Edwin Rosskam Shoeshine, 47th Street, Chicago’s main Negro business street 1941 • A Chinese Banker Explains Why There Is No Way Out (ZH) • China GDP Growth 4.3%, Or Lower, Chinese Professor Says (WSJ) • Yuan Vs. Yen: How China Figures Into Japan’s Negative Rates (WSJ) • IPO Market Comes to a Standstill (WSJ) • Greece’s Lenders To Start Bailout Review On Monday (Reuters) • Milk Collapse Brings a 45% Pay Cut to England’s Dairy Farmers (BBG) • ‘Peak Stuff’
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William Henry Jackson Steamboat Metamora of Palatka on the Ocklawaha, FL 1902 • Bank Of Japan’s Negative Rates Are ‘Economic Kamikaze’ (CNBC) • Negative Rates In The US Are Next (ZH) • The Boxed-In Fed (Tenebrarum) • Central Banks Go to New Lengths to Boost Economies (WSJ) • China Stocks Have Worst.January.Ever (ZH) • China’s ‘Hard Landing’ May Have Already Happened (AFR) • China To Adopt 6.5-7% Growth Target Range For 2016 (Reuters) • Junk Bonds’ Rare Negative Return In
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DPC Grand Central Station and Hotel Manhattan, NY 1903 • Nikkei Ends Up After Roller-Coaster Ride On BOJ’s Rate Cut (CNBC) • US Durable Goods Orders Tumbled 5.1% in December (WSJ) • Amazon Shares Plunge 13% As Profit Misses Estimates (Reuters) • The Shipping News Says the World Economy Is Toast (BBG) • Red Ponzi Ticking (David Stockman) • China’s Debt-To-GDP Rises To A Gargantuan 346% (ZH) • The $29 Trillion Corporate Debt Hangover That Could Spark a Recession (BBG)
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DPC The Arcade, Cleveland 1901 • US Crude Inventories Are The Highest Since the 1930s (ZH) • Chart Going Back To 1861 Shows Oil Isn’t Insanely Cheap Right Now (MW) • Why the Fed Has the Stock Market Spooked (WSJ) • China Shares Flounder Again, But ‘Real Economy’ Sound Says State Media (Reuters) • China’s Central Bank Makes Most Massive Cash Infusion In 3 Years (WSJ) • China Sharpens Efforts to Halt Money Outflow (WSJ) • Hysteria Over China Has
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Berenice Abbott Broome Street, Nos. 504-506, Manhattan 1935 Though she had no intention of being funny, we laughed out loud, as undoubtedly many did with us, when incumbent and wannabe IMF head Christine Lagarde said last week in Davos that China has a communication issue. Of course, Lagarde knows full well that Beijing has much bigger problems than communication ‘with the market’. Or, to put it differently, if Xi and Li et al would ‘improve’ their communication by telling the
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DPC City Market, Kansas City, Missouri 1906 • Nikkei Climbs, But Shanghai Extends Fall (CNBC) • Why China’s Capital Flight Carnage Will Continue (Telegraph) • A China Bank Contagion Could Blow Up Global Markets (CNBC) • China Accuses George Soros Of ‘Declaring War’ On Yuan (AFP) • Head Of China’s Statistics Bureau Investigated For Corruption (AFP) • Inquiry in China Adds to Doubt Over Reliability of Economic Data (NY Times) • Cash Is King as Europe Adapts to Negative Interest
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Unknown Crack salesmen ‘Going East’ on streamliner City of San Francisco 1936 • China Stocks Plunge to 13-Month Low Amid Capital Outflow Concern (BBG) • China Shares Drop Sharply, as Region Suffers Rout (WSJ) • Offshore Yuan Resumes Drop as Oil Reignites Global Risk Aversion (BBG) • US Stocks Slump as Oil Resumes Rout (BBG) • Oil And Stocks Dance The Bear Market Tango (WSJ) • So Yes, the Oil Crash Looks a Lot Like Subprime (Alloway) • Capital Controls
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Harris&Ewing “Pennsylvania Avenue with snow, Washington, DC” 1918 • Oil Falls 4% On Swelling Oversupply • Commodities Stocks Sink As Oil Resumes Downward Slide (FT) • Oil Price Crash Is Completely Changing The Industry’s Landscape (BIA) • US Short Sellers Target China’s Alibaba (BBG) • China Pledges Steel, Coal Capacity Cuts in Supply-Side Reforms (BBG) • China’s Migrants Go Home – And Stay There (BBG) • China’s Central Bank Prioritizes Strong Yuan (WSJ) • The East Knows The West Is
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Harris&Ewing “Street scene with snow, F STreet Washington, DC” 1918 • Iraq Sells Oil For $22 A Barrel, Calls For IMF Help (BBG) • American Oil Companies Are Starting To Scream “Mayday” (CNN) • US Shale’s Big Squeeze (FT) • Squeezed Primary Dealers Quit European Government Bond Markets (Reuters) • US Banks Cut Off Mexican Clients as Regulatory Pressure Increases (WSJ) • Ideological Divisions Undermine Economics (Economist) • A Greek Conspiracy: How The ECB Crushed Varoufakis’ Plans (Häring) • Britain
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DPC Cab stand at Madison Square, NY 1900 • Nearly $8 Trillion Wiped Off World Stocks In January (Reuters) • Dow Could Fall 5,000 Points And Still Not Be ‘Cheap’ (MW) • Mario Draghi Denies The ECB Bazooka Is Empty (AEP) • Felix Zulauf: The Era Of QE Is Over (FuW) • The ‘Recovery’ Was Built On Bubbles (Chang) • China’s Banking Stress Looms Like Banquo’s Ghost In Davos (AEP) • The EU Prioritizes The Old And The Rich (FT)
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