Vincent van Gogh The sower 1888 • Liquidity Crisis Coming: Here, There, Everywhere (Mish) • The Trump Effect Is Keeping Bull Market Alive – Robert Shiller (CNBC) • Global Growth Too Dependent On Cheap Borrowing – OECD (G.) • The Euro Has To Be Abandoned If Europe Is To Be Saved (Syll) • Italy Crisis: Workers Are Paying For Decisions Made Nearly 30 Years Ago (Clark) • Italy Crisis Dents Greek Hopes Of Returning To Bond Markets (G.) •
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Wassily Kandinsky Moscow II 1916 • Italy: No Easy Fixes For The European Central Bank (G.) • Investors Ask If ECB Has Will And Means To Save Euro From Italian Turmoil (R.) • Blanchard: Europe Should Be OK – But ‘I’m Very Worried About Italy’ (CNBC) • NIRP’s Revenge: Italian Bonds Plunge, Worst Day in Decades (WS) • Italy Could Be The Next Greece – Only Much Worse (CNBC) • “Everything Has Gone Wrong”: Soros Warns “Major” Financial Crisis
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Theodoor Rombouts( 1597-1637) Prometheus On Friday, in This is the End of the Euro, I said: The euro has become a cage, a prison for the poorer brethren. The finance minister proposed by 5-Star/Lega and refused by Italian president Mattarella, Paolo Savona, has called the euro a German cage. There are now stories spreading that the coalition, Savona first of all, were secretly planning an exit from the euro. A series of slides Savona prepared in 2015 on how
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Roy Lichtenstein Crying girl 1963 • Showdown Looms In Italy As Caretaker PM Assembles Team (AFP) • The Biggest Short-Sellers Of Italian Bonds (ZH) • If Italy Exits The Euro, It Could Be The End Of The Single Currency (Tel.) • Stock Market Borrowing at All Time High, Increasing Risk of Downdrafts (NC) • The Financial Scandal No One Is Talking About (G.) • Fears Of Bad Brexit Deal Raise Tension Between Bank of England, Treasury (G.) • Eastern,
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Brassaï La Bande du Grand Albert 1931-32 • President Mattarella Of Italy: From Moral Drift To Tactical Blunder (Varoufakis) • Italy President Vetoes Savona As Economy Minister, May Mean New Election (R.) • Italy’s President Calls In Former IMF Official Amid Political Turmoil (R.) • First Greece, Now Italy, Portugal Next? (ZH) • Corporate Debt Soars While Credit Ratings Fall (Harry Dent) • Fed Relies On Biased Data That Makes ‘B- Economy’ Look Like ‘A+’ – Bianco (CNBC) •
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Edvard Munch Separation 1896 • The ECB Is Preventing An Italian Rerun Of The Euro Crisis – For Now (MW) • Italy President Under Pressure To Accept Eurosceptic Minister (R.) • We’re Engaging In Self-Deception And Unsupported Hopefulness (Ron Paul) • Putin Warns “US Sanctions Hurt Trust In Dollar As Reserve Currency” (ZH) • Erdogan Calls On Turks To Convert Dollar, Euros Into Lira (R.) • Spain’s Ciudadanos Party Open To Alternative Candidate To Oust PM Rajoy (R.) •
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Louise Dahl-Wolfe Looking at Matisse, Museum of Modern Art 1939 • S&P 500 Companies Return $1 Trillion To Shareholders In Tax-Cut Surge (R.) • The 2020s Might Be The Worst Decade In US History (Mauldin) • Moody’s Warns Of ‘Particularly Large’ Wave Of Junk Bond Defaults Ahead (CNBC) • Moody’s Puts Italy On Downgrade Review, Junk Rating Possible (ZH) • UK Economy Posts Worst Quarterly GDP Figures For Five Years (G.) • Prospects of US-North Korea Summit Brighten (R.)
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René Magritte The therapeutist 1937 The Spanish government is about to fall after the Ciudadanos party decided to join PSOE (socialist) and Podemos in a non-confidence vote against PM Rajoy. Hmm, what would that mean for the Catalan politicians Rajoy is persecuting? The Spanish political crisis is inextricably linked to the Italian one, not even because they are so much alike, but because both combine to create huge financial uncertainty in the eurozone. Sometimes it takes a little uproar
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Wassily Kandinsky Moscow Red Square 1916 • Riskiest Junk Bonds Still Blissful in La-La Land, High-Grade Bonds Bleed (WS) • When Rates Go Up, Stuff Blows Up (Dillian) • Where America’s Debt Slaves Are the Most Vulnerable (WS) • North Korea Says Still Open To Talks After Trump Cancels Summit (R.) • Brilliant Strategy Of Offering North Korea “The Libya Model” Falls Through (CJ) • About $1.2 Billion In Cryptocurrency Stolen Since 2017 (R.) • Zuckerberg Set Up Fraudulent
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Wassily Kandinsky Contrasting Sounds 1924 • Every Fed Tightening Cycle ‘Creates A Meaningful Crisis Somewhere’ (MW) • Fed Minutes Show Support For June Hike And Calm About Inflation Outlook (MW) • US Launches Auto Import Probe (R.) • China Signals To State Giants: ‘Buy American’ Oil And Grains (R.) • Turkey Halts Lira’s Free Fall – But It’s Not Out Of The Woods Yet (MW) • Argentines Brace For Another Crisis As Nation Again Seeks IMF Help (R.) •
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