Louise Rosskam General store in Lincoln, Vermont 1940 • Janet Yellen Needs To Announce Her Resignation — Not A Rate Hike (Crudele) • Stephen Roach Flags Trade, China Under Trump, Tillerson (CNBC) • Trump May Be Turning China’s $1.16 Trillion Of Treasuries Into A Weapon (F.) • China To Fine Unnamed US Automaker For ‘Monopolistic Behavior’ (R.) • Top US Spy Agency Has Not Embraced CIA Assessment On Russia Hacking (R.) • Lavrov Hints ISIS Recapture Of Palmyra Orchestrated By
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Lewis Wickes Hine Newsies Gus Hodges, 11, and brother Julius, 5, Norfolk VA 1911 • Trump-Powered Dollar To Be The Bogeyman Of 2017 For Emerging Markets (MW) • Oil Prices Moderate as Doubts Over OPEC’s Output-Cut Plan Set In (WSJ) • Saudi Arabia Is Playing Defense To Hold On To Its Most Prized Customers (BBG) • UniCredit To Raise €13 Billion In Fresh Capital, Lay Off 14,000 (AFP) • One Bad Deal That Destroyed Four Bad Banks (WSJ) • Indian
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‘Daly’ Store, Manning, South Carolina July 1941 • CIA’s Blatant Lies Demolished By A Little Simple Logic (Craig Murray) • Chinese Media Hit Out At Trump Over ‘One China’ Comments (CNBC) • Dollar Debt Issuance Soars As Central Banks Take A Back Seat – BIS (CNBC) • Market ‘Paradigm Shift’ May Be Under Way, More Volatility Likely – BIS (R.) • China’s Highly Leveraged Real Estate Developers Face Tough 2017 (BBG) • Top Tech Executives To Attend Trump Summit On
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Paul Verlaine and Arthur Rimbaud, Brussels 1873 Patti Smith’s performance of Bob Dylan’s A Hard Rain’s A-Gonna Fall on Friday in Stockholm for the Nobel Literature Prize was impressive. In my never very humble view. Dylan was otherwise engaged or didn’t feel like attending, who knows, public ceremonies are not his thing. Patti stumbled, forget the second verse, said she was nervous, but she completely nailed it and then some. Patti Smith, I imagine, was chosen by Dylan with
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‘Daly’ Somewhere in the South, possibly Miami 1941 • The ECB Is Creating A World Of Zombie Banks And Zombie Companies (HandBl.) • Stocks Have Only Been This Expensive During Times Of Crisis (BI) • UK Government Faces New Brexit Court Case (R.) • Senate Quietly Passes “Countering Disinformation And Propaganda Act” (ZH) • Does Krugman Really Support The Working Class? (Dean Baker) • Non-OPEC Oil States Agree To Cuts In ‘Historic’ Deal (AFP) • Quebec Paves Way For More
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Arthur Rothstein Interior of migratory fruit worker’s tent, Yakima, Washington 1936 • Donald Trump Team Takes Aim At CIA (CNN) • A Rising Stock Market Does Not Signal Economic Health (FEE) • Economist Streeck Calls Time On Capitalism (G.) • Nobel Economics Prize Winner: ‘The Euro Was A Mistake’ (EA) • Beware Of Panic Buying In Bank Stocks (MW) • Trump Has Unleashed The Stock Market’s ‘Animal Spirits’ (MW) • The Bond Market Doesn’t Believe Draghi (BBG) • Why China
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Arthur Rothstein Migratory fruit pickers’ camp in Yakima, Washington Jul 1936 • Trumponomics Will Collapse Under a Mountain of Debt (Stockman) • Shiller CAPE Ratio Signals ‘Overvaluation On A Very Grand Scale’ (CNBC) • The American Dream Is Fading And May Be Very Hard To Revive (WSJ) • Europe’s Comfort Blanket Is Being Pulled Away (AEP) • Albert Edwards’ ‘Most Frightening Chart’ (MW) • Australia Property Market Mirrors Tulip Bubble, Says Former Bank CEO (ND) • Top Official In Italy’s
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Caters Extremely rare albino elephant, Kruger National Park in South Africa Everything dies, baby, that’s a fact But maybe everything that dies someday comes back … Springsteen, Atlantic City “Erwin Schrodinger (1945) has described life as a system in steady-state thermodynamic disequilibrium that maintains its constant distance from equilibrium (death) by feeding on low entropy from its environment – that is, by exchanging high-entropy outputs for low-entropy inputs. The same statement would hold verbatium as a physical description of
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Jack Delano Cafe at truck drivers’ service station on U.S. 1, Washington DC 1940 • Trump Bull Market Bounty Tops $1 Trillion (BBG) • Trump Win Set Off $2 Trillion Shock Rotation to Stocks From Debt (BBG) • Wall Street’s Calling the Sheep to the Slaughter – Again! (Stockman) • The Fed Shouldn’t Be Driving US Economy – Trump Advisor Judy Shelton (CNBC) • China’s Banks Are Hiding More Than $2 Trillion in Loans (WSJ) • China’s Foreign Reserves Down
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Arthur Gerlach Children point towards Christmas toys at The Fair Department Store, Chicago 1940 The world is facing the “first lost decade since the 1860s”, said Bank of England governor Mark Carney this week. Arguably good for soundbite of the day, but the buck stops there. The only way that buck could have kept rolling would have been for Carney to take a critical look at himself and his employer(s), but there was none of that. The Canadian import
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