Acme Storm over Manhattan 1950 • Trump Blasts “Disgraceful” FBI Raid Of Lawyer’s Office (ZH) • Xi Vows To Further Open China Economy As US Trade Spat Simmers (AFP) • Global Debt Jumped to Record $237 Trillion Last Year • US Deficit to Surpass $1 Trillion Two Years Ahead of Estimates – CBO (BBG) • Global Trade Is Broken, And Trump Is Sparking The Crisis Needed (Morici) • Russian Firms And Rouble Hit Heavily By Trump Sanctions (G.) •
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Keith Haring Retrospect 1989 Longtime and dear friend of the Automatic Earth, professor Steve Keen, wrote an article recently that everyone should read (that goes for everything Steve writes). It’s hard to select highlights, but I’ll give it a try. Steve explains where our housing markets went off the rails, what (short-sighted) interests politicians have in subverting them, and, something rarely addressed, why housing markets are unlike any other markets (the turnover of existing properties is financed with newly
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Andreas Feininger Production B-17 heavy bomber 1942 • Syria and Russia Accuse Israel Of Missile Attack On Syrian Regime Airbase (G.) • Stocks To Retest Correction Lows As Easy Money Disappears – Boockvar (CNBC) • Albert Edwards On The Next Recession: S&P Below 666 (ZH) • Bad Omen for Markets From First Signs of Yield Curve Inversion • Trump’s Trade War Threatens Central Bank ‘Put’ – Deutsche (BBG) • China Is Studying Yuan Devaluation as a Tool in Trade
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Johannes Vermeer The Concert 1663 Stolen from Gardner Museum March 18 1990, the single largest art theft in the world. Never recovered • Richest 1% On Target To Own Two-Thirds Of All Wealth By 2030 (G.) • Britain Aims To Resettle Poisoned Russian Ex-Spy In The US (R.) • Facebook Admits To Deleting Messages From People’s Inboxes (Ind.) • Facebook Confirms It Scans What You Send To Others On Its Messenger App (BBG) • US Homeland Security Database Of
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Dorothea Lange Farmers’ supply co-op. Nyssa, Malheur County, Oregon 1939 It’s Dr. D again. Told you he’s on a roll. He remains convinced America can re-invent itself. If only because it must. Dr. D: Herbert Stein’s Law states “What Can’t Go On Forever, Doesn’t.” This is a neat summary of the present trade and currency imbalance. China makes real goods and the U.S. consumes them by typing digits on a keyboard. This is the very definition
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Arthur Rothstein Grain elevators, Great Falls, Montana 1939 • US Jobs: One Big Miss (CNBC) • Everything Has Changed In Macroeconomics, But.. (Murphy) • Income From UK Savings Accounts Dropped 16% In A Year (Ind.) • Social Media Users Treated As ‘Experimental Rats’ – EU Watchdog (CNBC) • Facebook Users Have To Pay To Opt Out Of Their Data Being Used (CNBC) • AI: An ‘Immortal Dictator From Which We Can Never Escape’ (CNBC) • 960,000 Households In Australia
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Edgar Degas Leaving the paddock 1866 Stolen from Gardner Museum March 18 1990, the single largest art theft in the world. Never recovered • US Willing To Talk Trade With China, No Session Set Yet (R.) • Trump Considers New $100 Billion Tariffs On Chinese Goods (G.) • Trade Is a Matter of Survival for China (Rickards) • Facebook Explored Data Sharing Agreement With Hospitals (CNBC) • Uber To Suspend Service In Greece After New Legislation (R.) • HSBC
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Herbert Ponting Scott’s Terra Nova Expedition, Antarctica 1911 Something must be terribly wrong with the world. A few days ago Elizabeth Warren agreed with Trump on China, now Bernie Sanders agrees with him about Amazon. What’s happening? Bernie Sanders Agrees With Trump: Amazon Has Too Much Power Independent Vermont senator and 2016 presidential hopeful Bernie Sanders echoed President Donald Trump in expressing concern about retail giant Amazon. Sanders said that he felt Amazon had gotten too big on
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Vincent van Gogh Le moulin de blute fin 1886 • The Fed Is Destroying Dollars (Napier) • What Trump Gets Right About Europe’s Trade Problem (Pol.) • “When You’re Already $500 Billion Down, You Can’t Lose!” (G.) • Kudlow Says Trump’s China Tariffs Are Just Proposals Right Now (BBG) • Up To 87 Million Facebook Users’ Data Shared With Cambridge Analytica (Ind.) • Zuckerberg Says Most Facebook Users Will Only Get Privacy ‘In Spirit’ (Ind.) • We Work For
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Mayfair Building, Times Square NYC 1951 Dr. D is on a roll. Dr. D: Since tariffs are in the news again, let’s run down the topic , first in micro, then in macro. “Trump said this week he’ll slap 25% tariffs on $50 billion to $60 billion in Chinese exports to the U.S., including aerospace, information and communication technology, and machinery. The move is aimed at countering Chinese cyber and intellectual property theft of U.S.
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