Amedeo Modigliani Elvira Resting at a Table 1919 Many of you are undoubtedly familiar with Naomi Klein’s 2007 book “The Shock Doctrine: The Rise of Disaster Capitalism”, in which she describes how neoliberalism, as developed by Milton Friedman and his Chicago School, wreaks often very brutal and bloody havoc upon societies under the guise of ‘crisis as an opportunity for change’, first in Latin America and later also in Eastern Europe. One of the most prominent actors in the
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Roger Viollet Great Paris Flood, Gare Saint-Lazare 1910 • Goldman Warns Highest Market Valuations Since 1900 Mean Pain Is Coming (BBG) • The Last Time This Happened Was Just Months Before The Great Depression (ZH) • Pecking Order (Ben Hunt) • The Bitcoin Debate: Max Keiser vs. Steve Keen (RT) • Why We Can’t Trust Basic Economic Figures (Qz) • What Americans Spent The Most Money On In The Third Quarter (ZH) • Monetary Imperialism (Michael Hudson) • One
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Claude Monet The Manneporte (Étretat) 1883 • VIX – From Fear Index To Greed Index (Tchir) • When VIX Trade Finally Blows Up, It Could Get Ugly All Over (MW) • DB’s “2018 Credit Outlook” – Bearish Not Benign Conclusion (ZH) • The GOP Tax Bill: Fuggedaboutit! (Stockman) • Number Of US Store Closings Triples From Last Year (Snyder) • Trump Deserves Some Credit for the Rally in Stocks (A. Gary Shilling) • Fed Chair Nominee Jerome Powell Says
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Stanley Kubrick High Wire Act 1948 • Millennials Will Have Similar Pensions To Baby Boomers – Thinktank (G.) • The Perfect Storm – Of The Coming Market Crisis (Roberts) • Markets Get Wake-Up Call From China’s Post-Congress Deleveraging Moves (R.) • Chance Of US Stock Market Correction Now At 70% – Vanguard (CNBC0 • Exit Sign (Jim Kunstler) • Bitcoin Bubble Makes Dot-Com Look Rational (BBG) • London Homes Are Now Less Affordable Than Ever Before (BBG) • £300
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Guatave Courbet The cliffs of Étretat after the storm 1870 • Why Are We Addicted To Debt? (Forbes) • China Debt Grows At Faster Pace Despite Years Of Efforts To Contain It (R.) • Maybe China Shouldn’t Open Up (Pettis) • OECD Warns on Rising Debt Risk as Canadians Most in the Red (BBG) • Bitcoin – Too Far Too Fast? (Peter Tchir) • Italy’s 5-Star, Stung By Fake News Claims, Wants OSCE Election Monitors (R.) • The Problem
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Gallica Great Paris Flood 1910 • The World’s Twin Asset Bubbles Could Collapse Under Their Own Weight (Filia) • Atlas Stumbles – Inequality And Macroeconomics At A Crossroads (DDMB) • Europeans Still Love Paying Cash, Even if They Don’t Know It (BBG) • Echoes of Weimar Republic as Germans Lose Knack Of Coalition-Building (G.) • EU Demands In Next Round Of Talks Set To Enrage Cabinet Brexiteers (Ind.) • Catalan Leader Doubles Down on Independence Pledge (BBG) • The
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Zao Wu-Ki The red sun 1950 Once again, to my delight, we’re back with former British diplomat and MI6 ‘ranking figure’ Alastair Crooke and his Conflicts Forum organization. We posted a few of his articles this year and last. This time, Alastair writes a reaction to one of his own articles posted at Consortium News, which I included in the November 18 Debt Rattle at the Automatic Earth. My short comment then: “Former (and current?!) TAE contributor Alastair Crooke
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Walter Kelleher 13th Macy’s Thanksgiving Day Parade NYC 1937 • Canada’s Household Debt Levels Higher Than Any Other Country (CNBC) • As America Gives Thanks, Homelessness Sets New Records (Snyder) • UK Council Proposes £1,000 Fines For Homeless People Sleeping In Tents (G.) • UK Faces Longest Fall in Living Standards on Record (BBG) • Britain Has 10-Day Absolute Deadline On Key Brexit Issues: Tusk (R.) • Germany’s Voice Suddenly Missing in Brussels (Spiegel) • Tesla’s Newest Promises Break
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Dorothea Lange Migrant agricultural workers in California 1935 • The Party Is Over for Australia’s $5.6 Trillion Housing Frenzy (BBG) • The UK’s Future Economic Storm Just Got Worse (CNBC) • UK Consumer Confidence Hits Lowest Level Since Aftermath Of Brexit Vote (BBG) • After Sudden Rout, China Stock Traders Question Beijing Put • China Bank Profits Face Squeeze From Tighter Rules – Fitch (BBG) • China Reports Breaking Up Gang That Moved $3 Billion Abroad (AP) • Bitcoin
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Nicolas de Staël Mer du nord 1954 Punxsutawney Phil Hammond, the UK chancellor, presented his Budget yesterday and declared five more years of austerity for Britain. As was to be expected. One doesn’t even have to go into the details of the Budget to understand that it is a dead end street for both the country and for Theresa May’s Tory party. So why the persistent focus on austerity while it becomes clearer every day that it is suffocating
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