Jack Delano Brockton, Mass., Enterprise newspaper office on Christmas Eve 1940 This is a letter From Greek PM Alexis Tsipras in today’s Le Monde. I have little to add, his eloquence needs few comments at this moment. One thing is certain: the negotiations will never be the same. And neither will Europe. Straight from the Prime Minister’s offical website: : Alexis Tsipras: On 25th of last January, the Greek people made a courageous decision. They dared to challenge the one-way
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Jack Allison “Utopia Children’s House, Harlem, New York.” 1938 • There’s A Currency War Going On And The Fed Can’t Play (CNBC) • When Betting on QE Suddenly Goes Wrong (WolfStreet) • For The Fed, It’s The Rebound That Matters (MarketWatch) • What Bubble Vision Doesn’t Get About Q1’s Punk GDP Numbers (Stockman) • Why the Bank of Japan Can’t Stop a Sudden Collapse of the Yen (WolfStreet) • China Central Bank: We Want ‘Healthy’ Stock Market (Reuters) • What
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Arnold Genthe San Francisco, “Grant Avenue at Sacramento Street.” 1930 • Big Banks Run Everything: Austerity, The IMF (Salon) • Investors Helpless Against Wall Street’s Secret Brainwashing Machine (Farrell) • US Economy Shrank 0.7% in First Quarter as Trade Gap Jumped (Bloomberg) • Margin Debt Breaks Out: Hits New Record 50% Higher Than Last Bubble Peak (ZH) • No Recovery Has Seen This Many Dips Since The 1950s (MarketWatch) • The Desperate Plight of a Declining Superpower (Michael T. Klare)
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Walker Evans Saint Charles Street. Liberty Theatre, New Orleans 1935 With the 3rd US Q1 GDP print coming in at -0.7% (-3% if not for inventories), perhaps the media spotlights – and lively imagination – can move away from Greece for a few weeks. The US has enough problems of its own, it would seem. For one thing, its Q1 GDP is now worse than Greece’s. Of course its debt is also much higher, just not to the IMF and
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Walker Evans “Sidewalk scene in Selma, Alabama.” 1935 • ECB Fears ‘Abrupt Reversal’ For Global Assets On Fed Tightening (AEP) • US And China Can Avoid Collision Course – If US Gives Up Its Empire (Guardian) • The Economist Who Realized How Crazy We Are (Michael Lewis) • Euro-Sclerosis (Alasdair Macleod) • This Time It Is Different (Martin Armstrong) • Austerity and Balanced Budgets Doomed To Fail (Rochon) • John Nash’s Game Theory Doesn’t Bode Well For Greece (El-Erian) •
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Walker Evans Vicksburg, Mississippi. “Vicksburg Negroes and shop fronts” 1936 • US Firms Spend More on Buybacks Than Factories (WSJ) • You’ve Met Hillarynomics. Now Meet Left-of-Hillarynomics. (Vox) • 40% of American Workers Now Have ‘Contingent’ Jobs (Forbes) • Fossil Industry Faces A Perfect Political And Technological Storm (AEP) • The Tanker Market Is Sending a Big Warning to Oil Bulls (Bloomberg) • China Stocks Plunge 6.5%, Worst Selloff In 4 Months (CNBC) • Yen Drops to 12-Year Low as
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Dorothea Lange Salvation Army, San Francisco, California. Unemployed young men 1939 There are many things going on in the Greece vs Institutions+Germany negotiations, and many more on the fringe of the talks, with opinions being vented left and right, not least of all in the media, often driven more by a particular agenda than by facts or know-how. What most fail to acknowledge is to what extent the position of the creditor institutions is powered by economic religion, and that
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Walker Evans Shoeshine stand, Southeastern US 1936 • China Blows Its Debt Bubble Bigger (Pesek) • Bernanke: No Risk Of Hard Landing In China (Reuters) • Greece May Delay IMF Payments Till The End Of June (Guardian) • Greece’s Creditors Must ‘Get Their Act Together’, Says Varoufakis (AFP) • Steve Keen: Varoufakis Battles ‘Divorce Lawyer’ Style Austerity Talks (CNBC) • Juncker Questions Varoufakis, Tsipras (Kathimerini) • Greek Default, European Bankruptcy (Jacques Sapir) • A Parallel Currency For Greece: Part I
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Walker Evans Vicksburg, Mississippi. “Vicksburg Negroes and shop front.” 1936 • We Must Protect Our Children From Austerity (Guardian) • Greek Hospitals Out Of Painkillers, Scissors And Sheets Due To Austerity (RT) • The Key To A Greek Economic Revival Has To Be An End To Austerity (Münchau) • Austerity Is the Only Deal-Breaker (Yanis Varoufakis) • Greece Is All But Bankrupt (NY Times) • The World Is Drowning In Debt, Warns Goldman Sachs (Telegraph) • Investors Are Playing A
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Harris&Ewing District National Bank, Washington, DC 1931 • Memorial Day: Our Soldiers Died For The Profits Of The Bankers (Smedley Butler) • Europe’s Biggest Debt Collector: Central Banks’ Stimulus Has Failed (Bloomberg) • “It’s A Coup D’Etat”, “Central Banks Are Out Of Control” – David Stockman (ZH) • Unemployment Is a Big Threat to Eurozone Economy, Central Bankers Warn (WSJ) • HSBC Fears World Recession With No Lifeboats Left (AEP) • Did China Just Launch World’s Biggest Spending Plan? (Gordon
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