G. G. Bain Katherine Stinson, “the flying schoolgirl,” Sheepshead Bay Speedway, Brooklyn 1918 • Greek Parliament Approves Bailout Deal (Guardian) • Greek Bailout On A Tightrope – Again (CNBC) • China Halts Yuan Devaluation With Slight Official Rise Against US Dollar (AFP) • The Economic Wizards Of Beijing Have Feet Of Clay After All (Guardian) • China Denies Currency War As Global Steel Industry Cries Foul (AEP) • China and the Danger Of An Open Currency War (Paul Mason) •
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Gustave Doré The Ninth Circle of Hell (Treachery) 1857 Eventful days in the middle of summer. Just as the Greek Pandora’s box appears to be closing for the holidays (but we know what happens once it’s open), and Europe’s ultra-slim remnants of democracy erode into the sunset, China moves in with a one-off but then super-cubed renminbi devaluation. And 100,000 divergent opinions get published, by experts, pundits and just about everyone else under the illusion they still know what is
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DPC Royal Street, New Orleans 1900 • China Adds a Chainsaw to Its Juggling Act (Pesek) • China Weakens Yuan For A Third Straight Day On Thursday (CNBC) • Deflation Ice Age Looms After Yuan Move, Albert Edwards Says (Bloomberg) • China’s Currency Devaluation Could Spark ‘Tidal Wave Of Deflation’ (Guardian) • China Could Trigger The Biggest Financial Rout Since 2008 (MarketWatch) • China Intervenes To Support Tumbling Yuan (MarketWatch) • Yuan’s Plunge Marks End of Chinese Stability for Global
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DPC Belle Isle Park Aquarium, Detroit 1905 • Greek Debt Deal Reached But Targets Branded ‘Utterly Unachievable’ (Telegraph) • Dow Death Cross Is A Bearish Omen For The Stock Market (MarketWatch) • China Stuns Financial Markets By Devaluing Yuan For Second Day Running (Guardian) • China Roils Markets Second Day as Yuan Cut by 1.6%; Bonds Rally (Bloomberg) • How The Dollar’s Rise Led To China’s Yuan Devaluation (MarketWatch) • Roach Sees Currency Wars Just Getting Worse After Yuan Decision
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Howard Hollem Assembly and Repairs Department Naval Air Base, Corpus Christi 1942 • China Slashes Yuan Reference Rate by Record 1.9% (Bloomberg) • How To Anger Asia And The Fed In One Go: Devalue The Yuan (CNBC) • Emerging Stocks Head for Two-Year Low After China Devalues Yuan (Bloomberg) • China Joins The Global Devaluation Party (Coppola) • Chinese Spurn Unprecedented 30% Car Discounts Amid Slowdown (Bloomberg) • U.S. Consumers Rein in Spending Growth Plans, New York Fed Says (Bloomberg)
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NPC Congressman John C. Schafer of Wisconsin 1924 • Why Commodities Are Dying The Death Of 1,000 Cuts (CNBC) • The Canaries Continue To Drop Like Flies (Mark St.Cyr) • China’s Hard Landing Suddenly Gets a Lot Rougher (WolfStreet) • Quantitative Easing With Chinese Characteristics Takes Shape (Bloomberg) • China Slashes U.S. Debt Stake by $180 Billion – and Bonds Shrug (Bloomberg) • The Monetary Superpower Strikes Again (David Beckworth) • Greece Hopes to End Bailout Talks by Tuesday (Bloomberg)
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Nicole and I did an interview with Reverse Engineer at the Doomstead Diner a few nights ago. I haven’t listened to it yet, but he seems to think it was, let’s say, entertaining yet insightful. Cheerful in the face of collapse. Here’s what Reverse Engineer wrote about it on the DD site: Reverse Engineer: Recently, Nicole Foss of The Automatic Earth returned to blogging after taking something of a hiatus over the last year. I caught one of her recent
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Lewis Wickes Hine Drift Mouth, Sand Lick Mine, near Grafton, West Virginia 1908 • China Producer Price Index Falls For 40th Straight Month (Reuters) • Peak Insanity: Chinese Brokers Now Selling Margin Loan-Backed Securities (ZH) • China Cancels $17.6 Billion Construction Projects ‘To Protect Environment’ (RT) • China’s Stock Crash Is Spurring a Shakeout in Shadow Banks (Bloomberg) • Stocks Are A ‘Disaster Waiting To Happen’: Stockman (CNBC) • The Widening Vortex Of Global Finance (Sampath) • Greece’s Collapse Was
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NPC Auto races, Rockville Fair, Montgomery County, Maryland 1923 • China Exports Fall 8.3% From A Year Earlier (Bloomberg) • The Commodity Slump Is Killing Hedge Funds (Bloomberg) • “The Top’s In”: David Stockman Warns Of “Epochal Deflation” (ZH) • Gross Sees September Rate Rise, Global Economy In Deflation (Bloomberg) • Shadow Banking Draws Canadians Where US Banks Are Warned Away (Bloomberg) • Europe Moves to Cut Risk in $505 Trillion Derivatives Market (Bloomberg) • Economic Reality Now Catching Up
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DPC “Wood Street, Pittsburgh, Pennsylvania.” 1905 • Emerging Market Mayhem: Gross Sees “Debacle” As Currencies, Bonds Collapse (ZH) • China Growth Probably Half Reported Rate Or Less, Say Sceptics (Reuters) • The World Should Worry More About China’s Politics Than The Economy (Economist) • Another Major Pillar of the Bull Market Is Collapsing (Bloomberg) • How America Keeps The World’s Poor Downtrodden (Stiglitz) • Europeans Against the European Union (Village) • Indebted Portugal Is Still The Problem Child Of The
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