Gustav Klimt The Park 1909 Dr. D feels his own golden age coming on. It’s just a bit dark gold. Nothing a good polish can’t help, I’m sure. In the end, the spirit is familiar: A man only begins to grasp the true meaning of life when he plants a tree under whose shade he knows he will never sit. That is literally how he finishes this: It’s going where it’s going, as I grow plants and make
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Jack Delano Chicago, Illinois 1942 • Ministers Rally Round Theresa May After Amber Rudd Resigns (G.) • UK Home Office Charter Secret Removal Flight To Jamaica With Grandmothers (TLE) • Amber Rudd: Felled By Claims, Counterclaims, Leaks And Denials (G.) • Theresa May Has Lost Her Human Shield (G.) • Why the Left Should Embrace Brexit (Jacobin) • Tesla Doesn’t Burn Fuel, It Burns Cash (BBG) • JPMorgan, National Bank Of Canada, Others Test Debt Issuance On Blockchain (R.)
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John Collier Lady Godiva c1897 • The Stock Market That’s Never Satisfied (Forsyth) • Kim Pledges to Invite Media to Witness Nuclear Site Shutdown in May (BBG) • North Korea To Wind Clocks Forward By 30 Minutes (UPI) • Are European Companies Ready for Life Without Draghi? (DQ) • Millennial Housing Crisis Engulfs Britain (G.) • Twitter Sold Information To Researcher Behind Facebook Data Scandal (ZH) • Early Facebook Investor, Mentor: “They’ve Done Bupkis To Protect Us” (ZH) •
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Alberto Giacometti Tête Noire 1957 Trump Can Come. But Let Him Know Britain Won’t Stand For His Bigotry, is the headline of an article for the Guardian by Owen Jones. It’s just one of many articles, and one of many ways, I could use to point out what’s wrong in our world. In a TV appearance on ITV he apparently added: “At the end of the day, if he comes – no one is saying he should be barred
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Edgar Degas At the Milliner’s 1905-10 • Happy New Universe Day (Caitlin Johnstone) • Counter-#Resistance? (Jim Kunstler) • North Korea Says Historic Summit Opens ‘New Era For Peace’ (AFP) • Jumping The Great White Shark Of Bubble Finance (David Stockman) • Structural Racism At Heart Of British Society, UN Human Rights Panel Says (G.) • Brexit Failure Looks More Likely Every Day (Ritholtz) • Mayday on May Day? Trump Steel Tariff Deadline Looms (R.) • Donald Trump and the
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Edward Curtis Red Hawk 1905 • Moon and Kim’s Unprompted DMZ Dance (AFP) • Sophisticated North Korean Diplomacy Rewards Kim Jong-un (Pieraccini) • China Open To Trade Negotiations With United States – Li (R.) • BOJ Maintains Stimulus While Removing Language on Timing of 2% (BBG) • What’s The Most Important Chart For Investors? (MW) • A New Type Of Poverty Is Hurting The Middle Class (SMH) • Amazon Cloud Revenue Jumps 49% In First Quarter (CNBC) • Facebook
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James McNeill Whistler Miss Ethel Philip Reading 1894 • Debt-Enabled Asset Bubbles On Crash Course With Demographics (Park) • ‘Grotesque’ Leverage and Rising Rates Already Causing Damage – SocGen (BBG) • ‘Big Bear Market’ For Stocks Appears To Have Begun (MW) • Market Is Obsessed With 10-Year Yield, Should Be Watching The 2-Year (CNBC) • Deutsche Bank Plans ‘Significant’ Job Cuts After Sharp Drop In Profits (CNBC) • Ford Kills Most US Cars (BBG) • Yield Shock On Wall
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Amedeo Modigliani Nu allongé 1917 • Why All Companies Fear ‘Death By Amazon’ (G.) • Richmond Fed Manufacturing Survey Crashes By Most In 25 Years (ZH) • Markets Better Prepare for Stagflation (DDMB) • Trade War With US And China’s $14 Trillion Debt-Ridden Economy (CNBC) • Big Farms Set To Pay The Price As EU Eyes Subsidy Cuts (Pol.) • In Japan, New Rules May Leave Home-Sharing Industry Out In The Cold (R.) • Palma de Mallorca To Ban
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John French Sloan A Woman’s Work 1912 • Japan Can Begin Reducing Stimulus In Five Years – Kuroda (CNBC) • ECB Mulls Shelving Rules Tackling Euro Zone’s Bad Loans Pile (R.) • The Return Of Honest Bond Yields (Stockman) • Stop and Assess (Jim Kunstler) • The Chinese Car Invasion Is Coming (BBG) • Greek Primary Surplus Comes At The Expense Of Growth (K.) • Tensions Grow On Greek Islands (K.) • The UK Has Turned The Right To
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René Magritte La trahison des images 1929 “[Price discovery] is the process of determining the price of an asset in the marketplace through the interactions of buyers and sellers”, says Wikipedia. Perhaps not a perfect definition, but it’ll do. They add: “The futures and options market serve all important functions of price discovery.” What follows from this is that markets need price discovery as much as price discovery needs markets. They are two sides of the same coin. Markets
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