Arthur Rothstein Scene along Bathgate Avenue in the Bronx Dec 1936 • Global Financial System Stands On The Brink Of Second Credit Crisis (Telegraph) • Chinese Inflation Falls To 0.8% Amid Fears Of Deflationary Spiral (Guardian) • Greek Revolt Over Austerity Is Long Overdue (CNBC) • If Germany Holds Firm On EU Deal, Greece Can Look To US, Russia, China (RT) • US Defends Unruly Greece As Europe Steps Up ‘Grexit’ Threats (AEP) • The ECB Should Stay Out of
Read More...Arthur Rothstein Going to church to pray for rain, Grassy Butte, North Dakota Jul 1936 Greek PM Alexis Tsipras yesterday laid out Syriza’s stance, and from what I saw he didn’t pull even one punch. Despite all the suggestions from the financial press throughout the past week that Tsipras and Varoufakis reneged on campaign promises to seek debt write-downs, they didn’t, and never have – other than perhaps in semantics. Which I don’t find the slightest bit surprising. I would
Read More...NPC Ezra Meeker’s Wild West show rolls into town, Washington DC May 11 1925 • The Swiss Leaks (60 Minutes) • HSBC Files: Swiss Bank Helped Clients Dodge Taxes And Hide Millions (Guardian) • US Government Faces Pressure After Biggest Leak In Banking History (Guardian) • Greek Leader Tsipras Pledges to Press Ahead on Undoing Austerity Measures (WSJ) • Greenspan Predicts Greece Exit From Euro Inevitable (BBC) • Greek Finance Minister Says Euro Will Collapse If Greece Exits (Reuters) •
Read More...DPC New Orleans milk cart 1903 • Tsipras Scrambles to Find a Way Forward for Greece (Bloomberg) • Europe’s Revolt Isn’t Just In Greece Or Spain (MarketWatch) • Greece Could Run Out of Cash in Weeks (WSJ) • Syriza and the French indemnity of 1871-73 (Michael Pettis) • Democracy Could Have Saved Europe From The Disastrous Single Currency (Hannan) • Sarkozy: Crimea Cannot Be Blamed For Joining Russia (RT) • Merkel Objection to Arms for Ukraine May Spur Backlash for
Read More...NPC Minker Motor Co, 14th Street NW, Washington, DC 1922 • Currency Devaluations Are an Undeclared War (Bloomberg) • The PBOC – How To Fail In Business Without Really Flying (Russell Napier) • The Diverging Fates of China’s Provinces (Bloomberg) • Goldman Raises Alarm Over The Scariest Chart In The Jobs Report (Zero Hedge) • Stop Squeezing Syriza. We Can’t Afford Another Wrong Turn In Europe (Guardian) • Troika Trojan Horse: Will Syriza Capitulate In Greece? (Pepe Escobar) • Greece
Read More...William Henry Jackson Silverton, Colorado 1901 An Automatic Earth afficionado who goes by the moniker GeoLib posted something in the comments section for yesterday’s Debt In The Time Of Wall Street that I think deserves a better fate than to be stuck there. He makes a gracious connection between 19th century American writer, politician and political economist Henry George, in particular his book Progress and Poverty, which in its day was a huge bestseller, and Greek finance minister Yanis Varoufakis,
Read More...DPC Chamber of Commerce, Boston MA 1904 • Deflation Risk in U.S. Seen Rivaling Euro Area (Bloomberg) • Stocks Will Be ‘Ripped To Smithereens’: Albert Edwards (CNBC) • Oil Heading For $30, Currency War Coming (CNBC)
Read More...Harris&Ewing Washington snow scenes April 1924 With all the media focus aimed at Greece, we might be inclined to overlook – deliberately or not – that it is merely one case study, and a very small one at that, of what ails the entire world. The whole globe, and just about all of its 200+ nations, is drowning in debt, and more so every as single day passes. Not only is this process not being halted, it gets progressively, if
Read More...NPC Auto wreck, Washington, DC April 1917 This is a post by Yves Smith at Naked Capitalism (see original here), who shares my worries (and quotes me) – as well as Syriza’s, of course – about what’s happening in Greece. She’s dead on in making the connection between #BlackLivesMatter and #GreekLivesMatter. What’s being done to Greece in this Chicago School style experiment is reprehensible and immoral. Europe is busy creating its own generation of gutter dwellers, first in Greece, and
Read More...DPC City Market, Kansas City, Missouri 1906 • A World Overflowing With Debt (Bloomberg) • A Greek Morality Tale: We Need A Global Debt Restructuring Framework (Stiglitz) • Devaluation By China Is The Next Great Risk For A Deflationary World (AEP) • Pushing on a String? Two Charts Showing China’s Dilemma (Bloomberg) • Petrobras, Now $262 Billion Poorer, Exposes Busted Brazil Dream (Bloomberg) • Central Bank Surprises: Who’s Next? (CNBC) • There’s Nothing Left To Break The Euro’s Fall Now
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