Arthur Rothstein Accident on US 40 between Hagerstown and Cumberland, MD 1936 • “We Are On The Precipice Of A Liquidation In Emerging Markets” (FT) • Currency Market Braces For Renminbi Weakness (FT) • ‘Made In Germany’ Lies In The ‘Gutter’ After Volkswagen Caught Cheating (AEP) • Volkswagen Said Focus of U.S. Criminal Probe on Emissions (Bloomberg) • It Took More Than a Year of EPA Pressure to Get VW to Admit Fault (NY Times) • VW’s Worst Nightmare Is
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NPC Oldsmobile Golden Rocket 88 Holiday Sedan for 1957, Columbus GA 1908 Angela Merkel has another huge headache on her plate. She seems to attract those these days. And given how she’s been dealing with the last few migraines coming her way, perhaps she deserves them. For now, it’s a story of one carmaker, Volkswagen. And in one country, the USA. A country in which the diesel engine is somewhat of an orphan, making up just a few percent of
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Arthur Rothstein Interior of migratory fruit worker’s tent, Yakima, Washington Jul 1936 • The Least-Believed Recovery And The Least-Believed Bull Market (Bloomberg) • Yellen Is Trapped in the Worst Nightmare Ever (Martin Armstrong) • Yellen Pause Ups Pressure on Draghi as Global Pessimism Mounts (Bloomberg) • Fed’s Lacker Says Economy Strong Enough For Higher Rates (Reuters) • Fed’s Williams Still Sees 2015 Rate Hike After ‘Close Call’ (Reuters) • Volkswagen Plunges 25% After US Emissions Cheat Scandal (Bloomberg) • Greece’s
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NPC Grief monument, Rock Creek cemetery, Washington DC 1915 My mother, Johanna, died on Thursday, September 17, at the age of 84. She was the gentlest soul, perhaps even sometimes a bit too much so. I don’t say that just because I’m her son. Her gentleness and self-effacing demeanor have touched many around her during her lifetime. Johanna suffered from a condition named Sjögren, an auto-immune disease that attacks the body’s moisture glands. 90% of patients are female, and external
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DPC Government Street, Mobile, Alabama 1906 • Human Migration Will Be A Defining Issue Of This Century (Alexander Betts) • 5-Year Old Child Drowns Off Greece, Others Paddle Across From Turkey (Reuters) • 30 Refugees Missing In New Boat Sinking Off Greece On Sunday (AFP) • Europe Needs To Take Big Numbers Of Refugees. Until Then Chaos Reigns (Guardian) • Greece Is Making America Look Bad (Pittsburgh Post-Gazatte) • Thousands Of Refugees Pour Into Austria As European Crisis Intensifies (AFP)
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Arthur Siegel Bethlehem-Fairfield shipyards, Baltimore, MD May 1943 • US Stocks Tumble As Fed Sows Fear And Confusion (MarketWatch) • The Fed Has To Deal With Its Own Zombie Apocalypse (CNBC) • A ‘Third Mandate’ For Fed As China Worries Take Hold (CNBC) • The Fed Is Trapped: The Naked Emperor’s New “Reaction Function” (Zero Hedge) • The Fed May Have Just Stoked A Currency War (CNBC) • Fed Is Riding The Tail Of A Dangerous Global Tiger (AEP) •
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John Vachon Assassin of Youth November 1938 • The Fed Gives Growth a Chance (NY Times ed.) • Fed Delay Looks Like 2013 All Over Again-Rate Hike in December? (Bloomberg) • Fed Rate Decision Roils Emerging-Market Currencies (WSJ) • It’s a New World: How China Growth Concerns Kept the Fed on Hold (Bloomberg) • Europe Lacks Strategy to Tackle Crisis, but Refugees March On (NY Times) • Losing Control Of Refugees, Croatia Closes Serbia Border Crossings (Reuters) • Croatia’s Resources
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NPC Newsstand with Out-of-Town Papers, Washington DC 1925 • Europe Faces Several Decades Of Heavy Immigration (NY Times) • The Growth of Refugee Inc. (WSJ) • Refugees Face Tear Gas, Water Cannons As They Cut New Paths Through Europe (WaPo) • Turkey Threatens To Oust Refugees Camped Near Greek Border (Guardian) • Bulgaria Sends Troops To Guard Border With Turkey (Reuters) • The German Town Offering Refugees Work For €1 An Hour (Bloomberg) • Fed Decision-Day Guide: Zero Hour for
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‘Daly’ Somewhere in the South, possibly Miami 1941 • Why the Fed Should Raise Rates Now (Brad Brooks) • Volatility Seen Lingering No Matter What The Fed Does (Reuters) • Kyle Bass: China’s Real Problem Is Its Banking Sector (CNBC) • China Braces for Second Onshore Bond Default by State Firm (Bloomberg) • Chinese Retreat From Australian Property As Capital Controls Bite (AFR) • 1,300 Hedge Funds Liquidate Amid China’s $5 Trillion Stocks Selloff (Bloomberg) • Chief Of Biggest China
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NPC Fire at S. Kanns warehouse, Washington, DC 1908 It’s highly amusing to read all the ‘expert’ theories on a Federal Reserve hike or no hike tomorrow, but it’s also obvious that nobody really has a clue, and still feel they should be heard. Don’t know if that’s so smart, but I guess in that world being consistently wrong is not that big a deal. Thing is, US economic numbers are so ‘massaged’ and unreliable, the Fed can pick whichever
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