Dorothea Lange Saturday afternoon, Pittsboro, North Carolina Jul 1939 • Father Of The Euro Fears EU Superstate By The Back Door (AEP) • UN Agencies ‘Broke And Failing’ In Face Of Ever-Growing Refugee Crisis (Guardian) • Europe Debates Migrant Quota Buyout Plan (FT) • Get Ready For A Real Lousy Month In The Stock Market (MarketWatch) • Forex Reserves Unwind Could Reverse Global Bond Supercycle (Reuters) • Capital Flight Now The Big Concern For Slowing China (FT) • China Freezes
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Arnold Genthe 17th century Iglesia el Carmen, Antigua, Guatemala 1915 This from the Financial Times is too much. Europe has no morals left. None. “It creates an opportunity…” Yeah. It’s being discussed as if this is entirely normal. The new low is very low. Europe Debates Migrant Quota Buyout Plan European Commission officials are debating a proposal that would allow some EU countries to pay money in order to opt out of a mandatory quota system for accepting refugees, in
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NPC Grief monument, Rock Creek cemetery, Washington, DC 1915 • Central Banks Can Do Nothing More To Insulate Us From An Asian Winter (Guardian) • Europe’s Biggest Bank: Is The Fed Preparing For A ‘Controlled Demolition’? (ZH) • China FinMin: Growth Of About 7% Is The New Normal • Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt (ZH) • China Stock-Market Correction Almost Done, Says PBOC Governor (Bloomberg) • Barclays Warns On Massive Cost Of China’s FX
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Russell Lee Saloon, Craigville, Minnesota Aug 1937 • US Stocks End Sharply Lower After Jobs Report (MarketWatch) • China’s Central Banker Says His Nation’s Bubble ‘Burst’ (Bloomberg) • 100% Risk Of A 50% Stock Crash (Paul B. Farrell) • The Bible Is Clear: Let The Refugees In, Every Last One (Guardian) • UK Must Emulate Kindertransport To Aid Refugee Crisis: Lord Sacks (Guardian) • Grant Visas To Refugees Before They Take The Death Route (ThePressProject) • The March of Shame
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Marion Post Wolcott Works Progress Administration worker’s children, South Charleston, WV 1938 In the end, what should have been avoided all along, was. The refugees who were treated like subhumans for days in Hungary, and who in the end refused to be subjected to that treatment any longer and started walking to the Austrian border, are being taken as we speak to that border, on buses provided by the government in Budapest. Meanwhile, we have all been subjected to the
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John Vachon Houses in Atlanta, Georgia May 1938 • A Global Deleveraging On A Scale The World Has Never Experienced (CNBC) • Foreigners Flee Japan Stocks at Fastest Pace Since at Least 2004 (Bloomberg) • Europe Responds To Desperate Refugees With Razor Wire And Racism (WaPo ed.) • Hungarian Police And Refugees In Standoff After Train Returns To Camp (Guardian) • Greek Government Says €1 Billion Needed To Tackle Refugee Crisis (Kath.) • Greece Wants EU Funding To Tackle Migrant
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Image: dreamslayerartworks.com This is a rerun of an article I wrote on August 10, 2012. It seems to have regained quite a bit of relevance in recent days. I was thinking earlier today, how can I write about finance when Europe continues to offend people’s, and humanity’s, most basic dignity the way it does, but it does. It gets more incomprehensible by the hour, what happens there. But it does. So here’s a different view, 50+ years old, of what
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Jack Delano Family of Dennis Decosta, Portuguese Farm Security Administration client Dec 1940 • Syrians are the Famine Irish of the 21st Century (Glavin) • Shocking Images Of Drowned Syrian Boy Show Tragic Plight Of Refugees (Guardian) • Family Of Drowned Syrian Boy Had Been Rejected By Canada For Refugee Status (NP) • Germany Targets Billions in Refugee Aid by Late September (Bloomberg) • Italy Revives Border Checks (Deutsche Welle) • European Police ‘Scarier Than ISIS Terrorists’ (Finian Cunningham) •
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Russell Lee Migrant family in trailer home near Edinburg, Texas Feb 1939 A few days ago, I joked to Nicole that Paddypower should by now have a bet open on how much longer the Schengen open border treaty will be valid in Europe. Didn’t check if they actually had one, mind you. But it can’t be long anymore, so it wouldn’t be a big money maker even if it existed. I give it a few days at most. Italy just
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Arthur Rothstein Family leaving South Dakota drought for Oregon Jul 1936 • Global Stock Markets Begin September With More Losses (Guardian) • Central Banks To Dump $1.5 Trillion FX Reserves By End 2016 -Deutsche (Reuters) • Investors Wake Up To Emerging Market Currency Risk (FT) • IMF’s Lagarde Sees Weaker Than Expected Global Economic Growth (Reuters) • 2015: The Year China Goes Broke? (Gordon G. Chang) • China Risks An Economic Discontinuity (Martin Wolf) • Alibaba Is the Canary in
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