Fred Stein Subway Steps New York 1943 • Hackers Hit Dozens of Countries Exploiting Stolen NSA Tool (NYT) • UK Health Service, Targeted in Cyberattack, Ignored Warnings for Months (NYT) • Hurricane Bearing Down on the Casino (Stockman) • $500 Trillion in Derivatives “Remain an Important Asset Class” – NY Fed (WS) • The Great Misconception of a Return to “Normal” (Econimica) • US Nears $100 Billion Arms Deal For Saudi Arabia (R.) • Wells Fargo Bogus Accounts Balloon
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Robert Doisneau Le Baiser Blotto, Paris 1953 • Human Beings Are Not Efficiency Seeking Machines (Radford) • Stockman: Trump’s Tax Plan Never Had a Chance (DR) • Is China Really Deleveraging? (Balding) • China Stocks Are Tumbling Again. Unlike 2015, World Doesn’t Care (BBG) • China Has the World’s Biggest Productivity Problem (BBG) • No Evidence of Russian Intrusion in US Political System (Ron Paul) • Canada’s Home Capital Seeks New Funding Sources, Uncertain Of Future (BBG) • Open
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Paul Almasy Les Halles, Paris 1950 • Trump and Lavrov Meeting Round-Up (TASS) • $9 Trillion Question: What Happens When Central Banks Stop Buying Bonds? (WSJ) • Draghi Stays Calm on Stimulus as Dutch MPs Warn of Risks With Tulip (BBG) • It’s Not Just The VIX – Low Volatility Is Everywhere (R.) • Six Canadian Banks Cut by Moody’s on Consumers’ Debt Burden (BBG) • China Holds Giant Meeting On Spending Billions To Reshape The World (CNBC) •
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Ray K. Metzker Philadelphia 1962 You might have thought, and hoped, that recent events, such as the election of Trump as president of the US, or Brexit, or the rise of Marine Le Pen and other non-establishment forces in Europe, would, as a matter of -natural- course, have led to increased conversation and discussion between parties, entities, whose divisions were material in sparking these events. But the opposite has happened, and continues to happen at an ever faster and
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Dresden February 1945 • Trump Fires FBI Director Comey, Setting Off US Political Storm (R.) • Turning Gen. Flynn into Road Kill (Robert Parry) • NATO Chief Finds a New Friend in Trump (Spiegel) • Trump Approves Plan to Arm Syrian Kurds (NBC) • Turkey Hopes US Will End Support Of Syrian Kurdish YPG (R.) • Assange: ‘CIA Is Basically Useless, Incompetent’ (Exp.) • Stockman: There Is No Reason To Own Stocks At This Point In The Game (DR)
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Pablo Picasso Self portrait 1938 • Macron Is Not The Solution To Europe’s Top Existential Threat (CNBC) • “Europe’s Not Out Of The Woods With Macron Win” (ZH) • Commodities Send Ominous Signal On Global Economy (BBG) • Traders Are Fleeing the Options Market (WSJ) • The Debt-Bubble Landmine Obama Left For Trump (NYP) • Canadians Buy Record Number of New Cars With Record Amount of Financing (BD) • Majority of Consumers Now See Canadian Home Prices Rising (BBG)
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RCA TV test pattern 1939 • Macron Banks On De Gaulle’s ‘Majority Amplifier’ To Govern (R.) • In France, The Run Of Macron’s Life Starts Monday (Pol.) • Euro Gives Up Gains As Investors Look To Post-Election France (G.) • US Economy Can’t Even Match the “Sclerotic Statism” of France (CEPR) • Expect Dramatically Lower Stock Market Returns Over Next Decade (CNBC) • UK Consumer Spending Weakens With Sharp Slowdown in April (BBG) • Brexit Boom Gives Britain More
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J.M.W. Turner Old London Bridge 1794 The French election, won just now by Emmanuel Macron, put several segments of the French population opposite one another in a pretty fierce contest. And that contest will continue. Because Macron won’t be able to lift the French economy out of its doldrums any more than Le Pen could have, or than Trump can life the US, and the new president will have the honor of presiding over a further and deepening downturn.
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Rembrandt Old Man Sitting 1631 • The Great Productivity Slowdown (WSJ) • Take Away Finance, and Britain’s Foreign Investment Figures Collapse (Econ.) • Round 2 Of French Presidential Elections Held Amid State Of Emergency (RT) • Charles Gave Expects “Total Mayhem” In France Even If Macron Is Elected (ZH) • Angry Merkel Slaps Down Juncker For Inflaming Brexit Talks (DM) • Far-Right ‘Terror Plot’ Rocks The German Army (AFP) • World Bank Warns Of China Debt Risk From Backdoor
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Edouard Boubat Paris 1950 • Think Like a Surfer in the Largest Stock Market Bubble Since 1983 (Dent) • US Student, Auto Loans Hit New All Time High Of $2.6 Trillion (ZH) • China’s War on Debt: Stocks Drop, Bond Yields Shoot Up and Defaults Rise (WSJ) • This Is Not a Bill (Jim Kunstler) • Review of Steve Keen’s Can We Avoid Another Financial Crisis? (R.) • France and Greece Heavily Disadvantaged by Euro as Germany Benefits (WE)
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