John Vachon Paramount Theater and dairy truck, 44th Street, NYC 1943 Like most of you, I too see an increase in the use of the term ‘fascism’ in the media, and it is -almost- always linked to the rise of Donald Trump in the US and various politicians and parties in Europe, Le Pen in France, Wilders in Holland, Erdogan in Turkey, plus a pretty bewildering and motley crew of ‘groups’ in Eastern Europe (Hungary’s Orban) and Scandinavia. I guess
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G. G. Bain Police machine gun, New York 1918 • Surging Yen Sends Nikkei Down 3.1% Amid Pan-Asia Sell-Off (CNBC) • Trading Floors Go Quiet Across Asia as Equity Desks Face the Ax (BBG) • Growing Corporate Debt a ‘Key Fault Line’ In China’s Economy: IMF (R.) • Chinese State-Owned Companies Face Greater Scrutiny Of EU Deals (R.) • Bank of America Shares Flash Bearish Signals Galore (MW) • About That US Economic Rebound… (ZH) • David Stockman’s View of
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Jack Delano Worker inspecting locomotive, Proviso Yard 1942 • European Central Bank Preparing for Brexit (IS) • We’re Rich! We’re Rich! Are Inflated Asset Prices Like Real Wealth? (SA) • The Pension Bubble: How The Defaults Will Occur (PD) • Bulging Pension Funds Lure US Asset Managers to Australia (WSJ) • ‘Condition Red Alert’ – Albert Edwards (BI) • ECB Corporate Bond-Buying Program Makes Up Almost 1 In 5 Trades (CNBC) • Real Unemployment Rate More Than Double The Official
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Lewis Wickes Hine Workers in Maryland packing company 1909 • Marc Faber: Brexit Would Be Best Thing To Happen in Britain’s History (CNBC) • Brexit Might Trigger Run On Britain’s Record Financial Debts, S&P Warns (AEP) • Heavy Cost Of UK’s Access To The Single Market In Europe (Connolly) • Germans Get Richer While Southern Europe Lags (R.) • Bill Gross Says Negative Rates Are Like ‘Supernova’ That Will Explode (BBG) • It Took The US $10 In New Debt
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G. G. Bain Temporary footpath, Manhattan Bridge 1908 • Everything’s a Buy as Central Banks Keep on Greasing Markets (BBG) • Draghi Starts Buying Junk Bonds, “Means Business” (BBG) • FinMin: Greece In ECB’s QE Program By This Fall (Kath.) • Europe Junk Borrowers Rush to Refinance Before Brexit Vote (BBG) • China’s Factory-Gate Deflation Eases Somewhat (BBG) • Chinese Trade Data Lies Exposed -Again- (ZH) • Cheap Oil Will Weigh On Global Economy, Says World Bank (G.) • Gulf
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Fred Stein Evening, Paris 1934 Two months ago, there was a referendum in Holland about an association agreement between the EU and Ukraine. A relatively new Dutch law states that with an X amount of signatures a referendum can be ‘forced’ by anyone. Before, during and -especially- after the vote, its importance was -and is actively being- pooh-poohed by both the Dutch government and the EU. That in itself paints the issue better than anything else. Both the call and
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Harris&Ewing Washington Monument, view from air 1919 • Bank of Japan’s Sovereign Debt Endgame Is The Naked Emperor (FP) • Japan’s Biggest Bank To Quit As JGB Primary Dealer (ZH) • Draghi Fires Starting Gun on Corporate Bond Purchases in Europe (BBG) • Public Support For The EU Plunges Across Europe (R.) • France Shuns Europe As Brexit Revolt Spreads (AEP) • Billions Of Pounds Taken Out Of Britain Amid Fears Of Brexit (Ind.) • China’s Exports Weaken, Signaling More
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Esther Bubley Soldiers with their girls at the Indianapolis bus station 1943 • This Job Market Slump Started In January • Yellen Sees Rates Rising Gradually But .. (BBG) • The Shadow Looming Over China (Balding) • Nation of Debt: New Zealand Sitting on Half-Trillion-Dollar Debt Bomb (NZH) • Sterling Swings Wildly As Polls Suggest UK Heading For EU Exit (G.) • S&P Downgrades Royal Bank of Canada Outlook (WSJ) • Goldman Probed Over Malaysia Fund 1MDB (WSJ) • This
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Jordan Osmond and Samuel Alexander Image from ‘A Simpler Way: Crisis as Opportunity’ 2016 On July 27 2015, I posted a 2-hour interview with Nicole Foss that was recorded when we were in Melbourne in April that year. The interview -though not the full two hours of course- was always meant to be part of a documentary by our friends Jordan Osmond and Samuel Alexander. The documentary is now out. Below, you can find the trailer, the full documentary, as
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