Theodor Horydczak U.S. Supreme Court interiors, Washington DC 1931 With The Greek election in full motion, and first results perhaps 12 hours away, It would seem useful, no matter how the Greeks vote, to lay to rest a few misconceptions, and to expose a few ‘conceptions’ that have – largely – remained buried to date. The first misconception is that the Greeks borrowed like crazy and therefore deserve to be thrown into a pit of suffering and misery. It is
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Unknown Goodyear service station, San Francisco Sep 14 1932 • Ripped Off, Poor, Suicidal: The Greek Farmers Turning To Syriza (Channel4) • Syriza’s Rise Fueled by Professors-Turned-Politicians (WSJ) • Economist Vatikiotis: Syriza Proposals Don’t Go Far Enough for Greece (Truthout) • Tsipras Aims For Deal With Lenders By This Summer (Kathimerini) • German Finance Minister To Greece: We Support You (CNBC) • Nothing Is Going to Save the US Housing Market (A. Gary Shilling) • Central Banks Powerless To Prevent
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William Henry Jackson Eureka, Colorado 1900 I was going to start out saying yesterday was the saddest day in Europe in 50 years, or something like that, because of the insane and completely nonsensical largesse the ECB permits itself to launch, aimed at once again saving a banking system, but which will not only not help the European people, it will make things even much worse than they already are. Which is also, lest we overlook that ‘detail’, entirely thanks
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Harris&Ewing Army Day Parade, Memories of the World War, Washington DC Apr 6 1939 • Love In A Time Of Crisis In Greece (BBC) • Syriza To End Greece’s ‘Humiliation’ (BBC) • Saudi King’s Death Clouds Already Tense Relationship With US (WSJ) • Saudi Oil Policy ‘Just Took A Turn For The Worse’ (Kilduff) • This Currency War Cannot Go Well: Art Cashin (CNBC) • SocGen Explains Why The ECB’s QE Will Fail (Zero Hedge) • Mario Draghi: Charlatan Of
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DPC Steamer Tashmoo leaving wharf in Detroit 1901 Today is The Automatic Earth’s 7th anniversary! • China’s Millions Of Government Workers To Get Huge 60% Pay Raise (Caixin) • Oil Interests Clash Over Price Collapse (Reuters) • Davos Oil Barons Eye $150 Oil As Investment Slump Incubates Future Crunch (AEP) • OPEC Secretary General: Oil To Remain At Low Levels For A Month (CNBC) • BP Boss Bob Dudley: Oil Prices ‘Low For Up To 3 Years’ (BBC) • An
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Harris&Ewing Goodyear Blimp at Washington Air Post ,DC 1938 In yesterday’s State of the Union, Obama said The ‘Shadow Of Crisis Has Passed’, and the one and the only thing I thought was: ‘Good, so now we can tackle the crisis itself?!’. If speeches like the SOTU last night, and the reactions to it, make anything clear, it’s that the PR guys won the fight against critical thinking. Sure, there are people for whom that shadow has passed, but a
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DPC Cab stand at Madison Square, NY 1900 • All Empires Die By Deflation – Not Inflation (Martin Armstrong) • Global Dollar Economy Hits ‘Deflationary Vortex’ (Zero Hedge) • Albert Edwards: ‘Markets Will Riot’ On Deflation (Huebscher) • QE Warfare Pushing World Financial System Out Of Control (AEP) • Fed Officials on Track to Raise Short-Term Rates Later in the Year (WSJ) • Central Bankers Lurch From ‘Whatever It Takes’ To ‘Whatever Next’ (Reuters) • Storm Clouds Gather Over US
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Unknown Charleston, SC, after bombardment. Ruins of Cathedral of St John and St Finbar 1865 After 6+ (BIG +) years of deepening poverty and rising stock markets, of creative accounting, of QE and ultralow interest rates, of extend and pretend and outright propaganda and of what have you, all of which have led us to where we are today, facing yet more rounds of stumbling from crisis into multiple crises, it would seem clear that the model, if not the
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DPC The steamer Cincinnati off Manhattan 1900 • IMF Lowers Global Growth Forecast by Most in Three Years (Bloomberg) • Chinese Growth at 7.4% Is the Slowest Since 1990 (Bloomberg) • China’s $20 Trillion Headache Underscored by Stock Swings (Bloomberg) • Warning! Volatility May Await If ECB Launches QE (CNBC) • Draghi Weighs QE Compromise Showcasing Unity Shortfall (Bloomberg) • Endgame for Central Bankers (Steen Jakobsen) • Denmark Strikes Back at Speculators and Burnishes Peg Defenses (Bloomberg) • Denmark Should
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DPC The Arcade, Cleveland 1901 • 1% Own More Wealth Than The Other 99% (Guardian) • Shanghai Rally Faces Stress Test After 7.7% Market Tumble (FT) • Will China Be The Next Forex Peg To Break? (MarketWatch) • China Brokers Fall as Regulator Curbs New Margin Accounts (Bloomberg) • China Brokers Face Double-Whammy on 3-Month Margin Finance Ban (Bloomberg) • China December New Home Prices Slip, Somber Omen For 2014 GDP (Reuters) • Kaisa on Brink of Dollar Default Spooks
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