DPC Launch of freighter Howard L. Shaw, Wyandotte, Michigan 1900 I think I should accept that I will never in my life cease to be amazed at the capacity of the human being to spin a story to his/her own preferences, rather than take it simply for what it is. Your run of the mill journalist is even better at this than the average person – which may be why (s)he became a journalist in the first place -, and
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NPC Hendrick Motor Co., Carroll Avenue, Takoma Park, Maryland 1928 • Rising Stocks, Homes Boost US Household Wealth To Record $83 Trillion (AP)
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NPC Kidwell’s Market on Pennsylvania Avenue, Washington DC 1920 I think I’ll just give you a slew of quotes, and then you can figure out if you can figure out why I chose to call this the Yellen Massacre. Which consists, by the way, of two separate but linked parts, not quite the Siamese twin perhaps, but close. What links them is the upcoming Fed decision to raise interest rates, and the timing of the announcement of that decision. It
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Harris&Ewing National Press Club Building newssstand, Washington DC 1940 • Six Days Until Bond Market Crash Begins (EconMatters) • Global Finance Faces $9 Trillion Stress Test As Dollar Soars (AEP) • Euro Predicted To Fall To 85 Cents Against US Dollar (CNBC) • Asian Central Banks’ Dilemma: Balancing Debt and Growth (WSJ) • China Economic Data Weaker Than Expected, Fuels Policy Easing Bets (Reuters) • Greece Demands Nazi War Reparations And German Assets Seizures (Telegraph) • Athens Threatens To Seize
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DPC Grace Church, New York 1905 • The Blistering Pace Of Dollar’s Rally Is Rattling Markets (MarketWatch) • EM Currency Turmoil As US Rate-Hike Jitters Bite (CNBC) • Here’s Why Draghi’s Inflation Bomb Could Prove to Be a Dud (Bloomberg) • Stronger Dollar Sends U.S. Stocks to Biggest Drop in Two Months (Bloomberg) • Get Ready For A Much Bigger Oil Shock (CNBC) • Thomas Piketty on the Eurozone: ‘We Have Created a Monster’ (Spiegel) • Why Understanding Money Matters
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William Henry Jackson Tunnel 3, Tamasopo Canyon, San Luis Potosi, Mexico 1890 The entire formerly rich world is addicted to debt, and it is not capable of shaking that addiction. Not until the whole facade that was built to hide this addiction must and will come crashing down along with the corpus itself. Central banks are a huge part of keeping the disease going, instead of helping the patient quit and regain health, which arguably should be their function. In
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NPC Ford Motor Co., McReynolds & Sons garage, L Street, Washington DC 1926 • S&P 500 Can’t Fight The Market’s Selloff Forever (MarketWatch) • China’s ‘Money Garrote’ May Choke Us All (MarketWatch) • Three Reasons Japan Will Get More Stimulus (Bloomberg) • Central Bank Blues (Deutsche Welle) • Japan’s Not So Golden Oldies Tighten Their Purse Strings (CNBC) • ECB Starts Buying German, Italian Government Bonds Under QE Plan (Bloomberg) • Presenting The Buyers Of Over 100% Of New German
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NPC Skating night, Washington DC 1919 • The Global Dollar Funding Shortage Is Back With A Vengeance (Zero Hedge) • “Ignore This Measure Of Global Liquidity At Your Own Peril” (Zero Hedge) • China Inc Flocks To Euro Debt For Funding (FT) • Heta Damage Spreads in Austrian Downgrades, German Losses (Bloomberg) • Europe Is Being Torn Apart – And The Torture Will Be Slow (Guardian) • IMF Could Do More For EU Than ECB’s QE (CNBC) • Tsipras At
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DPC Sternwheeler Falls City, the levee, Vicksburg, Mississippi 1900 • Austria Is Fast Becoming Europe’s Latest Debt Nightmare (Telegraph) • Tsipras: ‘We Don’t Want to Go on Borrowing Forever’ (Spiegel) • Eurogroup To Consider Greek Reform Proposals Amid Scramble For Funding (Kath.) • The ECB’s Lunatic Full Monty Treatment (Tenebrarum) • 7 Things To Know About The ECB’s QE Game Plan (MarketWatch) • 30 Years Of A Polarised Economy Have Squeezed Out The Middle Class (Observer) • Foreign Banks Tighten
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Christopher Helin Kissel military Highway Scout Kar at Multnomah Falls, Oregon 1918 The European Union is busy accomplishing something truly extraordinary: it is fast becoming such a spectacular failure that people don’t even recognize it as one. People have no idea, they just think: this can’t possibly be true, and they continue with their day. They should think again. Because the Grand European Failure is bound to lead to real life consequences soon, and they’ll be devastating. The union that
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