Harris&Ewing Preparations for the inauguration of Woodrow Wilson, Court of Honor before White House 1913 • Unlike in 1986, This Time US Might Not Dodge a Recession: Deutsche Bank (BBG) • Get Ready For The Mother Of All Stock Market Corrections (Tel.) • Japan Exports Fall 11th Straight Month, 9.6% YoY, Imports Plunge 17.3% (R.) • Bank of Japan Overhauls Policy Framework, Sets Yield Curve Target (R.) • Bank of Japan Introduces Rate Target for 10-Year Government Bonds (WSJ) •
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DPC Main Street, Buffalo, NY 1900 • The Bank of Japan May Overshadow the Fed on Super Wednesday (CNBC) • Italy PM Renzi Tells Bundesbank To Solve German Banks’ Derivatives Problem (R.) • Housing Crisis Is Driving A “Geographic Wedge” Between Generations (Ind.) • Global Regulators See Risks in European Banks (WSJ) • Shore Up The Euro Before It’s Too Late (R.) • Theresa May Outs Herself as Wall Street’s Poodle in Brexit Talks (NC) • China Creates Global Steel
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Carl Mydans Sharecropper’s family in Mississippi County, Missouri 1936 Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m getting the feeling we have gotten so used to huge and often unprecedented numbers, viewed against the backdrop of an economy that still seems to remain standing, that many don’t know what to make of this anymore. Ambrose Evans-Pritchard ties the BIS report to Hyman Minsky’s work, which is kind
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Jack Delano Chicago & North Western Railroad locomotive shops 1942 • BIS Flashes Red Alert For a Banking Crisis in China (AEP) • BIS Warning Indicator for China Banking Stress Climbs to Record (BBG) • China Relies on Housing Bubble to Keep GDP Numbers Elevated (CNBC) • Chinese Yuan Borrowing Rate Hits Second Highest Level On Record (R.) • Oil Investors Flee as OPEC Freeze Hopes Face Supply Reality (BBG) • The Death Of The Bakken Field Has Begun (SRSrocco)
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John Collier FSA housing project for Martin aircraft workers, Middle River, MD 1943 • Rogoff’s Cashless Society Proposal Is An Admission Of US Insolvency (Sprott) • How A ‘Twist’ By The Bank Of Japan Could Upstage The Fed (MW) • China ‘Tulip Fever’ Sees House Prices Skyrocket 76% (CNBC) • Italian Banking Crisis Turns into Mission Impossible (DQ) • Most Likely Scenario For Hanjin Is Liquidation (WSJ) • US Bombs Assad’s Troops, ISIS Makes Dramatic Advance as Result (McAdams) •
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DPC Near Lewiston, Minnesota – The Pulpit. 1899 • The Beginning of the End of the World (Umair Haque) • US Household Net Worth Hits Record $89 Trillion, But There’s A Catch (ZH) • China’s Holdings of US Treasuries Fall to Lowest Since 2013 (BBG) • Trump’s Economic Plan: Some Decent Ideas, Lots Of Really Bad Fiscal Math (DS) • US Is Investigating Bosch in Widening VW Diesel-Cheat Scandal (BBG) • Why the Fed Destroyed the Market Economy (Gordon) •
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DPC Maumee River waterfront, Toledo, OH 1910 • Many Presidential Swing States Lag Behind in Income Gains (WSJ) • Mediocre Fundamentals Mean Meteoric Markets Are 70% Overvalued (GMO) • US Seeks $14 Billion From Deutsche Bank Over Mortgage Securities Fraud (AFP) • Deutsche Bank Shares Plunge After Rebuffing $14 Billion US Fine (BBG) • Observations About US Corporate Debt (ZH/Kestel) • This is How You Will Bail Out Municipal Pension Funds (WS) • The Next Bubble: China’s Housing Gets Scarily
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Jack Delano Jewish stores in Colchester, Connecticut 1940 • Bond Yields Are Surging Despite Deflation, And That Is Dangerous (AEP) • Wall Street ‘Fear Gauge’ Suggests Stock Market Is About To Get Wild (MW) • ‘There’s Only So Much You Can Squeeze Out Of A Debt Cycle’: Ray Dalio (CNBC) • China Debt Default Looms As Growth Options Run Out: Nomura (VW) • PBOC Yuan Positions Drop to Lowest Since 2011 (BBG) • The Closing of the World Economy (Satyajit
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LoC Old Patent Office model room, Washington DC 1865 • The US Consumer Will Cause The Next Crisis (Vallee) • Shares Crumble As Oil Falls, Bond Yields Soar On Stimulus Doubts (R.) • How ‘Zombie’ Oil Companies Stay Alive in Life-or-Death Debt Markets (BBG) • Negative Rates May Do More Harm Than Good (BBG) • Why Democrats in Western Pennsylvania Are Voting Trump (Atlantic) • How Much It ‘Costs’ To Get An Ambassadorship (ZH) • Buffett Loses $1.4 Billion as
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The Statue of Liberty in Paris, outside Bartholdi’s workshop 1884 Whenever I bring up something Hillary Clinton has done or failed to do, there are always people who react with a “Yes, but Trump did so and so…!” reflex. I’d like to get that out of the way first of all, because it distorts the conversation to no end. Criticism of Hillary does not equal support for Trump. Suggesting that it does is insulting. I do not think
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