John Vachon Beer signs on truck, Little Falls, Minnesota 1940 • Fed: From Lender Of Last Resort To Destroyer Of American Wealth (DDMB) • “There’s Something Weird Going On”: The Global Dollar Shortage (ZH) • Merkel Suggests Euro Is Too Low For Germany (R.) • Empowering “Deep State” is Prescription for Destroying Democracy (Greenwald) • Sekulow: Obama Should Be “Held Accountable” For “Soft Coup” Against Trump (ZH) • Russia Calls For ‘Post-West’ World Order – Lavrov (R.) • Lavrov
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Jackson Pollock Shooting Star 1947 It’s amusing to see how views start to converge, at the same time that it’s tiresome to see how long that takes. It’s a good thing that more and more people ‘discover’ how and why austerity, especially in Europe, is such a losing and damaging strategy. It’s just a shame that this happens only after the horses have left the barn and the cows have come home, been fed, bathed, put on lipstick and
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Unknown California State Automobile Association signage 1925 • “That War You Ordered….” (Jim Kunstler) • US ‘Unwavering’ In NATO Support – Pence (BBC) • European Union President Rejects Trump Call For More NATO Spending (CNBC) • Four NATO Nations Would Pick Russia to Defend Them If Threatened (BBG) • Who Really Rules The United States? (FreeB) • Australia Headed For ‘Economic Armageddon’ (News.com.au) • China Is Going Broke (Jim Rickards) • Brexit Was A Revolt Against Snobs Like Tony
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John Collier Workmen at emergency office construction job, Washington, DC Dec 1941 • Global Growth is All About China…Nothing but China (Econimica) • US Household Debt Is Dangerously Close To 2008 Levels (CNN) • “Seriously Delinquent” US Auto Loans Surge (WS) • 3 Reasons The US Could Be Headed For A Fresh Debt Crisis (MW) • Fed President Says US Banks Have “Half The Equity They Need” (Black) • Harward Turns Down National Security Adviser Job Over Staffing Dispute
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Pablo Picasso Femme 1930 Great read from Ed. “..while Brazil and Greece faced the same type of downturn in dollar terms — about 45% in GDP per person — Brazilian living standards only deteriorated about 2%, compared to 26% in Greece.” Good part on Dutch elections too. • Europe’s Delusional Economic Policies (Edward Harrison) This chart encapsulates the narrative in Matt’s post – namely that Greece has underperformed other emerging market crisis countries on post-crisis growth. Here’s how
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Times Square New York City, 1958 • The Political Assassination of Michael Flynn (BBG) • Kucinich Pins Flynn Leak on Intel Community, Warns of Another Cold War (Fox) • America’s Spies Anonymously Took Down Flynn. That Is Deeply Worrying (Week) • Russian Foreign Ministry Says Crimea Will Not Be Returned To Ukraine (R.) • China Credit Surging to Record Underscores PBOC Shift to Tighten (BBG) • China Should Prudently Manage Deleveraging Process – PBOC (R.) • Nigel Farage –
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David Myers Theatre on 9th Street. Washington, DC July 1939 • Top Trump Aide Flynn Resigns Over Russia Contacts (AFP) • Judge Grants Injunction Against Trump Travel Ban In Virginia (AP) • Is Trump the New Boris Yeltsin? (Max Keiser) • Bond Traders Fear Yellen Is Planning A ‘St. Valentine’s Day Massacre’ (MW) • Yellen Outlook ‘Irrelevant’ Because Trump Will Reshape Fed (CNBC) • The Fed Is Bad For America – But Getting Rid Of It Isn’t The Answer
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New York City Under 26 Inches Of Snow, 1947 • Why Does Economic Growth Keep Slowing Down? (StLouisFed) • The Market Will Be Repricing Dramatically Downward – Stockman (CNBC) • Jim Rogers: “A Lot Of People Will Disappear” (ZH) • US Trade Deficit Last Year Was Widest Since 2012 (WSJ) • Trump Reviews Top White House Staff After Tumultuous Start (Pol.) • Mike Flynn’s Position as National Security Adviser Grows Tenuous (WSJ) • Refugee-Embracing Trudeau Set to Bite His
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Model wearing Dior on the banks of the Seine, Paris 1948 • Does UK’s Lucrative Arms Trade Come At The Cost Of Political Repression? (G.) • UK Journalists Who Obtain Leaked Official Material Could Face Jail (Tel.) • Women And Children ‘Raped, Beaten And Abused’ In Dunkirk’s Refugee Camp (G.) • Bank For International Settlements Warns Of Looming Debt Bubble (F.) • Trump Regime Was Manufactured By A War Inside The Deep State (Nafeez Ahmed) • Banking, Credit &
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Henri Cartier Bresson Salamanca 1963 Earlier this week I was talking in Athens to a guy from Holland, who incidentally with a group of friends runs a great project on Lesbos taking care of some 1000 refugees in one of the camps there. But that’s another topic for another day. I was wondering in our conversation how it is possible that, as we both painfully acknowledged, people in Holland and Germany don’t know what has really happened in the
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