Theodor Horydczak “Dome of US Capitol through trees at night” 1943 For the second time in a few weeks (see ‘End of Growth’ Sparks Wide Discontent), former British diplomat Alastair Crooke quotes me extensively, and I gladly return the favor. Crooke here attempts to list -some of- the difficulties Donald Trump will face in executing the -economic- measures he promised to take in his campaign. Crooke argues that, as I’ve indicated repeatedly, for instance in America is The Poisoned
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NPC Fordson tractor exposition at Camp Meigs, Washington DC 1922 • Japan Exports Drop 13th Month By 10.3%, Imports Down 22nd Month By 16.5% (WSJ) • Negative Rates Are Failing to Halt Savings Obsession in Europe (BBG) • More Than 1 in 3 European Workers Have Difficulty Making Ends Meet (ETUC) • Now it Begins to Unravel (WS) • Former UBS, Credit Suisse CEO: “A Recession Is Sometimes Necessary” (ZH) • Big Shock In France’s Presidential Election As Sarkozy Eliminated
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Wynand Stanley Cadillac touring car at Yosemite in snow 1919 • Peak & Decline of International Reserves: Massive Asset Deflation Ahead (SRSR) • “Developed Countries’ Currencies Solely Driven By Politics” (CNBC) • How A Universal Basic Income Would Transform Society (Agnos) • End London’s Role as a Clearing-House for Dirty Money (G.) • Europe’s Leaders To Force Britain Into Hard Brexit (O.) • Italy’s Crisis Turns into a Multi-Headed Hydra (DQ) • Italian Banks ‘Not Necessarily Bankrupt’ But Awfully Close
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Unknown Dutch Gap, Virginia. Picket station of Colored troops 1864 • Financial Conditions Are Rigged Against Donald Trump (BBG) • Big Short’s Steve Eisman: ‘Europe is Screwed’ (G) • Emerging Markets Borrowers Owe $3.2 Trillion In -Rising- Dollar Debt (BBG) • Dollar’s Rapid Gain Triggers Angst in Emerging Markets (WSJ) • Global Bonds Post Biggest Two-Week Loss in 26 Years (BBG) • Bond Carnage hits Mortgage Rates. But This Time, it’s Real (WS) • US Dollar Sees Steepest 2-Week Gain
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Unknown Army of the James, James River, Virginia. 1865 • The End of Globalization? (Spiegel) • Global Trade Is Slowing (BBG) • US Recovery Is Heading Towards Its Death: Albert Edwards (CNBC) • US Retail Sales, Ignorance & Return Reality (Roberts) • How “Dynamic Scoring” Could Justify A Debt Driven Keynesian Stimulus (BBG) • How US Federal Revenues Have Been Used To Steer The Economy In The Past (BBG) • Yellen: I’m Not Stepping Down Until My Term Is Done
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Dorothea Lange Salvation Army, San Francisco, California. Unemployed young men 1939 • Who’ll Get Hit by Fallout of $11 Trillion US Commercial Property Bubble? (WS) • US Mortgage Applications Crash 30% As Borrowing Rates Surge (ZH) • Congressional Panel Urges Ban On China State Firms Buying US Companies (R.) • Foreign Central Banks Liquidate Record $375 Billion In US Paper (ZH) • Panic In India As Gold Price Skyrockets After Currency Ban (AM) • Modi May Need Six More Months
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Unknown Wharf, Federal artillery, and schooners, City Point, Virginia 1865 • Trump Won’t Start A Trade War; He’ll Finish It (MW) • Trump Digs In For Major US Trade Reset With The World (CNBC) • Panic In Housing Market As Trump Effect Pushes Mortgage Rates To 4% (CNBC) • The Bond Vigilantes Are Back, And Trump Better Be Careful (CNBC) • Elizabeth Warren Criticizes Trump Transition Team’s Wall Street Ties (WSJ) • What Now? (Jim Kunstler) • GOP Rushes To
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George N. Barnard Atlanta, Georgia. View on Marietta Street 1864 • UK Government Has No Plan For Brexit, Leaked Memo Says (BBC) • Why India Wiped Out 86% Of Its Cash Overnight (BBC) • Asian Currencies Drop to 7-Year Low Against US Dollar (BBG) • The Euro-Dollar Parity Bet Is Back (BBG) • ‘Trump Thump’ Whacks Bond Market For $1 Trillion Loss (R.) • China: Trump’s First Crisis? (JP Smith) • China’s Central Bank Faces Trump Headache (BBG) • The
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Wyland Stanley Transparent Car, General Motors exhibit, San Francisco 1940 • Era of Low Interest Rates Hammers Millions of Pensions Around the World (WSJ) • President Trump Will Fumigate The Fed (Mises Inst.) • Teslas in the Trailer Park: California Faces Its Housing Squeeze (NYT) • China Home Sales Value Rose 38% YoY in October (BBG) • Emerging Market Bond, Currency Markets Face ‘Meltdown’ After Trump Win (CNBC) • Bond Rout Deepens as Trump Bets Boost Dollar, Industrial Metals (BBG)
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Esther Bubley Waiting for Greyhound bus trip from Memphis to Louisville, KY 1943 Been scribbling several some post-election notes over the past few days, it seemed a good idea to not publish things too soon after the upset, even if I at least had the advantage that it wasn’t that much of a surprise or upset. But I’ve read far too many people too eager to write about how they haven’t moved an inch, and too many others who
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