Pablo Picasso Self portrait 1965 • Are Canada’s Homes and Mortgages Worth Just 50 Cents on the Dollar? (WS) • US Congress Does Bare Minimum to Keep Government Open Next Week (BBG) • All the Plenary’s Men (BestEvidence) • The National Blues (Jim Kunstler) • ‘Taxation Is Theft’ Meme Goes Mainstream (TAM) • Erdogan: Turkey and US Can Wipe Out ISIL in Raqqa (AlJ) • ISIS Suffers Heavy Casualties In Kurdish Fighters’ Advances In Raqqa (FNA) • Russia Backs
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Pablo Picasso Self portrait 1972 • US Q1 Growth Weakest In Three Years As Consumer Spending Falters (R.) • Don’t Show President Trump This Chart (ZH) • Just Five Companies Account For 28% Of The S&P’s 2017 Returns (ZH) • Germany Knew Austerity Would Destroy Greece, Says Varoufakis (Tel.) • EU Deletes UK from Official Map – Two Years Before Brexit (BT) • These Americans Will Never Get Social Security Benefits (MW) • Julian Assange Speaks Out: The War
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Pablo Picasso Self portrait with palette 1906 • The Destruction Of Greece – “Only A Down Payment” According To The IMF (Bilbo) • Greek Supermarkets Report Dramatic Recession (K.) • US Student Loan Implosion (PolCal) • If Mortgage Rates Rise, What Happens to Canada’s House Price Bubble? (WS) • Canada’s Housing Bubble Explodes As Biggest Lender Crashes (ZH) • Canada’s Housing Watchdog Warns of ‘Problematic Conditions’ (BI) • It’s Tough Being Canada These Days (BBG) • Trump Tells Canada,
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EdgarDegas A la mer 1863 Something hit me this week. The maps which came out on Monday and detailed the outcome of the French elections, were telling a story, and a familiar one by now. A story of deep division. There are a number of such maps now depicting the Brexit vote in the UK, the US presidential elections, and its French counterpart. In all three cases they leave me wondering something along the lines of: ‘Are you guys
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Pablo Picasso Self portrait 1906 • There’s a Huge Disagreement Between Bonds and Stocks (BBG) • Trump May Pick Gary Cohn To Replace Janet Yellen At The Fed (CNBC) • Trudeau’s Reward for Courting Trump Is a Trade War on Lumber (BBG) • Apartheid Without the Racism’: How China Keeps Rural Folks Down (WSJ) • Chinese Stock Market Roller Coaster Looks To Be Back In Full Force (CNBC) • Cataclysm (Robert Gore) • Currency Markets Suggest Traders Get Early
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Pablo Picasso Self portrait 1972 • Trump Slaps 20% Duty on Canada Lumber, Intensifying Trade Fight (BBG) • Trump Summons Entire Senate To White House Briefing On North Korea (G.) • Trump Advisers To Lay Out Tax Plan For Top Republicans Tuesday (BBG) • The Oil Market Has One Big Problem: People Aren’t Buying Enough Gas (CNBC) • Canadians’ Confidence In Housing Hits Record High (HPoC) • Housing’s Echo Bubble Now Exceeds the 2006-07 Bubble Peak (CHSmith) • Bubble,
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Pablo Picasso Self portrait 1896 • Euro and Shares Rally After Macron Wins First Round of French Election (Ind.) • Fight Over Obamacare Could Shut Down The Government (CNN) • Trump Push For Border Wall Threatens To Cause Government Shutdown (G.) • America is Regressing into a Developing Nation for Most People (Parramore) • London Mayor To Subsidise ‘Naked’ Homes Solution To Housing Crisis (G.) • China Stocks Head For Worst Day Of 2017 As Regulators Tighten Grip (R.)
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René Magritte Le Cri du Coeur 1960 Austerity is over, proclaimed the IMF this week. And no doubt attributed that to the ‘successful’ period of ‘five years of belt tightening’ a.k.a. ‘gradual fiscal consolidation’ it has, along with its econo-religious ilk, imposed on many of the world’s people. Only, it’s not true of course. Austerity is not over. You can ask many of those same people about that. It’s certainly not true in Greece. IMF Says Austerity Is Over
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How we got here • Disintegrating Left-Right Divide Sets Stage For French Political Upheaval (G.) • The Main Issue in the French Presidential Election: National Sovereignty (CP) • ECB Stands Ready to Support Banks If Needed After France Vote (BBG) • It Is Time To Break Up The Fed (IFT) • China’s Credit Excess Is Unlike Anything The World Has Ever Seen (Brown) • The US Retail Bubble Has Now Burst (ZH) • UK Retail Sales Volumes Fall At
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Andrei Rublev Trinity 1411 • White House Orders Agencies to Prepare for Potential Government Shutdown (BBG) • Beware: The Next Financial Crisis Is Coming (Planet Ponzi) • Robert Prechter Is Awaiting A Depression-Like Shock In The US (MW) • Fed’s Fisher Warns Trump About Plans To ‘Do A Number’ On Dodd-Frank (BI) • Former FinMin Says China Should Let Local Governments Default on Debt (BBG) • Everything Gets Worse – Pakistan vs. India (Bhandari) • Dijsselbloem Sees ‘Tough’ Greek
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