Harris&Ewing Agriculture Department, Cow jumps over moon 1920 • These Are The Signs Of An Economic Collapse (Gray) • ‘No Chance Of Russia And Saudi Arabia Oil Cooperation’ (CNBC) • Hanjin’s Creditors Ready To Provide $90 Million, But Debt Over $5 Billion (R.) • Trump Says US Interest Rates Must Change As Fed Weighs Rate Hike (R.) • Trump: Fed Has Created “Stock Bubble” And “False Economy” To Boost Obama (ZH) • There Has Never Been a Middle Class Without
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Berenice Abbott Broad St., NYC 1936 This is part 2 of a 4-part series by Nicole Foss entitled “Negative Interest Rates and the War on Cash”. Part 1 is here: Negative Interest Rates and the War on Cash (1) Parts 3 and 4 will follow in the next few days, and at the end we will publish the entire piece in one post. Here, once again, is Nicole: Closing the Escape Routes Nicole Foss:
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DPC Sternwheeler Mary H. Miller in Mississippi River floating dry dock, Vicksburg 1905 • China, US Commit To Refrain From Currency Wars (R.) • China’s $3.9 Trillion Wealth-Management Product Boom Seen Cooling (BBG) • China Banks Play Catch Up With Capital Raising As Bad Loans Soar (BBG) • Stiglitz: “Cost Of Keeping Euro Probably Exceeds Cost Of Breaking It Up” (LSE) • Hanjin Shipping Shares Drop 30% As It Seeks Stay Orders In 43 Countries (BBG) • Japan’s Long-Term Bonds
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Irving Underhill City Bank-Farmers Trust Building, William & Beaver streets, NYC 1931 It’s been a while, but Nicole Foss is back at the Automatic Earth -which makes me very happy-, and for good measure, she starts out with a very long article. So long in fact that we have decided to turn it into a 4-part series, if only just to show you that we do care about your health and well-being, as well as your families and
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NPC “Georgetown-Marines game” 1923 • Dollar Hegemony Endures As Share Of Global Transactions Keeps Rising (AEP) • US Has 9.93 Million More Government Workers Than Manufacturing Workers (CI) • German Budget Surpluses Are Bad For The Global Economy (Economist) • ECB’s Mersch: Central Banking Based On “Mathematical Models”, Not Reality (ZH) • Europe’s Broken Banks Need the Urge to Merge (BBG) • Economic Czars Warn G-20 of Risk From Populist Backlash on Trade (BBG) • Chinese Consumers Take Credit For
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Russell Lee Street scene. Spencer, Iowa 1936 • This Labor Day, Let’s Acknowledge Why Our Job-Creation Machine Is Broken (MW) • US Factory Orders Tumble For Longest Streak In History (ZH) • Number Of Credit-Crimped US Companies Rises to 2009 Level, S&P Says (BBG) • US Exchanges Trade Fewest Stocks In 32 Years (ZH) • US Economy May Need Much Higher Interest Rates: Fed’s Lacker (R.) • US Economic Misery Finds Company, Just Not In a Rate Hike (BBG) •
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John Collier Grandfather Romero, 99 years old. Trampas, New Mexico 1943 • August US Auto Sales Fall 4.2%; Carmakers Say Industry Has Peaked (R.) • Bill Gross Says Negative Interest Rates Are Nothing But Liabilities (MW) • Goldman: The Fed Might Have a New, Big Idea (BBG) • BOJ Must ‘Do Something Meaningful,’ Former Official Says (BBG) • Is the ECB Buying Bonds From Itself? (WSJ) • Bond Buyers Leave Europe to the ECB, Head to US (WSJ) • The
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F.A. Loumis, Independence (Bastille?!) Day 1906 • Collapse of Hanjin, World’s 7th-Biggest Shipping Line, Upsets Global Trade (R.) • Investors Miss Out On $500 Billion As Global Bond Yields Plunge (CNBC) • In Case Of Recession, The Fed Might ‘Need’ To Cut Rates To Minus 2% (CNBC) • Eurozone Core Inflation Fall Raises Prospect Of ECB Stimulus Measures (G.) • Bank of Japan Has an $84 Billion Yen Gap in Balance Sheet (BBG) • Admitting Ignorance Is Better Than Groupthink
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