George N. Barnard Federal picket post near Atlanta, Georgia 1864 • China GDP Tumbles To Lowest In 6 Years Amid Dismal Data (Zero Hedge) • China Walks $264 Billion Tightrope as Margin Debt Powers Stocks (Bloomberg) • Hong Kong’s Peg to Instability (Pesek) • ‘Timebomb’ UK Economy To Explode After Election – Albert Edwards (Guardian) • IMF Fears ‘Cascade’ Of Woes As Fed Crunch Nears (AEP) • Prudential Chief Echoes Dimon Saying Liquidity Is Top Worry (Bloomberg) • Syriza Against
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DPC French Market, New Orleans 1910 From southern Europe to the far north, matters are shifting, sometimes slowly, sometimes faster. There are moments when it seems all that goes on is the negotiations over the Greek dire financial situation and its bailout conditions, but even there nothing stands still. The Financial Times ran a story claiming Greece is about to default on is debt(s), and many a pundit jumped on that, but there was nothing new there. Of course they
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NPC Walker Hill Dairy, Washington, DC 1921 • The Shocker Crushing The Economy Revealed (Zero Hedge) • China’s Economy: Hard Landing Or Welcome Rebalancing? (Guardian) • The Risks Behind China’s Silk Road Growth Gamble (CNBC) • Citi Analysts Call The ‘End Of The Iron Age’ (CNBC) • Shale Oil Boom Could End in May After Price Collapse (Bloomberg) • Scrap Fossil Fuel Subsidies, Bring In Carbon Tax – World Bank Chief (Guardian) • The New Militarism: Who’s The Real Enemy?
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George N. Barnard Nashville, Tennessee. Rail yard and depot. 1864 • China’s March Exports Shrink 15% Year-on-Year In Shock Fall (Reuters) • China’s March Exports Come In Far Worse Than Expected (WSJ) • China’s Trade Collapse Raises Fears Of Growth Slowdown (Telegraph) • World Bank Warns Of Hit To Australia As Chinese Growth Falters (AAP) • China’s Stock Surge May Very Well End In Tears (MarketWatch) • The $9 Trillion Short That’s Seen Sending the Dollar Even Higher (Bloomberg) •
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Byron Street haberdashery, New York 1900 • Top 20% of US Earners Pay 84% of Income Tax (WSJ) • Stocks Surge: Nikkei Tops 20,000, Europe Hits 15-Year High (Reuters) • Eurozone Officials Shocked By Greece’s Stance, Says German Newspaper (Reuters) • Yanis Varoufakis and Joseph Stiglitz (INET) • ECB Sees Risks In Greece’s Planned Home Foreclosure Law (Reuters) • Druckenmiller: This Could End ‘Very Badly’ (CNBC) • GE Plan Opens Escape Path From Fed Too-Big-To-Fail Label (Bloomberg) • New Zealand
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G. G. Bain Goose Creek, houses on the water, Jamaica Bay, Long Island 1910 • Euro’s Reserve Status Jeopardized As Central Banks Dump Holdings (Blooomberg) • Why The Euro Could Fall Even Further (CNBC) • Putin’s New Problem Is The Strong Ruble (Bloomberg) • Greece: The Next Deadline Approaches (CNBC) • Greek Finance Minister Steers Debt Talk His Way (NY Times) • 100,000 Italians Sign Petition For Eurozone Exit Referendum (RT) • PetroChina Overtakes Exxon Mobil To Become World’s Biggest
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Harris&Ewing Inauguration of air mail service, Washington, DC 1918 That title may be a bit much, granted, because never is a very long time. I might instead have said “The American Consumer Won’t Be Back For A Very Long Time”. Still, I simply don’t see any time in the future that would see Americans start spending again at a rate anywhere near what would be required for an economic recovery. Looks pretty infinity and beyond to me. However, that is
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G. G. Bain Navy dirigible, Long Island 1915 • It’s A Crime To Be Poor In America (MarketWatch) • US States Are Not Prepared for the Next Fiscal Shock (Bloomberg)
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Harris&Ewing Treasury Building, Fifteenth Street, Washington, DC 1918 • The Oil Industry’s $26 Billion Life Raft: Derivatives (Bloomberg) • Oil Tumbles 6.6%, Erasing This Year’s Gains (Reuters) • Exxon, BP in Deal Spotlight After Shell Buys BG Group (Bloomberg) • Shell-BG Deal Could Face Bumpy Ride From Partner Rights (Reuters) • Bankers Set To Reap $155million In Fees On Shell-BG Takeover (Bloomberg) • The US Government’s $800 Billion Gamble on Student Loans (Bloomberg) • Bernanke-Summers II: Savings Glut, Investment Shortfall
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Harris&Ewing Less taxes, more jobs, US Chamber of Commerce campaign 1939 It wouldn’t be a first, but it would certainly be a – bigger – shock. That is to say, the Bank of England hijacked the head of Canada’s central bank some time ago, but, while unexpected enough, that would pale in comparison to the US hiring the present Governor of the Russian central bank, Elvira Sakhipzadovna Nabiullina. It would still seem to be a mighty fine idea, though. Not
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