Russell Lee Sharecropper mother teaching children in home, Transylvania, LA. Jan 1939 • China Stocks Slump as Rate Cut Fails to Stop $5 Trillion Rout (Bloomberg) • US Stock Rally Fails; Day Ends With Vicious Selloff (MarketWatch) • Bubbles Don’t Correct, They BURST! (Harry Dent) • Why China Had To Crash Part 1 (Steve Keen) • Why Worries About China Make Sense (Martin Wolf) • China Cuts Rates To Stem Crisis, But Doubts Grow On Foreign Reserve Buffer (AEP) •
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Russell Lee Hollywood, California. Used car lot. 1942 Look, it’s very clear where I stand on China; I’ve written a lot about it. And not just recently. Nicole Foss, who fully shares my views on the topic, reminded me the other day of a piece I wrote in July 2012, named Meet China’s New Leader : Pon Zi. China has been a giant lying debt bubble for years. Much if not most of its growth ‘miracle’ was nothing but a
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Dorothea Lange Play street for children. Sixth Street and Avenue C, NYC June 1936 • China Stocks Plunge 7.63% As Selloff Picks Up Again (MarketWatch) • China Stocks Extend Biggest Plunge Since 1996 on Support Doubts (Bloomberg) • China Crash: You Can’t Keep Accelerating Forever (Steve Keen) • The Gravity of China’s Great Fall (Economist) • China’s Market Leninism Turns Dangerous For The World (AEP) • China Central Bank Injects $23.4 Billion as Yuan Intervention Drains Funds (BBG) • Imploding
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Dorothea Lange Rear window tenement dwelling, 133 Avenue D, NYC June 1936 • Global Selloff Deepens as Stocks Sink With Oil (Bloomberg) • Global Bloodbath Sparks Financial Crisis Fears (News.com.au) • A Sell-Off Of Epic Proportions Spreads Further (FT) • Commodities Slump to 16-Year Low as China Slowdown Roils Markets (Bloomberg) • China Poised to Raise Banks’ Liquidity to Boost Lending (WSJ) • China’s One-Year Bonds Decline in Sign of Tightening Liquidity (Bloomberg) • Is The Game Up For China’s
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NPC Grand Palace shoe shining parlor, Washington DC 1921 After losing 11% last week, Shanghai this morning was down almost -9% at one point, after lunch went back up to -6.5%, and ended its day at -8.49%. A Black Monday for sure, but is this the BIG ONE? It really doesn’t matter one bit. Unless perhaps you persist in calling your self an investor, in which case we pity you, but not for losing your shirt. Because God knows we’ve
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Harris&Ewing Ninth Street N.W., Washington, DC 1915 • China Syndrome: How The Slowdown Could Spread To The Brics And Beyond (Observer) • There May Be No Sudden Fallout From China’s Crash – But Give It Time (Das) • IMF Official Says ‘Premature’ To Speak Of Chinese Crisis (Reuters) • The Last Great Bubble May Finally Be Starting To Pop (MarketWatch) • Foreign “Smart Money” Plows into US Housing Bubble 2 (WolfStreet) • Greek Election Heralds Fresh Bailout Battle (Dimitri Sotiropoulos)
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Harris&Ewing Motorcycle postman, Washington, DC 1912 • Dow Plunges 531 Points In Global Selloff, Largest Weekly Drop Since 2008 (WSJ) • Stocks Post Worst Week In Years On China Fears (Reuters) • Record Capital Flight From China As Industrial Slump Drags On (AEP) • Chanos on China: “Whatever You Might Think, It’s Worse” (CNBC) • Chinese Market Mirroring 1929 Crash: Analyst (CNBC) • Fed Suffers Interest-Rate ‘Impotency’ as China Withers Markets (The Street) • Tsipras Hits Back After SYRIZA Rebels
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Lewis Wickes Hine Newsies in St. Louis, N. Broadway and De Soto 1910 • Greek PM Alexis Tsipras Steps Down To Trigger New Elections (Guardian) • Syriza Rebels Break Away To Form New Party ‘Leiki Anotita’ -Popular Unity- (BBC) • The Colony Of Italy (M5S Lower House) • Asia Stocks Tumble as China PMI Hits Six-Year Low; Shanghai -4.27% (Bloomberg) • Global Stocks In ‘Panic Mode’ As China Factory Slump Drags On Markets (Guardian) • Commodity Rout Erases $2 Trillion
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Gustave Doré Dream of the Eagle (from Dante’s Purgatory) 1868 We’ve come to the end of our little ‘chapters experiment’, using Nicole’s long article. Do let us whether you like things this way, posted in shorter parts rather than one long article. And by all means read through the whole thing one more time. It’s not going to hurt you. This is the entire article. Part 1 is here: Global Financial Crisis – Liquidity Crunch and Economic Depression, Part 2
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NPC “Largest electric locomotive and Congressman John C. Schafer” 1924 • China Stocks Slump Again Despite Government Support (Reuters) • China Strengthens Yuan By Most In 2 Months; Massive Liquidity Injection (ZH) • China Central Bank Injects Most Funds Since February (Bloomberg) • Is This The Great Crash Of China? (Steve Keen) • China’s August Scare Is A False Alarm As Fiscal Crunch Fades (AEP) • Should We Be Afraid Of China’s ‘Value Chain’? (CNBC) • Eurozone: The Case Against
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