Jack Delano AT&SF Railroad locomotive shops, San Bernardino, CA 1943 Appalled doesn’t cover it. Disgusted won’t do either. Angry doesn’t come close. Maybe I have yet to learn of a word that would express my feelings on the following topic. There’s a disease, an epidemic, that spreads through out the western world. We are all turning into accomplices to murder. And I still believe we are better than that. Just perhaps not all of us. The US, and the rest
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Jack Delano Engineer at AT&SF railroad yard, Clovis, NM 1943 • Europe’s Debt Mountain Just Got A Whole Lot Bigger (Telegraph) • $5.3 Trillion Of Government Bonds Now Have Negative Yields (David Stockman) • IMF Needs To Correct Its Big Fat Greek Bailout Mistake (Ashoka Mody) • Mythology That Blocks Progress In Greece (Martin Wolf) • Why the Real Deadline for Greece Is July 20 (Bloomberg) • Greece Buys Six Weeks’ Space With Transfer of City Funds (Bloomberg) • Varoufakis
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DPC Betsy Ross house, Philadelphia. Birthplace of Old Glory 1900 • Robert Merton: QE Makes Everything Worse (PiOnline) • ECB Is Studying Curbs on Greek Bank Support (Bloomberg) • Investors May Be Ignoring Potential ‘Collateral Damage’ From Greece (MarketWatch) • Creditors Chase Consensus With Greece to Unlock More Aid (Bloomberg) • Greece Orders Public Entities to Store Cash in Central Bank (WSJ) • Greek Mayors to Protest Government Decision to Seize Their Cash (Bloomberg) • Herr Schäuble’s Foibles: The Eurozone
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Alfred Palmer Women as engine mechanics, Douglas Aircraft, Long Beach, CA 1942 That Europe let almost 1000 people die in the Mediterranean in one night shouldn’t be a surprise to anyone, at least not to those who are still occasionally awake. The Club Med migrant crisis has been going on for a long time, and the EU’s only reaction to it has been to slash its budget and operations in the area, not to expand them. So when the New
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DPC Broad Street lunch carts, New York 1906 • World Braces for Taper Tantrum II Even as Yellen Soothes Nerves (Bloomberg) • Caveat Creditor As IMF Chiefs Mull Unpayable Debts (AEP) • Fed Crisis-Liquidity Function Reviewed for Potential Use by IMF (Bloomberg) • Draghi Tells Euro Shorts To “Make His Day”, Again (Zero Hedge) • Greece’s Varoufakis Warns Of Grexit Contagion (Reuters) • Can Beijing Tame China’s Bull Market? (MarketWatch) • China Cuts Bank Reserves Again To Fight Slowdown (Reuters)
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DPC Peanut stand, New York 1900 • At Global Economic Gathering, US Primacy Is Seen as Ebbing (NY Times) • IMF Credibility Faces Tipping Point Over Greece (USA Today) • ‘Bernanke To Go Down As One Of The Most Vilified People Of The Century’ (CNBC) • Markets Face New Threat As US Fed Ponders Interest Rate Rise (Guardian) • Most Americans Think College Is Out of Reach (Bloomberg) • Record Drop In House Prices Suggests China Is Already In A
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George N. Barnard Atlanta, Georgia. View on Marietta Street 1864 • US Is ‘World Leader’ In Child Poverty (Alternet) • ‘This Is Far From Over’, ‘We’re All Frogs In Boiling Water’ (Zero Hedge) • US Should Write Laws Of Global Economy, Not China – Obama (RT) • Greece’s Main Creditors Said to Be Unwilling to Allow Euro Exit (Bloomberg) • Let’s Face Reality, Greece Is Bankrupt: Marc Faber (CNBC) • Greek Crisis Comparable to Great Depression: Blanchflower (Bloomberg)
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Jack Delano Myrtle Beach, S.C. Air Service Command Technical Sergeant Choken 1943 • The REAL Issue With a Grexit/Greek Default is Derivatives (Phoenix) • Grexit Dangers Mount: Yanis Varoufakis Warns Of ‘Liquidity Asphyxiation’ (AEP) • Germany: Has Any Country Ever Had It So Good? (Bloomberg) • Greece To Raid Coffers As IMF Dashes Hopes Of Resolving Crisis (Telegraph) • Greece Deal Appears Distant Amid Deadlock In Reform Talks (Kathimerini) • Finland: ‘Not As Bad As Greece, Yet, But It’s Only
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Lewis Wickes Hine Boys working in Phoenix American Cob Pipe Factory 1910 Yes, more Greece, ever more Greece. Well, the focus is still very much there. It’s not the only topic, obviously, China warrants interest too, certainly with things like Tyler Durden quoting Cornerstone Macro as saying China’s true economic growth rate was just 1.6% in Q1 2015, not the official government number of 7%. Never trust anyone, especially a government, that consistently meets or beats its predictions. With housing
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NPC Sidney Lust Leader Theater, Washington, DC 1920 • Greece In ‘Slow-Death Scenario’ Amid Defaults Fears (CNBC) • IMF Knocks Greek Debt Rescheduling Hopes (FT) • The Endgame For Greece Has Arrived (Zero Hedge) • Why The Grexit Is Inevitable – How About May 9th? (Raas Consulting) • UBS Says Europe Risks Bank Runs On Grexit (Zero Hedge) • Fed’s Bullard Says Rate Hikes Are Needed For Coming ‘Boom’ (MarketWatch) • Warren Says Auto Lending Reminds Her Of Pre-Crisis Housing
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