NPC Auto races, Rockville Fair, Montgomery County, Maryland 1923 • Deutsche Bank Shares Fall Below €10 First Time Ever; Commerzbank Down 6% (CNBC) • Gundlach: The Market Will Keep Pushing Deutsche Lower Till It’s Bailed Out (ZH) • Deutsche Bank Hedge Fund Clients Reduce Derivatives Exposure (BBG) • Fines, Withdrawals, Job Cuts. It Was an Ugly Day for Global Banks (BBG) • U.S. Stocks Retreat as Deutsche Bank Woes Hit Financial Shares (BBG) • Germany Under Pressure To Show It’s
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DPC “Wood Street, Pittsburgh, Pennsylvania.” 1905 • OPEC Agrees Modest Oil Output Curbs In First Deal Since 2008 (R.) • Congress Rejects Obama Veto, Saudi 9/11 Bill Becomes Law (R.) • Desperate Central Bankers (Stephen Roach) • Disturbing Facts About The Fed’s Phony Housing “Recovery” (Adler) • China’s Richest Man: Country’s Real Estate Is ‘Biggest Bubble In History’ (CNN) • Beige Book Sounds Warning Over Chinese Economy (WSJ) • China Property Bubble In Global Perspective (BBG) • ‘Radioactive’ Deutsche Bank
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DPC Heart of Chinatown, San Francisco, after earthquake and fire 1906 • Small Army Of Fed Speakers, OPEC On Tap For Wednesday (CNBC) • “Negative Growth” of Real Wages is Normal for Much of the Workforce (WS) • Grocery Prices Are Plunging (BBG) • EU Banking Mayhem, One Bank at a Time, then All at Once (WS) • Deutsche Bank Troubles Cast Long Shadow Over European Banking (BBG) • IMF Warns Central Banks Could Lose Deflation Fight (AFP) • A
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Arnold Genthe “Chinatown, San Francisco. The street of the gamblers at night” 1900 • Why I Switched My Endorsement from Clinton to Trump (Scott Adams) • When America Was Great, Taxes Were High, Unions Strong, and Government Big (A.) • Global Debt Reaches Fresh High As Companies And Countries Keep Borrowing (Tel.) • When Small Is Evil (DQ) • Structural Growth and Dope Dealers on Speed-Dial (Hussman) • Treasury Market’s Biggest Buyers Are Selling as Never Before (BBG) • Deutsche
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Dorothea Lange Family of rural rehabilitation client, Tulare County, CA 1938 It’s over! The entire model our societies have been based on for at least as long as we ourselves have lived, is over! That’s why there’s Trump. There is no growth. There hasn’t been any real growth for years. All there is left are empty hollow sunshiny S&P stock market numbers propped up with ultra cheap debt and buybacks, and employment figures that hide untold millions hiding from
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NPC Fire at Thomas Somerville plant, Washington DC 1926 • Asian Markets Drop As Pessimism Increases Ahead Of OPEC Meeting (MW) • Deutsche Bank Slumps to Fresh Record Low on Capital Concerns (BBG) • China’s Smaller Banks Are Funding Each Other’s Lending (BBG) • China Launches $52.5 Billion Restructuring Fund For State-Owned Firms (R.) • A Weaker Currency Is No Longer the Economic Elixir It Once Was (BBG) • US Home Prices Rose 76% Since 1999 As Real Income Grew
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Harris&Ewing Boy Scout farm 1917 • The Market Is In Line With History. The History Of Crashes (Stockman) • How to Suffocate Your Economy: Drown it in Massive Private Debt (Vague) • Vancouver Property Sales To Foreigners Crash 96% (ZH) • Merkel Rules out State Assistance for Deutsche Bank (BBG) • EU Must Turn Off the Dividend Spigot at Under-Capitalized Banks (PS) • China Continues to Battle Massive Capital Flight Problem (Brink) • Naked Shorts Can’t Stay Naked Forever (Dayen)
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DPC “Unloading fish at ‘T’ wharf, Boston, Mass.” 1903 • Austerity Only Benefits Germany But Destroys Europe, Renzi Says (BBG) • €18 In ECB QE Generated Just €1 In GDP Growth (ZH) • IMF Calls For More Greek Pension Cuts, Greater Debt Relief (Kath.) • Plunging Velocity of Money Closes Fed Window (Roberts) • Russia’s Central Bank Criticizes The Easy Money Policies Of Its Peers (CNBC) • BIS, OECD Warn On Canadian Housing Bubble Debt, See No Exit (WS)
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Harris&Ewing “Slaves reunion DC. Ages: 100, 104, 103; Rev. Simon P. Drew, born free.” 1921 • World Trade Grinds Lower, Hits 2014 Levels (WS) • ‘When I Think Of Central Banks, I Think Of Alchemists’: Marc Faber (CNBC) • Central Bankers Are The Arsonists That Create The Fire: Bill Fleckenstein (ZH) • Bad Debts In Chinese Banking System 10 Times Higher Than Admitted: Fitch (AEP) • The Coming Wave of Defaults Will Be Devastating (CH Smith) • Time to ‘Be
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Harris&Ewing Harding inauguration 1921 • The Global Economic Outlook: Dark Clouds Ahead (Guardian Ed.) • UN Fears Third Leg Of Global Financial Crisis – With Epic Debt Defaults (AEP) • Major Trend Forecast For The Rest Of 2016 (Celente) • Report Highlights Rising US Poverty (D&C) • In Places With Fraying Social Fabric, a Political Backlash Rises (WSJ) • Greek Bakers Unite To Give Away Bread To Those Too Poor To Afford It (KTG) • Young Britons Live In ‘Suspended
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