Giotto Legend of St Francis, Exorcism of the Demons at Arezzo c.1297-1299 You are not an investor. One can only be an investor in functioning markets. There have been no functioning markets since at least 2008, and probably much longer. That’s when central banks started purchasing financial assets, for real, which means that is also the point when price discovery died. And without price discovery no market can function. You are therefore not an investor. Perhaps you are a
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Fred Stein Nadinola 1944 • Trump Signals Provide Comfort to Central Bankers, Finance Ministers (WSJ) • Protectionism Is More Than a Political Statement (Grant) • Fed Intensifies Balance-Sheet Discussions With Market Players (BBG) • Paul Tudor Jones Says U.S. Stocks Should ‘Terrify’ Janet Yellen (BBG) • China’s Stocks Refuse to Drop More Than 1% (BBG) • Toronto To Impose 15% Tax On Foreign Home Buyers (G.) • Why Not a Probe of ‘Israel-gate’? (Robert Parry) • Arresting Julian Assange
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Fra Filippo Lippi 1406-1469 The Virgin Mary • The IMF Says Austerity Is Over (Tel.) • Reflation Trades of 2016 Deflate With Remarkable Speed (R.) • IMF Warns High US Corporate Leverage Could Threaten Financial Stability (WSJ) • Securities-Based Loans Are Scaring Fiscal Experts (NYP) • Telling the Truth: (P + G) – M = I (MarkGB) • You’re Hired! A Guaranteed Job For Anyone Who Wants One (DJ) • Japan’s Middle-Aged ‘Parasite Singles’ Face Uncertain Future (R.) •
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Jan van Eyck Saint Barbara 1437 • The Great Western Economic Depression (Nielson) • How Western Civilisation Could Collapse (BBC) • Why the Federal Reserve Is Bad for America (DDMB) • Trump’s New Problem: Americans Aren’t Shopping (CNN) • British PM Wants Election Now, Before Cost of Brexit Becomes Clear (ICept) • UK Tory MPs Still Under Investigation For Election Fraud (Can.) • China’s $8.5 Trillion Shadow Bank Industry Is Back in Full Swing (BBG) • So China’s Authorities
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Albrecht Dürer Study of the left hand of an apostle (for the Heller Altar) c.1508 • Trump’s Next Big Policy Reversal Could Be On The TPP (CNBC) • Strong Dollar Could Cause Bond Market Crash – Martin Armstrong (USAW) • Stocks, Bonds Diverge Over Trump Tax Reform, Stimulus Odds (CNBC) • We’re Borrowing Our Way to Economic Disaster – Stockman (DR) • BMO Bundles Uninsured Mortgages in a Canadian Bond First • UK Will Never Build Enough Homes To
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Rembrandt The Descent from the Cross 1634 • Mother of All Debt : Trump Reflation Fantasy Ends on Day 100 (Stockman) • Trump Gives Generals More Freedom In ISIS Fight (WSJ) • Who Are the Debt Slaves in this Rich Nation? (WS) • Time Has Come For Banks To Prepare For Interest Rate Rises – Bundesbank (CNBC) • World’s Biggest Aluminum Producer Faces Default (ZH) • China Home Sales Surge 18% In March Ahead Of Stepped-Up Curbs (BBG) •
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Fred Stein Snow White 1946 • Who Will Buy Baby Boomers’ Homes? (CityLab) • Canada Completely Lost Its Mind Over Real Estate (McL) • The Bank of Canada Should ‘Cease and Desist’ (Mises) • Will Trump Accept Responsibility When This Shitshow Implodes? (Quinn) • Can We Avoid Another Financial Crisis? (ET) • China Finally Halts Outflows. Now What? (Balding) • Russia Could Soon Take Over A Chunk Of US Oil Infrastructure (Vice) • Britain Set To Lose EU ‘Crown
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