2-a-Gallon Gasoline Futures Hand US Motorists Gift (Bloomberg) • Albert Edwards: USDJPY 145, “Tidal Wave Of Deflation Westward” (Zero Hedge) • Oil, Other Commodities Will Be In The Dumps For Another Decade (MarketWatch) • Oil Price Rout
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Dorothea Lange Negro woman who has never been out of Mississippi July 1936 Looks I have to return to the deflation topic. I’m a bit hesitant about it, because the discussion always gets distorted by varying definitions and a whole bunch of semi-religious issues. The Automatic Earth has for many years said that an immense bout of deflation is inevitable because of global debt levels, and it’s all only gotten a lot worse since we first said that. Our governments
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John Collier Trucks on highway en route to Utica, New York Oct 1941 • With Regret And Sadness We Announce The Death Of Money On Nov 16 2014 (Rapier) • Spreading Deflation Across East Asia Threatens Fresh Debt Crisis (AEP) • Gold Demand in China Slumps 37% Amid Drive to Root Out Graft (Bloomberg) • Carney-Yellen Neck-and-Neck on Being First to Raise Rates (Bloomberg) • Fed’s Dudley: Expectations For Mid-2015 Rate Lift-Off Reasonable (Reuters) • Abe Poised to Gamble Political
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Dorothea Lange Hoe culture in the South. Poor white, North Carolina July 1936 I’m afraid I got to delve into a particularly unpopular topics once again today. Blame it on Bloomberg. They ran a piece on the Silent Generation (people born between 1928-’45), which finds it self in a ‘sweet spot’ but refuses to spend enough. A funny problem: the by far richest group in the US doesn’t spend, while those who would like to spend, for instance to build
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Ben Shahn L.F. Kitts general store in Maynardville, Tennessee Oct 1935 • What the Economy Has Done to the Family (Bloomberg) • Full-Time Employee Jobs Account For Only 1 In 40 Created Since 2008 (Guardian) • US Cities Struggle to Recover From Recession (Bloomberg) • QE Isn’t Dying, It’s Morphing (Nomi Prins) • A Few Central Bankers and Money Managers Get It, Yellen and Kuroda Don’t (Lee Adler) • It’s The 0.01% Who Are Really Getting Ahead In America (Economist)
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Marjory Collins Window of Jewish religious shop on Broome Street, New York Aug 1942 There are things in this world which simply look plain stupid, and then there are those that at closer examination prove to be way beyond stupid. How about this one: 1) G20 taxpayers (you, me) subsidize the fossil fuel industry. That in itself is crazy enough, and it should stop as per last week; industry participants must be able to fend for themselves, or fold. That
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Dorothea Lange Country filling station, Granville County, NC July 1939 • Is ‘Too Big To Fail’ For Banks Really Coming To An End? (BBC) • Banks Poised to Settle With Derivatives Regulator in FX-Rigging Cases (BW) • Bond Swings Draw Scrutiny (WSJ) • China, Japan And An Ugly Currency War (Steen Jakobsen) • Subprime Credit Card Lending Swells (CNBC) • Why Iron Ore’s Meltdown Is Far From Over (CNBC) • It’s Time to Put Juncker on the Hot Seat (Spiegel
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Russell Lee Columbia Gardens outdoor amusement resort, Butte, Montana Aug 1942 The folks at Bloomberg put this piece up today with the intriguing title‘Predictors of ’29 Crash See 65% Chance of 2015 Recession’, and I thought: wait a minute, that’s what people, lots of people, actually think, that there’s going to be recession. While still others will trust Morgan Stanley and Goldman Sachs, who, as the article put it, “posit an expansion that has plenty of room to run.” For
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DPC Wanted: 500 men to eat frankfurters, Bowery, Rockaway, NY 1905 • US Economic Growth Is All An Illusion (John Crudele) • The System Is Terminally Broken (Investment Research Dynamics) • Buybacks Biggest “Source Of Equity Demand In Recent Years” (Zero Hedge) • Myopic Domestic Delusion or Planned Monetary Demolition? (De Landevoisin) • What Stocks Say About The State Of The Global Economy (Zero Hedge) • China Factory-Gate Prices Decline for Record 32nd Month (Bloomberg) • Xi Dangles $1.25 Trillion
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