William Henry Jackson Portales of the market of San Marcos, Aguascalientes, Mexico 1890 • China Stocks Tumble Toward 15-Month Low as Stimulus Bets Unwind (BBG) • China Devalues Most In 8 Weeks, Offshore Yuan Slides To 3-Week Lows (ZH) • China Expects To Lay Off 1.8 Million Coal, Steel Workers (Reuters) • China Central Bank Deflects Concerns Over Forex Reserves (Reuters) • Kuroda Negative Rate Bazooka Fizzles on Overnight Lending Freeze (BBG) • Share Buybacks: The Bill Is Coming Due
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Harris&Ewing US Weather Bureau kiosque, Pennsylvania Avenue, Washington, DC 1921 • Markets At Risk As G20 Proves Investor Hopes Were “Pure Fantasy” (ZH) • Currency Wars Coming In Leaderless World: Citi’s Buiter (CNBC) • G-20 Wants Governments Doing More, and Central Banks Less (BBG) • We’re In Recession And It’s Getting Worse: Ron Paul (CNBC) • PBoC Defends Halting Publication Of Sensitive Financial Data (SCMP) • How Xi Jinping Is Bringing China’s Media To Heel (Guardian) • Mervyn King: New
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Theodor Horydczak Lincoln Memorial 1925 There has been quite a bit of talk lately over the need for a new Plaza Accord, something several parties saw happening during this weekend’s G20 summit in Shanghai -hence the term ‘Shanghai Accord’-. (On September 22, 1985 at the Plaza Hotel in New York City, France, West Germany, Japan, the US, and the UK signed an accord to depreciate the US dollar vs the Japanese yen and German Deutschmark by intervening in currency markets).
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Ben Shahn “Scene in Jackson Square, New Orleans” 1935 • World Trade Falls 13.8% In Dollar Terms (FT) • Scepticism Rife Over G20 Move To Calm FX (FT) • G20 To Say World Needs To Look Beyond Ultra-Easy Policy For Growth (Reuters) • As China’s Economic Picture Turns Uglier, Beijing Applies Airbrush (NY Times) • Chinese Accounting Is ‘Highly Questionable’ (CNBC) • China Commodities Industry Resists Cuts Despite Production Glut (BBG) • Yuan Uncertainty Scares Funds Away From China Bond
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Russell Lee Washington DC, “Cafe on L Street.” 1938 • A System That Is Stable Only When Under The Influence (BBG) • OECD’s William White: In Terms of Debt, This Is Way Worse than 2007 (FS) • The Red Swan And Other Reasons To Be Very Afraid (David Stockman) • RBS Falls -11% After £1.98 Billion Annual Loss (BBG) • China Unveils Its Deliverables for G-20 (BBG) • China Tweaks Monetary Stance as Zhou Flags Scope to Act (BBG) •
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Danae Stratou, Ilargi, Yanis Varoufakis and Steve Keen Feb 16 2016 When my mate Steve Keen took me to meet Yanis Varoufakis for dinner last week when we all happened to find ourselves in Athens together, I at least sort of regretted not having the time and space to talk to Yanis about his DiEM25 project for the democratization of Europe. It was a private occasion, there were other people at the dinner table, Steve and Yanis had no seen
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DPC “Ice fountain on Washington Boulevard, Detroit” 1906 • China Does Not Have a Trade Surplus (Balding) • China Equities Plunge 6.4% as Volatility Reignites (BBG) • Rush of Corporate Bonds Inflames Worries About China’s Debt (WSJ) • PBOC Says China Can Handle Raising Budget Deficit to 4% (BBG) • Why China and the World Needs a New Plaza Accord (Barron’s) • Lew Says Don’t Expect ‘Crisis Response’ From G20 Meeting (BBG) • IMF Warns The Global Economy Is “Highly
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Gordon Parks Harlem, New York 1943 • Fantasy and Magic: A New Central Bank Approach (WSJ) • Draghi Has Two Weeks To Pull Another Rabbit Out Of The Bag (BBG) • Investors Fear Central Bank Policy Errors (FT) • China Adds To The World’s Most Dangerous Debt Pile (BBG) • How Long Before The Cracks Show In China’s Great Currency Wall? (Reuters) • Capital Controls In China A Possibility (CNBC) • World Bank’s Kim Sees Little Chance of G-20 Action
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Dorothea Lange “Men on ‘Skid Row’, Modesto, California” 1937 • Barclays Says Sharp Yuan Devaluation Needed (BBG) • Standard Chartered Plunges 12% On Annual Loss, Loan Impairments (BBG) • Financial Time Bombs Hiding In Plain Sight (David Stockman) • Central Bankers On The Defensive As Weird Policy Becomes Even Weirder (G.) • Foreign Central Banks Dump Cash At Federal Reserve (Reuters) • Taxpayers Cannot Bank On An End To The Era Of Too Big To Fail (FT) • That’s Not
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NPC People’s Drug Store, 11th & G streets, Washington DC 1920 • NYSE Short Interest Nears Record – And We Know What Happened Last Time (ZH) • EU Chamber Urges China To Cut Excess Production (WSJ) • Biggest Banks’ Commodity Revenue Slid to Lowest in Over a Decade (BBG) • The Metals Crunch Is Forcing Miners To Reconsider Diversification (Economist) • The World’s Biggest Miner May Be About to Toast Its Oil Drillers (BBG) • New Market Storm Could Catch
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