Berenice Abbott Murray Hill Hotel, New York 1937 When David Bowie died, everybody, in what they wrote and said, seemed to feel they owned him, and owned his death, even if they hadn’t thought about him, or listened to him, for years. In the same vein, though the Automatic Earth has been talking about deflation (for 8 years, it’s our anniversary today) and the looming China Ponzi disaster for a long time, now that these things actually play out, everybody
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DPC The steamer Cincinnati off Manhattan 1900 • Two Refugee Boats Sink off Greek Islands; At Least 21 Dead (GR) • At Least 12 Refugees Killed In New Tragedy Off Turkey (AFP) • Japanese Stocks Surge by Most in 4 Months In ‘Short Squeeze Galore’ (BBG) • Japan Must Let Zombie Companies Die (BBG) • China Shares Struggle Higher On Global Stimulus Hopes (Reuters) • Draghi’s Groundhog Day Heralds Seven Weeks of ECB Market Dialog (BBG) • A Scared World
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Harris&Ewing Goodyear Blimp at Washington Air Post ,DC 1938 • Global Shareholders Have $27 Trillion Locked in Bear Markets (BBG) • US Futures Drop With Asia Stocks as Oil Falls (BBG) • Emerging Markets Lost $735 Billion in 2015, $2 Trillion in 2016 (BBG) • US Oil Posts Biggest One-Day Percentage Loss Since September (WSJ) • Energy Sector’s Default Risk Higher Than In Great Recession (MW) • Some Bankrupt Oil and Gas Drillers Can’t Give Their Assets Away (BBG) •
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DPC Pere Marquette transfer boat 18 passing State Street bridge Chicago River 1901 • Oil Falls 3% On Surplus Worries, As US Drops Toward $27 (Reuters) • Shell Q4 Profit Plunges as Oil’s Slump Deepens (BBG) • Chinese Stocks in Hong Kong Fall to Global Financial Crisis Lows (BBG) • Nikkei, Hang Seng Lead Slump In Asian Markets (CNBC) • Recent S&P 500 Correction Appears Small in Context of History (BBG) • World Faces Wave Of Epic Debt Defaults: Central
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Ann Rosener Reconditioning spark plugs, Melrose Park Buick plant, Chicago 1942 • China GDP at 25-Year Low, Long Slog Increases the Pain (WSJ) • China Stocks Surge As GDP Triggers Expectations Of Beijing Stimulus (MW) • The Case for Chaos in Trying to Pick Bottom of US Equity Rout (BBG) • Big US Banks Brace For Oil Loans To Implode (CNN) • The Fed Responds To Zero Hedge: Here Are Some Follow Up Questions (ZH) • The North Dakota Crude
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Berenice Abbott Columbus Circle, Manhattan 1936 We’ve only really been in two weeks of trading in the new year, things are looking pretty bad to say the least, so predictably the press are asking -and often answering- questions about when the slump will be over. Rebound, recovery, the usual terminology. When will we get back to growth? For me personally, but that’s just me, that last question sounds a bit more stupid every single time I hear and read it.
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DPC Chicago & Alton Railroad, Joliet, Illinois 1901 • Asian Shares Drop To 2011 Levels As Oil Slump Intensifies (Reuters) • Oil Slides To Lowest Since 2003 As Iran Sanctions Are Lifted (Reuters) • Hedge Funds Are Betting The Commodities Collapse Isn’t Over Yet (BBG) • Gulf Stock Crash Wipes $38.5 Billion Off Markets As Iran Enters Oil War (Tel.) • Richest 1% Now Wealthier Than The Rest Of Humanity Combined (BBG) • Stock Market Crash Could Burst UK Property
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DPC Madison Avenue, Memphis, Tennessee 1906 • Why Are We Looking On Helplessly As Markets Crash All Over The World? (Hutton) • China’s Stock Market Value Plummets By $600 Billion In One Week (Xinhua) • The Ugly Subtext Beneath China’s Two-Track Economy Tale (FT) • Buckle Your Seatbelts: China Could Rock Markets Next Week (CNBC) • China’s Economy Grew By Around 7% In 2015, Premier Li Says (Reuters) • The Fantasy And The Reality Of China’s Economic Rebalancing (CNBC) •
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DPC Union Station, Worcester, Massachusetts 1906 • US Stocks Post Worst 10-Day Start To A Year In History (MW) • What Goes Up, Comes Down Considerably Faster (ZH) • Wall Street Hemorrhages As Oil Tumbles And China Fears Deepen (Reuters) • Weak US Data Deluge Points To Sharply Slower Growth (Reuters) • A Recession Worse Than 2008 Is Coming (Michael Pento) • Looming Recession Shifts Fed Support From Equities To Dollar, Banks (Brodsky) • Global Earnings Downgrades Haven’t Been This
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DPC Foundry, Detroit Shipbuilding Co., Wyandotte, Michigan 1915 • WTI, Brent Oil Sink Under $30 (FT) • China Stocks Enter Bear Market as State-Fueled Rally Evaporates (BBG) • Asia Shares Hit 3-1/2-Year Lows As Oil Resumes Fall (Reuters) • A Towering Chinese Debt Mountain Looms Over Markets (BBG) • China’s Capital Flight (BBG) • China Wants a Reserve Currency and Control, But Can’t Have Both (BBG) • Layoffs and Unrest Loom in China as Growth Slows (BBG) • The Simple
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