Harris&Ewing F.W. Grand store, Washington, DC 1925 Mario Draghi made another huge faux pas Thursday, but it looks like the entire world press has become immune to them, because it happens all the time, because they don’t realize what it means, and because they have a message if not a mission to sell. But still, none of these things makes it alright. Nor does Draghi’s denying it was a faux pas to begin with. And while that’s very worrisome, ‘the
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Harris&Ewing Underwood Typewriter Co., Washington, DC 1919 • Borders Closing And Banks In Retreat; Is Globalisation Dead? (Guardian) • Capitalism Is Killing America’s Morals, Our Future (Paul B. Farrell) • America Has Become a “Banana Republic Run by Wall Street Criminals” (MM) • Tsipras Reiterates Red Lines But Faces Revolt Within Syriza (Kathimerini) • Europe Said to Weigh Contingency Plans in Greece Impasse (Bloomberg) • Neither Grexit Nor A Dual Currency Will Solve Greece’s Problems (Matthes) • Hotel Contracts With
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G. G. Bain Hudson-Fulton celebration. Union League Club. New York. 1909 • Our $58 Trillion Love Affair With Debt, In One Crazy Chart (CNBC) • Fed On Track To Hike Rates As Economic Headwinds Wane: Yellen (Reuters) • BRICS To Establish New Multi-Currency Financial Order (RT) • How ‘Mathiness’ Made Me Jaded About Economics (Bloomberg) • Jim Chanos Thinks China Could Be The Next Greece (MarketWatch) • Greece and Creditors Struggle for Elusive Deal (WSJ) • Eurozone Says No Greek
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NPC Dedication of Francis Asbury statue, Washington, DC 1924 The present Chinese leadership appears to be trying to gain (regain?) more -if not full- control over the country’s economic system, while at the same time (re-)boosting the growth it has lost in recent years. President Xi Jinping, prime minister Li Keqiang and all of their subservient leaders – there are 1000’s of those in a 1.4 billion citizens country- apparently think this can be done. Yours truly doubts it. As
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Harris&Ewing Oil for salads 1918 • 1 in 3 Americans Have Metabolic Syndrome (LiveScience) • France To Force Big Supermarkets To Give Away Unsold Food To Charity (AFP) • ECB Claims Austerity “Complements” QE (Zero Hedge) • Now The Bank Of England Needs To Deliver QE For The People (Guardian) • 572 Rate Cuts Since 2008, One Every Three Trading Days (Zero Hedge) • David Stockman: The Morning After Will Be Nasty (CNBC) • There’s A Simple Way To Make
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Harris&Ewing F Street N.W., Washington, DC 1918 • Has The Fed Got A Grasp On Economic Reality? (Gambles) • Global Inflation Mystery Risks Making Central Bankers Bystanders (Bloomberg) • Investors Need To Face The Possibility Of A ‘Great Reset’ (MarketWatch) • Guilty Pleas and Heavy Fines Seem to Be Cost of Business for Wall St. (NY Times) • Cui Bono (Richard Breslow) • Record Number of American Stores, Malls Closing: Davidowitz (Bloomberg) • Defiant Greeks Force Europe To Negotiating Table
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NPC District National Bank, Dupont branch, Washington, DC 1924 • The Low Velocity Economy – US Money Velocity At All-Time Low (CI) • Euro Plunges As ECB Official Pledges To Speed Up Bond Purchases (Bloomberg) • 5 Bubbles Draghi’s QE Is Already Blowing (MarketWatch) • Is The UK In The Early Stages Of Deflation? (Guardian) • Bernie Sanders Wants Wall Street To Pay For Your College Tuition (Vox) • The Economy for Young Americans Is Still Terrible (Atlantic) • Theft
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Harris&Ewing Horse and Motor Oil, Washington, DC 1918 Will this Greek stuff ever stop? Probably, but don’t hold your breath. I was reading up on China, but that will have to wait till tomorrow. A friend just sent me a Sputnik story -they’re a Russian news channel, so they can’t be trusted, right?!- that adds more juice to the Syriza vs troika tale. And whaddaya know, the king of Greece leaks, Paul Mason at Channel 4, is involved once again.
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Harris&Ewing Car interior. Washington & Old Dominion R.R. 1930 • We Are Now Entering The Terminal Phase Of The Global Financial System (Stockman) • Bank Of America Is Forecasting A ‘Scary Summer’ For Stock Market (MarketWatch) • Pay Bankers No More Than Civil Servants, Says Ex-Cameron Strategist (Guardian) • Fossil Fuel Companies Get $10 Million A Minute In Subsidies: IMF (Guardian) • UK Inflation Rate Below Zero for First Time Since 1960 (Bloomberg) • As The UK Has Discovered, There
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Esther Bubley Soldiers with their girls at the Indianapolis bus station 1943 Whenever secret or confidential information or documents are leaked to the press, the first question should always be who leaked it and why. That’s often more important than the contents of what has been leaked. And since there’s been a lot of hullabaloo about a leaked document the past two days, here’s a closer look. Spoiler alert: the document(s) don’t reveal much of anything new, despite the hullabaloo.
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