Wyland Stanley Peerless touring car, Bay Area 1923 As I was writing The Broken Model Of The Eurozone yesterday, I already knew there would have to be a sequel, because doing everything in one go would have been too much. And then, considerably less than two seconds later, it dawned on me that if I wanted to cover broken models and systems, a book would be the very least. But I don’t want to write a book, or, certainly, not
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DPC League Island Navy Yard, Philadelphia. USS Brooklyn spar deck 1898 • Fed to Markets: Brace for Volatility (WSJ) • Central Banks Warn of Possible Bumpy Ride for Markets (Bloomberg) • US Earnings Outlook Might Be Less Rosy Than Investors Think (Reuters) • Gorbachev Warns US, Allies Put World On ‘The Brink Of A New Cold War’ (FT) • Hungary Under ‘Great Pressure’ From US Over Its Energy Deals With Russia (RT) • Kuroda Sprang Easing Surprise To Head Off
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Alfred Palmer White Motor Company, Cleveland Dec 1941 I stumbled upon these few words in an Ambrose Evans Pritchard article the other day, and they hit me almost like some sort of epiphany, which in turn made me feel a little stupid, because it’s all so obvious. What Ambrose wrote (and this time I’m not making fun of him), was about the eurozone (EMU), of which he said: The North is competitive. The South is 20% overvalued. And I realized
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Russell Lee Auto transport passing through Eufaula, Oklahoma Feb 1940 • For Wall Street, It’s Not Politicians That Matter, But Profits (MarketWatch) • Ron Paul: Two- Party US Political System In Reality A Monopoly (RT) • Majority Of New October Jobs Pay Below Average Wage (MarketWatch) • When Will Americans Ever Get Raises? (BW) • Only 92.4 Million Americans Not In Labor Force (Zero Hedge) • US Shale Drillers Idle Rigs From Texas to Utah Amid Oil Rout (Bloomberg) •
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DPC H.A. Testard Bicycles & Automobiles, New Orleans 1910 • EU Dream Unravels 25 Years After The Wall Came Down (Bloomberg) • Not All QE Is Created Equal as U.S. Outpunches ECB And BOJ (Bloomberg) • Asian Currencies Set For A Beating (CNBC) • Could A Strong Dollar Derail Wall Street’s Rally? (CNBC) • Miners Facing ‘Bloodbath’ If Gold Sinks To $1,000 (Telegraph) • Gold Firms Plan Drastic Cuts As Bullion Sinks (Reuters) • Abenomics Pushes Japan Corporate Earnings Toward
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Dorothea Lange Country store, Person County, NC Jul 1939 • Dollar-Yen Breaks Above 115, What Next? (CNBC) • BoJ’s Surprise Easing Showers Wealth On Japan’s Top Billionaires (Bloomberg) • Kuroda Has Draghi in a Bind as Euro Soars Against Yen (Bloomberg) • Kuroda Stimulus Drives Government Borrowing Costs to Record Low (BW) • Japan Union Boss Criticises Pension Fund Strategy Shift (FT) • Ben Bernanke: Quantitative Easing Will Be Difficult For The ECB (CNBC) • BOJ Runs Into Critical Analysts
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NPC Ford Motor Co. coal truck, Washington, DC 1925 I think I should come back to what I wrote yesterday in The Revenge Of A Government On Its People, because in my view the essence of that essay deserves far more attention than I see it get, either in reactions to my piece or in the financial press as a whole. That essence is that, as reported by Reuters yesterday morning, Bank of Japan Governor Haruhiko Kuroda, in a speech
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Mathew Brady Units of XX Army Corps, Army of Georgia on Pennsylvania Avenue, Washington DC May 24 1865 • Ayn Rand vs Adam Smith: The Only Midterm Election That Counts (Paul B. Farrell) • Singer’s Elliott: U.S. Growth Optimism Unwarranted as Data ‘Cooked’ (Bloomberg) • This Stock Market Rally Is For Suckers (MarketWatch) • BOJ’s Kuroda Vows To Hit Price Goal, Stands Ready To Do More (Reuters) • US Will Benefit Most From Japan’s Pension Fund Reform (CNBC) • Draghi
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Arnold Genthe 17th century Iglesia el Carmen, Antigua, Guatemala 1915 I know I’ve written a lot about Japan lately, and that for some it’s been enough for a while, but still, what happens today under the no longer rising sun is going to have such repercussions worldwide that it would be foolish not to pay attention. Moreover, there’s something about what Bank of Japan Governor Haruhiko Kuroda said this morning that both perfectly and painfully illustrates to what depths, economically
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DPC Looking south on Fifth Avenue at East 56th Street, NYC 1905 • Dollar Smashes Through Resistance As Mega-Rally Gathers Pace (AEP) • WTI Falls to 3-Year Low on Saudi Price Cut as US Supply Climbs (Bloomberg) • Saudis Cut Crude Prices to US in December Amid Shale Boom (Bloomberg) • Gross Says Deflation a ‘Growing Possibility’ Threatening Wealth (Bloomberg) • Deep Divisions Emerge over ECB Quantitative Easing Plans (Spiegel) • Why The ECB May Not Want To Join The
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