Mathew Brady Three captured Confederate soldiers, Gettysburg, PA 1863 • US Dot-Com Bubble Was Nothing Compared to Today’s China Prices (Bloomberg) • The Coming $10 Trillion Loss in Paper Wealth (John Hussman) • The Great American Invasion Into Europe’s Debt Market Has Begun (Bloomberg) • Fed Needs Europe’s Permission To Raise Rates (CNBC) • US Failure to Stop China Bank Unmasks Fight Over World Finance (Bloomberg) • 15 Years Of Stimulus – Nothing To Show (David Stockman) • IMF Sees
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NPC Shad fishing on the Potomac 1920 • Oil Slump Pushes S&P Toward First Profit Decline Since 2009 (Bloomberg) • How America Became an Oligarchy (Ellen Brown) • Fidelity’s Wolf Says Zero Rate Inescapable in Oil-Shocked Canada (Bloomberg) • Greece Offers 5 Key Points For Consensus With Creditors (RT) • Greece Puts Figure Of €278.7 Billion On Claim For German Reparations (Guardian) • Varoufakis Extends DC Charm Offensive After Talks With Lagarde (Guardian) • Frustrated EU Officials Want Greek Premier
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G.G. Bain ‘Casino Theater playing musical ‘The Little Whopper’, NY 1920 • 7 Unfounded Fears About An Exit From The Euro (Beppe Grillo) • Teachers Warn Of ‘Victorian’ Poverty Among Pupils (BBC) • Once Over $12 Trillion, the World’s Reserves Are Now Shrinking (Bloomberg) • How Criminals Built Capitalism (Bloomberg) • Greek Political Unrest And Deepening Crisis Fuel Talk Of Snap Election (Guar.) • Greek Economy Staring At Recession Again (Kathimerini) • What Happens If Greece Defaults On Its IMF
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Underwood&Underwood Chicago framed by Gothic stonework high in the Tribune Tower 1952 For the second time in three years, I’m fortunate enough to spend some time in New Zealand (or Aotearoa). In 2012, it was all mostly a pretty crazy touring schedule, but this time is a bit quieter. Still get to meet tons of people though, in between the relentless Automatic Earth publishing schedule. And of course people want to ask, once they know what I do, how I
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Alfred Palmer New B-25 bomber at Kansas City plant of North American Aviation 1942 • Greek Parliament Committee to Investigate Who’s Responsible for Crisis (DPA) • Proposal For Creating A Parallel Currency In Greece (Andresen And Parenteau) • Greece Has Cash to Make IMF Payment Next Week, Minister Says (Bloomberg) • Germany Generously Offers To Freeze Bank Accounts Of Wealthy Greeks (Zero Hedge)
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DPC Coaches at Holland House Hotel on Fifth Avenue, NY 1905 • Huge Miss: +126,000 Jobs, Labor Force -631,000 in Two Months (Mish) • US Jobs Data: Winter of Discontent, Summer of Discomfort (WSJ) • Americans Not In The Labor Force Soar To Record 93.2 Million (Zero Hedge) • Michael Lewis: ‘I Knew Flash Boys Would Be A Bombshell’ (Guardian) • German Bank Files Lawsuit To Challenge ECB Supervision (WSJ) • Fannie Mae to Begin Auctioning Defaulted Home Loans to
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G.G. Bain Pelham Park Railroad, City Island monorail, NY 1910 • ‘EU Has Already Collapsed’– Beppe Grillo (RT) • The Principal And Interest On Debt Myth (Steve Keen) • Greece Scraps Hospital Visit Fee, To Hire 4,500 Health Workers (Reuters) • Greek Reforms: Right Direction Or Road To Ruin? (CNBC) • Greece Draws Up Drachma Plans, Prepares To Miss IMF Payment (AEP) • Tsipras To Seek ‘Road Map’ During Russia Visit (Kathimerini) • Eurozone Officials: No Loan Tranches For Partial
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Esther Bubley Passengers on Memphis-Chattanooga Greyhound bus 1943 I think I’ve never understood the American – and international – fascination with money, with gathering wealth as the no. 1 priority in one’s life. What looks even stranger to me is the idolization of people who have a lot of money. Like these people are per definition smarter or better than others. It seems obvious that most of them are probably just more ruthless, that they have less scruples, and that
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Marion Post Wolcott Negro woman carrying laundry between Durham and Mebane, NC 1939 • The Committee To Destroy The World (Michael Lewitt) • Our Current Illusion Of Prosperity (Mises Inst.) • Economic Inequality: It’s Far Worse Than You Think (Scientific American) • Burning Down The House: Land, Water & Food (Eastwood) • The Warren Effect: Here Is A Bluff That Needs To Be Called (Esquire) • Companies Go All-In Before Rate Hike, Issue Record Debt In Q1 (Zero Hedge) •
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NPC Pennsylvania Avenue storefront view, Washington DC 1921 • Americans Just Aren’t Spending (CNN) • The Glory Days of Private Equity Are Over (WSJ) • Japan’s Newest Export: Deflation (Pesek) • The Oil Price Slump Is Fuelling Financial Instability Globally (Satyajit Das) • ‘A Lot More Easing’ Coming From China Central Bank (CNBC) • Iceland Looks At Ending Boom And Bust With Radical Money Plan (AFP)
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