Harris&Ewing President Hoover lights Nation’s Capital community Xmas tree Dec 24 1929 • US Retailers May Only Just Meet Holiday Sales Forecasts (Reuters) • Oil Tanks On Surge In US Supply And Imports (CNBC) • Oil Slide ‘Turbocharging’ Airline Profits (CNBC) • Make No Mistake, the Oil Slump Is Going to Hurt the US Too (Katusa) • France Has Never Had This Many Unemployed People Before (Reuters) • Why Everyone Is About To Rush Into Subprime Mortgage Debt – Again
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Frances Benjamin Johnston Courtyard, 620-621 Gov. Nicholls Street, New Orleans 1937 Merry Christmas! • Here Is The Reason For The “Surge” In Q3 GDP (Zero Hedge) • The US Economy ‘Grew’ By $140 Billion As Americans Became Poorer (Zero Hedge) • China’s Bubble Looks Bigger Than America’s, Says Steve Keen (Straits Times) • UBS Raises Flag on China’s $1 Trillion Overseas Debt Pile (Bloomberg) • Oil Drillers Under Pressure to Scrap Rigs to Cope With Downturn (Bloomberg) • Can Canadian
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NPC Sidney Lust’s 18th Street cinema decorated for Halloween, Washington, DC Oct 1920 There are many things I don’t understand these days, and some are undoubtedly due to the limits of my brain power. But at the same time some are not. I’m the kind of person who can no longer believe that anyone would get excited over a 5% American GDP growth number. Not even with any other details thrown in, just simply a print like that. It’s so
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DPC “Broad Street and curb market, New York” 1906 • OPEC Will Not Cut Output However Far Oil Falls: Saudi Oil Minister (Reuters) • On Fuel, Airlines Gambled And You Lost (Reuters) • Billionaire Shale Pioneer Cuts Spending 41% on Oil Crash (Bloomberg) • Morgan Stanley, Rosneft Oil-Unit Deal Fails On Sanctions (Bloomberg) • If Shell Backs Out, Arctic Oil Off the Table for Years (Oilprice.com) • Biggest Arctic Gas Project Seeking Route Around U.S. Sanctions • Outlook Sours for
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John Vachon Hull-Rust-Mahoning pit, largest open pit iron mine in the world, Hibbing, Minnesota Aug 1941 This is another entry by our friend Euan Mearns, orginally posted at Energy Matters. Euan: A few commenters have mentioned peak oil recently. I am cautious about making forecasts and predictions and prefer instead to observe and document the data as the peak oil story unfolds. I have in fact published a couple of charts recently illustrating aspects of peak oil, one showing a
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Russell Lee Secondhand store in Council Bluffs, Iowa Dec 1936 • Age of Plenty Seen Over for Gulf Arabs as Oil Tumbles (Bloomberg) • Ready for $20 Oil? (A. Gary Shilling) • Houston Suddenly Has A Very Big Problem (Feroli via ZH) • Saudis Insist Oil Supply Cuts Are Not Needed (Independent) • Oil Crash Wipes $11.7 Billion From Buyout Firms’ Holdings (Bloomberg) • North Sea Oil Summit Announced By Aberdeen City Council (BBC) • Southwest’s Oil Swap Trade Waiver
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Edwin Rosskam Provincetown, Massachusetts 1937 Michael Moore once famously – though by no means famously enough yet, because he was so dead-on – said that ‘you can’t declare war on a noun’. If only Americans had paid better attention. That would have shone a whole different light on, if not outright prevented, insane, expensive and terribly deadly concepts such as the ‘war on drugs’ and the ‘war on terrorism’. Now it looks as if John McCain is fishing for a
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Frances Benjamin Johnston “Courtyard at 1133-1135 Chartres Street, New Orleans” 1937 • Saudi Arabia and UAE Blame Non-OPEC Producers For Oil Price Slide (FT) • Calculating The Breakeven Price For The Median Bakken Shale Well (Zero Hedge) • How Oil Price Fall Will Affect Crude Exporters – And The Rest Of Us (Observer) • UAE Urges All World’s Oil Producers Not To Raise Output In 2015 (Reuters) • Goldman Sees Little Systemic Risk For Banks From Oil Price Drop (MarketWatch)
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DPC Broadway from Chambers Street, NYC 1910 Oh, that sweet black gold won’t leave us alone, will it? West Texas Intermediate went through some speedbumps Friday, but ended over +5%, though still only at $57. Think them buyers know something we don’t? I don’t either. I see people covering lousy bets. And PPT (and that’s not the one we used to spray our crops with). The damage done must be epic by now, throughout the financial system, but we’re not
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William Henry Jackson “Street in the French Quarter, New Orleans” 1885 • Two Nations: 27% Of British Children Grow Up In Poverty (Independent) • Manufacturers Face ‘Bloodbath’ In Russia (BBC) • China Offers Enhanced Cooperation as Russia Struggles (Bloomberg) • Dollar Resumes Climb as Yellen Signals 2015 Interest-Rate Rise (Bloomberg) • UK Unions Call For North Sea Tax Breaks As Oil Slump Threatens Jobs (Guardian) • It’s Not Easy Being Green: Fossil Fuel Subsidies Half A Trillion Dollars (CNBC) •
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