Dorothea Lange Farm boy at main drugstore, Medford, Oregon 1939 • (Nobody Believes) China’s Q2 GDP Growth Stable at 6.7% (ET) • Asian Shares Rise To Eight-Month Highs (R.) • US Exporters’ Gains From Chinese Economic Growth Shrink Further (WSJ) • Could Italy Bring Down The Euro? (Kern) • EU Finance Ministers Get Tough With Italian Bank Trying For Third Bailout (G.) • Who’s Buying It? (Roberts) • Canada New Home Prices Grow At Fastest Pace In Nearly 9 Years
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NPC Hessick & Son Coal Co. Washington 1925 • China June Exports, Imports Both Fall More Than Forecast (R.) • China’s Steel Exports Jump to Second Highest Amid Tensions (BBG) • Great American Oil Bust Rages on; Defaults, Bankruptcies Soar (WS) • Gundlach Says Wall Street’s Suffering ‘Mass Psychosis’ (MW) • Helicopter Money – The Biggest Fed Power Grab Yet (David Stockman) • 35-Year-Old Bond Bull Is on Its Last Legs (WSJ) • Bank of England To Cut Interest Rates
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Tim McKulka Elderly Woman Receives Emergency Food Aid, Sudan 2008 • Markets Are In The Twilight Zone, Get Ready For New New Deal (AFR) • BOE Governor Carney Accused Of ‘Peddling Phoney Forecasts’ Over Brexit (G.) • Carney Should Stop Being So Gloomy About Brexit (Ashoka Mody) • German Leaders Demand Brexit Clarity From New British PM (R.) • British Pensions £383 Billion Underwater As Liabilities Hit Record (Tel.) • Ireland’s Economists Left Speechless by 26% Growth Figure (BBG) •
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NPC L.E. White Coal Co. yards, Washington 1922 • Asian Shares Rally As Wall Street Strikes New Record High (R.) • Abe Orders New Stimulus Package To Water ‘Seeds Of Growth’ (R.) • Japan Turns Again to Bernanke, as Fruits of Abenomics Wither (BBG) • Bernanke’s Black Helicopters Of Money (David Stockman) • The Trillions Spent By Central Banks Has Been A Dud: BofA (MW) • Ground Zero of China’s Slowdown Leaves Locals Looking for Exit (BBG) • HSBC Avoided
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G.G. Bain Auto polo, somewhere in New York 1912 • Will Merkel Hand Over The Keys To The Helicopter? (Napier) • Black Hole of Negative Rates Is Dragging Down Yields Everywhere (WSJ) • 70% Of German Bonds Are No Longer Eligible For ECB Purchases (ZH) • Wall Street Monkeyshines – Look Ma, No Hands! (David Stockman) • China Pension Readies $300 Billion Warchest for Stock Market (BBG) • Massive Stockpile Means Oil Rebound Is Over: Barclays (CNBC) • Japan PM
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G.G. Bain Political museums, Union Square, New York 1909 • Bank Earnings Loom Large As Stocks Near Record on Wall Street (R.) • The Epic Collapse Of The World’s Most Systemically Dangerous Bank (ZH/VC) • Bank of England Considers Curbs On Property Funds (R.) • China June Inflation Eases Further, More Policy Stimulus Anticipated (R.) • China Healthcare Costs Forcing Patients Into Crippling Debt (R.) • Gorbachev: ‘The Next War Will Be the Last’ (Sputnik) • Blair’s Deputy PM Says
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Ann Rosener San Francisco, California. The Bank of America 1943 The post-Brexit ‘conversation’ in Britain is taking on grotesque proportions. Nobody seems to know how to react, at least not in a rational manner. They all look to be stuck in phase one of Kübler Ross’s Five Stages of Grief, i.e. Denial. Phase two is supposed to be Anger, and while there’s plenty of that, the shape is takes makes one think Angry Denial, instead of a progression between phases.
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Jack Delano Mike Evans, welder, Proviso Yard, Chicago & North Western RR 1940 • The Decline & Fall Of The Biggest Bond Market In The World (ZH) • More Than 20% Of Americans Are Simply Too Poor To Shop (NYPost) • What If I Told You Employment Actually Declined 119,000 In June (Rosenberg) • Chicken Little Economists Are Wrong About Brexit (MW) • UK Property Hits Levels Of Unaffordability Not Seen Since 2007 (TiM) • If Bank Stocks Are Linked
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Lewis Wickes Hine Whole family works, Browns Mills, New Jersey 1910 • Brexit Opens Up Bank Fault Line From Milan To Lisbon (R.) • Europe Banks Close to Breaching 2011 Crisis Lows on Italy Woes (BBG) • EU Declares Spain, Portugal In Violation Of Deficit Rules (EuA) • UK Property Fund Turmoil Continues As Three More Firms Cut Value (G.) • World Faces Deflation Shock As China Devalues At Accelerating Pace (AEP) • Forget Brexit, Watch China And The Renminbi
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Harris&Ewing Childs Restaurant, Washington, DC 1918 • The Eurozone Is Ersatz Deutschland (David McWilliams) • I’m in Awe at How Fast Deutsche Bank is Coming Unglued (WS) • “When Deutsche Bank Goes To Single Digits People Will Start To Panic” (ZH) • To Save Italian Banks, The EU Will Have To Bend Some Rules (BBG Ed.) • Populist Politicians Take On Italy’s Massive Debt Pile (BBG) • Italy May Spur Systemic Bank Crisis: SocGen (BBG) • Italy’s Bad Loan Woes
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