DPC Unloading bananas, New Orleans 1903 • Macquarie Forecasts 13% Fall In Chinese Steel Export Prices (BBG) • U.S. Calls for 256% Tariff on Imports of Steel From China (BBG) • US Existing Home Sales Down 10.5% In November (Reuters) • Man Who Called China’s Boom and Bust Now Warns of Crisis Risks (BBG) • Canadian Oil Industry To Lose 100,000 Jobs By The End Of 2015 (FP) • Finland Should Never Have Joined Euro, Foreign Minister Says (BBG) •
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Elena Angelopoulos Kostas comforts on Lesbos 2015 This is a call-out to the entire -financial- blogosphere to help the Automatic Earth help the poorest Greeks, and the refugees in Greece. Please repost, rewrite, retweet, donate. Let’s grab our humanity by the horns and not allow this situation to deteriorate even further than it already has. It doesn’t have to. This -late- spring I went to Athens. Because it seemed a place where things were happening, with Syriza, with Varoufakis in
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DPC Old Absinthe House, bar, New Orleans 1906 • Global Investors Are More Exposed To Interest-Rate Hikes Than Ever (BBG) • The Keynesian Recovery Meme Is About To Get Mugged, Part 1 (Stockman) • Brent Oil Hits 11-Year Low As Global Supply Balloons (Reuters) • US Gas Prices Fall Below $2 – In Some Places Under $1.60 (MarketWatch) • The Real “Death Cross” Of Oil Markets (ZH) • Risk Of Insolvency Hangs Over UK High Street Retailers (Guardian) • UK
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Lewis Wickes Hine Child Labor in Magnolia Cotton Mills spinning room, Mississippi 1911 • Brent Oil Slides to 11-Year Low as Producers Seen Worsening Glut (BBG) • Siberian Surprise: Russian Oil Patch Just Keeps Pumping (BBG) • This So-Called Rate Hike Is Completely Jerry-Rigged (E&M) • Central Banks Created A Monster That Drives The Economy On The Way Down (King) • Europe’s Year From Hell May Presage Worse To Come (Reuters) • Spain Election Confusion: Conservatives Win But Podemos Are
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John Vachon Auto of migrant fruit worker at gas station, Sturgeon Bay, Wisconsin Jul 1940 • Rate Rally Fizzles as Dow Loses 621 Points in 2 Days (WSJ) • Explaining Today’s “Massive Stop Loss” Quad-Witching Market Waterfall (ZH) • Hedge Funds Cut Fees To Stem Client Exodus (FT) • History of Junk Bond Meltdowns Points to Trouble (BBG) • IEA Sees ‘Peak Coal’ As Demand For Fossil Fuel Crumbles In China (AEP) • Congress Slips Controversial CISA Law In With
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DPC Times Square seen from Broadway 1908 I was reading something yesterday by my highly esteemed fellow writer Charles Hugh Smith that had me first puzzled and then thinking ‘I don’t think so’, in the same vein as Mark Twain’s recently over-quoted quote: “It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.” I was thinking that was the case with Charles’ article. I was sure it just ain’t
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James F. Gibson Tent of A. Foulke, Horse Artillery, Brandy Station, Virginia 1864 • Sell The Bonds, Sell The Stocks, Sell The House – Dread The Fed! (Stockman) • Oil Below $35, Set For Third Weekly Loss As Supply Glut Seen Relentless (BBG) • Natural Gas Falls to All-Time Inflation-Adjusted Low (WSJ) • This Year’s Worst Commodity Is One You Probably Can’t Pronounce (BBG) • Slowing Boats From China Provide Clue to Health of World Trade (BBG) • Fed Will
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Unknown Fed Ponders Interest Rates 1917 • Fed Raises Interest Rates, Citing Ongoing US Recovery (Reuters) • Fed Removes Reverse Repo Cap to Ensure Control Over Rates (BBG) • Fed May Have To Drain $1 Trillion In Liquidity To Push Rates 25 bps Higher (ZH) • Fed Leaves China Only Tough Choices (BBG) • The Fed By The Numbers – And Why They Are Wrong (Steve Keen) • Baltic Dry Index Plunges to Fresh Record Low Amid China Steel Slump
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DPC Elephants in Luna Park promenade, Coney Island 1905 • Fed Weighs Merits Of Jumbo Portfolio In Post-Crisis Era (Reuters) • This Is a Test of the Shadow Banking System (BBG ed.) • Why High-Yield Debt Selloff Isn’t 2007 All Over Again. Or Is It? (BBG) • Foreigners Sell A Record $55.2 Billion In US Treasuries In October (ZH) • The Guy Who Warned About Libor Sees Fast-Money Financing as New Risk (Alloway) • The Current Credit Crisis Might Be
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Unknown No Dog Biscuits Today • Stephen Roach: China Is The Biggest Commodities Story Since WWII (BBG) • Fitch Warns Of Effects Of Sharp China Slowdown (CNBC) • Rio Tinto CEO Says Iron Ore Rivals ‘Hanging on by Their Fingernails’ (BBG) • Miners Shoveling Furiously Prop Up Aussie GDP as Iron Ore Melts (BBG) • US Natural-Gas Prices Plunge Toward A 14-Year Low (MarketWatch) • Never Mind $35, The World’s Cheapest Oil Is Already Close to $20 (BBG) • Junk
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