NPC Ford Motor Co. coal truck, Washington, DC 1925 • China Producer Prices Down -5.9%, 43rd Straight Month of Declines (Reuters) • The Next China Default Could Be Days Away as Steel Firms Suffer (Bloomberg) • CLSA Just Stumbled On The Bad Debt Neutron Bomb In China’s Banking System (ZH) • Denominated In USD, The World Is Already In A Recession: HSBC (Zero Hedge) • Citi’s Buiter: World Faces Recession Next Year (CNBC) • JPMorgan’s Earnings Miss May Signal Gloomy
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Russell Lee Columbia Gardens outdoor amusement resort, Butte, Montana 1942 • US Debt Markets Shaken Amid More Corporate Downgrades And Defaults (WSJ) • Why US Banks Soon Will Be Singing The Blues (CNBC) • China Imports Slump 20% Amid Falling Commodity Prices, Weak Demand (Guardian) • China Trade Data Unsettle Asian Bourses (FT) • China’s Stock Rally-to-Rout Is About to Repeat (Bloomberg) • KKR Warns About Renewed Commodity, Emerging-Market Rout on China (Bloomberg) • Pimco’s Bear Case Only Gets Stronger
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Jack Delano Gallup, New Mexico. Train on the Atchison, Topeka & Santa Fe 1943 Some things you CAN see coming, in life and certainly in finance. Quite a few things, actually. Once you understand we’re on a long term downward path, also both in life and in finance, and you’re not exclusively looking at short term gains, it all sort of falls into place. The only remaining issue then is that so many of you DO look at short term
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Dorothea Lange Country filling station, Granville County, NC July 1939 • The Golden Age Of Central Banks Is At An End – Time To Tax And Spend? (Guardian) • QE Causes Deflation, Not Inflation (Josh Brown) • Western Economies Still Too Weak To Handle Fed Rate Rise, Says China (Guardian) • The World Still Needs A Way To Stop Hot Money Scalding Us All (Guardian) • Glencore Shares Halted Pending Statement On Proposed Asset Sales (Bloomberg) • Commodity Contagion Sparks
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Marjory Collins Window of Jewish religious shop on Broome Street, New York Aug 1942 • The World Economic Order Is Collapsing And There Seems No Way Out (Observer) • Central Bank Cavalry Can No Longer Save The World (Reuters) • Quantitative Frightening (Economist) • Beijing’s Market Rescue Leaves China Stocks Stuck in the Doldrums (WSJ) • Fed Officials Seem Ready To Deploy Negative Rates In Next Crisis (MarketWatch) • IMF: Keep Interest Rates Low Or Risk Another Crash (Guardian) •
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DPC Masonic Temple, New Orleans 1910 • Deutsche Bank: Tip of the Iceberg for Cutbacks at European Banks? (WSJ) • Banks Take Spotlight As Earnings Season Heats Up (Reuters) • Standard Chartered ‘To Cut 1,000 Senior Jobs’ (BBC) • Margin Debt in Freefall Is Another Reason to Worry About S&P 500 (Bloomberg) • China Is Becoming A Big Red Flag For US Stocks (MarketWatch) • Buried In The Fed Minutes Is Another Downgrade To The US Economy (MarketWatch) • BofA:
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DPC H.A. Testard Bicycles & Automobiles, New Orleans 1910 • September Liquidity Crisis Forced Fed Into Massive Reverse Repo Operation (IRD) • Bank Of England Warns Financial Institutions Over Commodities Exposure (Guardian) • If You Thought China’s Equity Bubble Was Scary, Check Out Bonds (Bloomberg) • CEO: Deutsche Isn’t Worth What It Once Was And Can’t Pay What It Used To (BBG) • Day After Deutsche Says Not All’s Well, Credit Suisse Also Admits Trouble (ZH) • Bruised Germany Is
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BIS/OWI Battle of Britain. Children in an English bomb shelter 1940/41 The deeply embedded, genetically determined aversion -or resistance- to change that we are all born with is an important survival tactic. Since change equals potential danger, our aversion to it keeps us out of danger. We are ‘programmed’ to prefer familiar surroundings, to first look at what we recognize, and to ignore what we do not until we feel comfortable enough about what we do know. Ironically, though, the
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Ben Shahn L.F. Kitts general store in Maynardville, Tennessee Oct 1935 • IMF: Next Financial Crash Inevitable, With Same Flaws As Last Time (Guardian) • IMF Warns Emerging Market Companies Have Overborrowed $3 Trillion (Reuters) • Banks’ Exposure To Glencore Is a $100 Billion ‘Gorilla’: BofA (Bloomberg) • Deutsche Bank Sees $7 Billion In Q3 Losses, Writedowns (NY Times) • Germany’s Exports Plunge 5.2% In August, Most Since January 2009 (Bloomberg) • Once the Biggest Buyer, China Starts Dumping U.S.
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John Collier Street Corner, Monday after Pearl Harbor, San Francisco 1941 • Storm Clouds Gather Over Global Economy As World Struggles To Shake Crisis (T.) • IMF Warns On Worst Global Growth Since Financial Crisis (FT) • Most Americans Have Less Than $1,000 In Savings (MarketWatch) • Less Than a Third of Unemployed Americans Get Benefit Checks (WSJ) • Making Bank: Wall Streeters Are Earning More Than Ever Before (Forbes) • 61,064 Failing US Bridges Must Wait as Cities Borrow
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