Gustave Courbet The wave 1870 Chapter 1 of this five-part series by Dr. D is here: Bitcoin Doesn’t Exist – 1 Chapter 3 will follow shortly. Dr. D: You have to understand what exchanges are and are not. An exchange is a central point where owners post collateral and thereby join and trade on the exchange. The exchange backs the trades with their solvency and reputation, but it’s not a barter system, and it’s not free:
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Gustave Courbet The wave 1869 A while ago, I asked a regular commenter at the Automatic Earth, who goes by the moniker Dr. D, to try and write an article for us. Not long after, I received no less than 31 pages, and an even 12345 words. Way too long for today’s digital attention spans. We decided to split it into 5 chapters. After we work through those 5, we’ll post it as one piece as well. Dr.
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The Kennedies • China’s Property Binge Fuels Mortgage Fraud Frenzy (R.) • This Time IS Different, It Just Ends The Same (Roberts) • What Sowed The Seeds Of The Bitcoin Mania? (TM) • Bitcoin Is A ‘Dangerous Speculative Bubble’ – Stephen Roach (CNBC) • The Two-Tiered European Community (Bilbo) • This Could Mean The End Of May – And The Beginning Of Corbyn (Ind.) • Theresa May Humiliated As DUP Scuppers Border Deal (Ind.) • Confused May In Alignment
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Saul Leiter Raining on two 1957 First of all, let me reiterate that I don’t think Brexit is a bad thing per se. Getting rid of Brussels is at least as much of a relief as it is a headache. Moreover, Britain needed a makeover, badly, as has ironically been shown especially after the referendum. But as an outsider it is still top class theater to see it playing out. And the real high value drama hasn’t even started.
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Amedeo Modigliani Jeanne Hebuterne 1919 • The Bitcoin Ramp – Is It Sustainable? (Lebowitz) • UK, EU Plan Regulatory Crackdown On Cryptocurrencies (ZH) • Venezuela To Launch Cryptocurrency To Combat US ‘Blockade’ (G.) • Today’s Central Bank Vol Suppression Will End In Spectacular Fashion (Peters) • Market Is Reminiscent Of 1999 Bubble, On Verge Of Significant Change (ZH) • BIS Joins Chorus Saying Stock Valuations Are Looking ‘Frothy’ (BBG) • Financial Markets Could Be Over-Heating – BIS (G.) •
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Nicolas de Staël Paris la nuit 1954 • Are We Too Optimistic On Global Growth? (Saxo Bank) • The Government Is Coming For Your Bitcoin (Black) • Bitcoin & Tax: The Coming Coinbase Fiasco (Mike Maloney) • Theresa May Faces New Crisis After Mass Walkout Over Social Policy (O.) • Corbyn Signals Labour Could Be Open to Second Brexit Referendum (BBG) • Theresa May Has Got To Come Clean About The Cost Of Brexit (Ind.) • The Coming Days
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James McNeill Whistler Harmony in Blue and Silver: Trouville 1865 • Senate Approves Republicans’ Tax Overhaul (R.) • Debt, Taxes, Growth And The GOP Con Job (Stockman) • SocGen: The Good Times Are Coming To An End In 2018 (BI) • Keeping You Awake At Night (Roberts) • Stock Market Acceleration In Final Stage (Kessler) • Pensions Aren’t The Ticking Timebomb – Rents Are (G.) • Carmageddon for Tesla (WS) • AI Has Already Taken Over, It’s Called the
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Edward S. Curtis Mosa Mohave girl c. 1903 • The Mean Reverting History Of Profit Growth (Roberts) • US Household Debt Is Rising 60% Faster Than Wages (ZH) • We Give Up! Government Spending And Deficits Soar Everywhere (Rubino) • Lemmings In Full Stampede Toward The Fiscal Cliff (Stockman) • Brexit Risks Leaving Banks on the Hook for Impossible Contracts (BBG) • I’m Glad Morgan Stanley Has Warned Us About Jeremy Corbyn (Ind.) • US Senate Suspends Tax Bill
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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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