Russell Lee Tracy, California. Tank truck delivering gasoline to a filling station 1942 The first thing that popped into our minds on Tuesday when WTI oil briefly broached $30 for its first $20 handle in many years, was that this should be triggering a Gawdawful amount of bets, $30 being such an obvious number. Which in turn would of necessity lead to a -brief- rise in prices. Apparently even that is not so easy to see, since when prices did
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DPC Oyster luggers along Mississippi, New Orleans 1906 • Asia Stocks Extend Losses, Japan’s Nikkei Falls 3.67% (CNBC) • Oil and US Stocks Tumble Over Fears For Global Economy (Guardian) • China Bear Market Looms as PBOC Fails to Stop Flight to Safety (BBG) • Q4 Will Be Worst US Earnings Season Since Third Quarter Of 2009 (ZH) • The Real Price of Oil Is Far Lower Than You Realize (BBG) • Crude At $10 Is Already A Reality For
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Jimmy King Bowie last photo on last birthday Jan 8 2016 • Beware The Great 2016 Financial Crisis, Warns Albert Edwards (Guardian) • Chinese Exports Post First Annual Decline Since 2009 (WSJ) • China’s Hefty Trade Surplus Is Dwarfed by Outflows (WSJ) • China Predicts Painful Year In 2016 As Trade Slumps (Guardian) • Behind Chinese Yuan’s Tiny Drop, Indications of True Crisis Lurk (BBG) • Chinese Shipyards Vanish With Appetite for Consuming Iron Ore (BBG) • China’s Banks Could
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V&APA Bowie age 16 in the Kon-Rads 1963 • RBS Cries ‘Sell Everything’ As Deflationary Crisis Nears (AEP) • An ‘Extremely Normal And Realistic’ 26% S&P 500 Drop Is Taking Shape (MW) • Oil Down 20% Since Start Of Year, $10 Target Looms (Reuters) • Plunging Prices Could Force A Third Of US Oil Firms Into Bankruptcy (WSJ) • China Resorts To ‘Nuclear Strength’ Weapons To Defend The Yuan (Guardian) • Chinese Official: Bets Against Yuan Are ‘Ridiculous and Impossible’
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Thin White Duke • David Bowie Dies Aged 69 (Reuters) • Chinese Stocks Down 5%, As Rout Ricochets In Asia (MarketWatch) • Chinese Stocks Extend Rout as Economic Growth Concerns Deepen (BBG) • Yuan Liquidity Extremely Tight, Interbank Rates Soar In Hong Kong (BBG) • London Hedge Fund Omni Sees 15% Yuan Drop, and More in a Crisis (BBG) • Australia Bet The House On Never-Ending Chinese Growth (Guardian) • India Concerned About Chinese Currency Devaluation (Reuters) • China PM:
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DPC Levee, Ohio River at Louisville, Kentucky 1905 • The US Economy Is Dead In The Water (Stockman) • America, Your Credit Rating Stinks (BBG) • Up To A Million Americans Will Be Kicked Off Food Stamps This Year (HuffPo) • How Debt Conquered America (Thacker) • Saudis Told To Prop Up Currency Amid Global Devaluation War Fears (Tel.) • Could Saudi Aramco Be Worth 20 Times Exxon? (WSJ) • Saudi Arms Sales Are In Breach Of International Law, Britain
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DPC Longacre Square, soon to be Times Square 1904 • Worst First Five Days of Year Ever For US Stocks Dim Outlook (WSJ) • The End of the Monetary Illusion Magnifies Shocks for Markets (BBG) • More Than 40% Of Young Americans Use Payday Loans Or Pawnshops (Ind.) • British People Donating Bodies To Science To Avoid Funeral Costs (Tel.) • Multiple Jobholders Responsible For 64% Of Net US Job Gains (ECRI) • First Profit Fall In 48 Years Looms
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Unknown Charleston, SC, after bombardment. Ruins of Cathedral of St John and St Finbar 1865 • Slowing Productivity Fast Becoming A Global Problem (Lebowitz) • Dow, S&P Off To Worst Four-Day Jan Start Ever As China Fears Grow (Reuters) • US Stock Markets Continue Plunge (Guardian) • China Has Not One Insolvable Problem, But Many Of Them (Mish) • Capital Flight Pushes China To The Brink Of Devaluation (AEP) • China Stocks Rebound as State Funds Said to Buy Equities
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Berenice Abbott William Goldberg, 771 Broadway, Manhattan 1937 If there’s one thing to take away from this year’s developments in markets and economies so far, it’s that they are all linked, they’re all part of the same thing. If you can’t see that, you’re not going to understand what’s happening. Looking at falling oil prices as a separate thread is not much use, and neither is doing the same with Chinese stocks, or the yuan, or the millions of Americans
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Harris&Ewing Army Day Parade, Memories of the World War, Washington DC 1939 • China Stock Markets Shuttered -Again- After Falling 7% (FT) • China Jolts Markets With Sharply Lower Yuan Fix (CNBC) • Offshore Yuan Rises From Five-Year Low as PBOC Puzzles Markets (BBG) • Global Oil Prices Hit 12-Year Low (Reuters) • Shanghai Fund Manager Dumps All Holdings in ‘Insane’ Market (BBG) • It’s All Bad News for Markets Buckling Under China, Fed, Economy (BBG) • George Soros Sees
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