William Henry Jackson Hand cart carry, Adirondacks, New York 1902 • European Union Predicts 3 Million More Refugees By End Of Next Year (WaPo) • UN Expects Daily Refugee Flow Of 5,000 To Europe This Winter (Reuters) • From Lesvos, Tsipras Says Greece Cannot Cope With Refugees (Reuters) • Tsipras To Hold Emergency Meeting On Refugees With Mayors And Governors (AP) • A Hand in the Water is not Like a Hand in the Fire (Press Project) • Merkel Hit
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Jack Delano Long stairway in mill district of Pittsburgh, Pennsylvania 1940 If Angela Merkel wants to get rid of one of her major headaches, we suggest she should tell Volkswagen to move its operations from Wolfsburg to China. It may seem a strange thing to do at first blush, with 750,000 German jobs on the line, but bear with us here, because this could well be the only way to preserve at least some value for VW’s stock- and bondholders.
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Martha McMillan Roberts Three sisters at Cherry Blossom Festival, Washington, DC” 1941 • This Is the Worst U.S. Earnings Season Since 2009 (Bloomberg) • U.S. Posts Record Deficit in Manufacturing Trade (Bloomberg) • German Factory Orders Unexpectedly Drop for Third Straight Month (Bloomberg) • America’s Labour Market Is Not Working (Martin Wolf) • Yellen Signals Solid Economy Would Spur December Rate Hike (Bloomberg) • David Stockman Explains How To Fix The World -In 7 Words- (Zero Hedge) • The Bear
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Lesvos town hall mourns the dead Nov 4 2015 • China’s Slump Might Be Much Worse Than We Thought (Bloomberg) • China Burns Much More Coal Than Reported (NY Times) • Investors Are Way More Scared of China Than of Janet Yellen (Bloomberg) • Corporate Debt in China: Above Cruising Altitude (CEW) • A 127-Year-Old US Industry Collapses Under China’s Weight (Bloomberg) • Xi Says China Needs at Least 6.5% Growth in Next Five Years (Bloomberg) • China’s Xi Says
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Jovcho Savov Guernica 2015 • The Market May Have Had Enough of Share Buybacks (Bloomberg) • Debt Traders Send Warning On Corporate America’s Balance Sheet Fiesta (BBG) • Money Is Flooding Out Of Canada At The Fastest Pace In The Developed World (BBG) • The Self-Defeating, ‘Grand Delusion’ of Monetary Policy (WSJ) • Foreign Banks Use US Repo Deals To ‘Window-Dress’ Risk (FT) • China State Owned Enterprise Debt Explodes By $1 Trillion In September (Chiecon) • Six Ways to
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Just another 6-year old dead boy washed up on Lesbos Nov 2 2015 • Industrial-Scale Misery As Soaked Refugees Pour Onto Greece’s Lesbos (CBC) • Record 218,000 Migrants Crossed Mediterranean In October, Says UN (AFP) • Total Of 19 Dead Recovered From Aegean Sea On Sunday (AP) • Plastic Boat Sinks Off Greece, Killing 11 Refugees (NY Times) • Refugee Crisis Was Not Unexpected, Top UN Official Says (Kath.) • Merkel’s Refugee Troubles Mount as Allies Clash on Border Plans
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RLOppenheimer New flag for EU 2015 To reiterate: People are genetically biased against change, because change means potential danger. People are also genetically biased against acknowledging this bias, because they wish to see themselves as being able to cope with both change and danger. Put together, this means that when changes come, people are largely unprepared or underprepared. Take this beyond the bias of the individual, and apply it to that of the group (s)he belongs to, the vantage point
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Unknown Drowned baby boy, Lesbos Oct 25 2015 • New Tragedy In The Aegean, Sinking 11 Dead, 4 Babies (In.gr) • ‘So Many Of Them Were Babies. We Saw At Least 30 Bodies In The Water’ (HRW) • Crunch Talks For Merkel On Refugee Crisis As Thousands More Arrive (Reuters) • Greek Banks Need Extra €14 Billion To Survive Dire Economic Downturn (Guardian) • Greek Bad Debt Rises Above 50% For The First Time, ECB Admits (Zero Hedge) • Cash
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