Unknown Paris 1900 • This Is The Greatest Suckers’ Rally Of All Time: David Stockman (CNBC) • More Than Half Of New Yorkers One Paycheck Away From Homelessness (Gothamist) • US Thanksgiving, Black Friday Store Sales Fall 10.4%, Online Rises (R.) • Dollar to Benefit if $2.5 Trillion in Cash Stashed Abroad Is Repatriated (WSJ) • China’s Property Frenzy And Surging Debt Raises Red Flag For Economy (AFP) • India’s Rural Economy Hit Hard As Informal Lending Breaks Down (R.)
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Fidel Castro and Che Guevara ca. 1957 • Cuban Revolutionary Fidel Castro Dies At 90 (AFP) • Wisconsin Agrees To Statewide Recount In Presidential Race (R.) • Bid To Challenge Brexit Gathers Pace Among Pro-Remain Politicians (G.) • Houses Have Never Been More Expensive To Buyers Who Need A Mortgage (Hanson) • Black Friday: The Death of Department Stores (WS) • US Payday Lenders Seek Emergency Court Help Against Regulators (R.) • When Money Dies (Bhandari) • Here’s What Happened
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Robert Capa Anti-fascist militia women at Barcelona street barricade 1936 • America’s Trade Advantage: Large Deficits (Pettis) • All Aboard Post-TPP World (Escobar) • The Bank of Japan Can’t Keep Stores From Cutting Prices (BBG) • China Banking Regulator Wrestles With $2.9 Trillion Off-Balance Sheet WMPs (R.) • China Central Bank Warns Against Outflows Disguised As Investment (R.) • ECB Says It Can Shield Eurozone From Global Finance Instability (BBG) • The Snowball of Debt (HowMuch/VC) • Russia to OPEC:
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Kennedy and Johnson Morning of Nov 22 1963 • Another Election Year, Another Bunch Of Fake Growth Numbers (John Rubino) • China Vows To Defend Trade Rights In Face Of Trump Tariff Threats (R.) • IMF: Chinese Banks Disguise A Massive Amount Of Bad Debt (BI) • The ‘Ownership Society’ Came And Went – A Long Time Ago (MW) • How (Slightly) Higher Mortgage Rates Maul Housing Bubble 2 (WS) • ‘Brexit Will Blow £59 Billion Hole In UK Public
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W. Eugene Smith Orson Welles 1942 Ever since the November 8 election, it’s been hard to write anything that makes actual sense, as evidenced by just about everything I’ve read in the past two weeks, little of which was particularly elevating, because just like before the vote, and just like in pre- and post-Brexit Britain, all there is left in the US are deeply dug-in heels. Everything and everyone is standing still; dug-in heels do that for you. Problem
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Cyclone, Oklahoma, 1898 • Dow 19,000 Is No Cause For Celebration (MW) • Global Wealth Update: 0.7% Of Adults Control $116.6 Trillion In Wealth (ZH) • We Could Be In A ‘Lost Decade’ Of Global Wealth Growth (CNBC) • Willing To Oppose Trump, Some Senate Republicans Gain Leverage (R.) • EU Draft Plan Eyes New Bank Creditor Class To Bear Losses (R.) • Economists Need To Get Into The Real World, Says BOE’s Haldane (Tel.) • Of Dunces, Fools, Drones
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Library of Congress Crowds of people waving at President Kennedy’s motorcade, Dallas, Texas Nov. 22 1963 • Donald Trump To Withdraw From TPP On First Day In Office (G.) • Fed Should Allow “Elephant Size Quantitative Eurodollar Easing” (BBG) • China May Have To Float The Yuan If Tighter Capital Controls Fail (BBG) • Eurozone Nations Turn To Hedge Funds To Meet Borrowing Needs (R.) • Goldman: How Corporations Will Spend Their Huge Piles of Overseas Cash (BBG) • Why
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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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