Jack Delano Spectators at annual barrel rolling contest, Presque Isle, ME 1940 • Iceland Sentences 26 Bankers To A Combined 74 Years In Prison (USUncut) • HSBC: These Are the Economies That Could Run Into Trouble (Bloomberg) • Jim Chanos Nails the Link Between Debt and Energy (Bloomberg) • Saudis Risk Draining Financial Assets in 5 Years, IMF Says (Bloomberg) • Who on Wall Street is Now Eating the Oil & Gas Losses? (WolfStreet) • China Steel Output May Collapse
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LIFE Freedom in peril 1941 Whenever we at the Automatic Earth explain, as we must have done at least a hundred times in our existence, that, and why, we refuse to define inflation and deflation as rising or falling prices (only), we always get a lot of comments and reactions implying that people either don’t understand why, or they think it’s silly to use a definition that nobody else seems to use. -More or less- recent events, though, show us
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Christopher Helin Federal truck, City Ice Delivery Co. 1934 • China: A Debt Balloon With Nowhere to Go But Down (Bloomberg) • China Stocks Down Over 4% In Choppy Trade (CNBC) • China’s Overheated Bond Market Showing Strain for Local Bankers (Bloomberg) • China Bond Defaults Seen Rising After Sinosteel Misses Payment (Bloomberg) • Just How Bad Was the 2009 Global Recession? Really, Really Bad (Bloomberg) • Why Miners May Want To Rethink Record High Output (CNBC) • Barclays Plots
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Hans Behm Windy City tourists at Monroe Street near State 1908 • Another Quarter Of Remarkably Precise China GDP Growth Data (Reuters) • China’s Better-Than-Expected GDP Prompts Skepticism From Economists (WSJ) • Chinese Economists Have No Faith In 7% Growth ‘Target’ (Zero Hedge) • China’s Capital Outflows Top $500 Billion (FT) • China Heads For Record Crude Buying Year (Reuters) • Britain’s Love Affair With China Comes At A Price (AEP) • The Perfect Storm That Brought Britain’s Steel Industry
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Jack Delano Truck service station on U.S. 1, NY Avenue, Washington, DC 1940 • China Economy Logs Weakest Growth Since 2009 Despite Easing (Reuters) • The Fed Is Stuck, With US At The Mercy Of China (MarketWatch) • UK In Economic Kowtow To Xi Seeks ‘Golden Era’ In China Trade (Bloomberg) • Chinese Copper-Trading Surge Shakes Up Market (WSJ) • China Ponders Tool Deemed Too Risky Post 2008 to Cut Bad Loans (Bloomberg) • The World Hits Its Credit Limit,
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DPC Launch of battleship Georgia, Bath, Maine, Oct 1904 • At Least 10 More Children And 6 Adult Refugees Drown Off Greek Islands (Kath.) • Germany Shows Signs of Strain from Mass of Refugees (Spiegel) • Why The Euro Divides Europe (Wolfgang Streeck) • The Truth Behind China’s Manipulated Economic Numbers (Telegraph) • China’s Premier Li Says Achieving Growth Of Around 7% ‘Not Easy’ (Reuters) • China ‘Officially’ Sold A Quarter Trillion Treasurys In The Past Year (ZH) • The
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Wyland Stanley Indian guides and Nash auto at Covelo stables., Mendocino County CA 1925 • Last 30 Years Of Global Economic History Are About To Go Out The Window (Quartz) • Nowhere in US Can A Single Adult Live On Less Than $14/Hr In 40-Hour Week (DK) • US Manufacturing Falls for a Second Month (Bloomberg) • US Export Industries Are Losing 50,000 Jobs A Month (Bloomberg) • Wrath of Financial Engineering: It’s Now Eating into Earnings (WolfStreet) • Megamergers
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Alfred Palmer White Motor Company, Cleveland 1941 • Corporate America’s Epic Debt Binge Leaves $119 Billion Hangover (Bloomberg) • The Economic Doomsday Clock Is Ticking Closer To Midnight (Artemis) • Rich Nations Lose Emerging-Markets Motor (WSJ) • Be Very Afraid: “The 3 Emerging Markets Debacles” Loom, HSBC Warns (Zero Hedge) • Goldman Sachs Blames Global Market Fears For Earnings Fall (Guardian) • Debt Slump Leaves Traders Exposed as European Banks Eye Job Cuts (Bloomberg) • Markets Expect Eurozone Deposit Rate
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Marion Post Wolcott. Unemployed coal miner’s mother in law and child. Marine, West Virginia 1938 The Automatic Earth’s Nicole Foss recorded a podcast yesterday with Jack Spirko at the Survival Podcast. I haven’t even had time to listen to it yet, but I’m sure it’ll be as lightheartedly entertaining as her appearances always tend to be ;-). One thing I did notice is that for the first 13 minutes or so, there is no Nicole, just talk about sponsors of
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DPC League Island Navy Yard, Philadelphia. USS Brooklyn spar deck 1898 • The Biggest American Debt Selloff In 15 Years (CNN) • Inequality To Drive ‘Massive Policy Shift’: Bank of America (CNBC) • At US Ports, Exports Are Coming Up Empty (WSJ) • Consumers Shutting Down As US Economy Deflates (CNBC) • The US Is Closer To Deflation Than You Think (CNBC) • Walmart Share Plunge Wipes Out $21 Billion In Market Cap In One Day (USA Today) • Wal-Mart
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