DPC City Hall and Market Street and west from 11th, Philadelphia 1912 • S&P Issues ‘Crexit’ Warning as Corporate Debt to Swell to $75 Trillion (CNBC) • The Entire Market is Driven by a “Once in History” Bubble About to Burst (P.) • Bank Of England Report Finds Economy Has Not Slowed Since Brexit Vote (G.) • US Links Malaysia PM, Wolf of Wall Street to Millions Stolen From 1MBD (WSJ) • Singapore Finds UBS, DBS, StanChart ‘Failings’ in 1MDB
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Harris&Ewing Newsie, Washington DC 1920 • To the Mattresses: Cash Levels Highest In Nearly 15 Years (CNBC) • The Financial System Is Breaking Down At An Unimaginable Pace (Black) • This ‘Market’ Discounts Nothing Except Monetary Cocaine (Stockman) • These Sicilian Mortgages Show How Hard It Is to Rescue Italian Banks (BBG) • Deal With Canada On The Brink as German Party Sues EU Over CETA (Exp.) • The Long, Sad, Corrupted Devolution Of The GOP (Intercept) • The World
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M. King Hubbert It’s been a while since we posted an article by our friend Euan Mearns, who was active at The Oil Drum at the same time Nicole and I were. Is it really 11 years ago that started, and almost 9 since we left? You know the drill: we ‘departed’ because they didn’t want us to cover finance, which we said was the more immediate crisis, yada yada. Euan stayed on for longer, and the once unequalled Oil
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Russell Lee Tracy, California. Gasoline filling station 1942 • Republican Platform Calls For Return Of Glass-Steagall (MW) • Calpers Targets 7.5% Investment Return, Earns Just 0.6% In Latest FY (BBG) • Oil Prices Fall On Oversupply Concerns Despite Output Cuts (R.) • Alberta Is In The Midst Of Its Worst Recession On Record (BBG) • China’s Local Debt Problem Goes Global (BBG) • Middle-Income Families In UK Resemble The Poor Of Years Past (G.) • Brexit Could Cut London House
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Arthur Rothstein General store and railroad crossing, Atlanta, Ohio 1938 • Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years (BBG) • Yuan Declines to 2010 Low as Property Prices Slow, Dollar Rises (BBG) • Goodbye Lenin, Hello Bernanke (ABC.au) • Stocks and Bonds Are on a Collision Course (DR) • Bubbles in Bond Land (David Stockman) • Chinese Cities’ Expansion Plans Could House 3.4 Billion People (BBG) • Slowing China Home Price Rises Add To Doubts About
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Ben Shahn Daughter of Virgil Thaxton, farmer, near Mechanicsburg, Ohio 1938 Recently, I posted a two-tear old article on facebook.com/TheAutomaticEarth that was shared so many times it seems to make sense to use it for an Automatic Earth article as well. The article asks how toxic the wheat we eat is – or Americans, more specifically-, and why that is. But first I would like to touch on a closely connected issue, which is Nassim Nicholas Taleb’s ‘war’ on GMOs.
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Russell Lee Store, La Forge, Missouri 1938 • Why Brexit Is The Shot In The Arm Britain’s Economy Needs (CityAM) • Italy’s Banking Crisis Will Shake The Eurozone To Its Core (Tel.) • Italy Hires JP Morgan To Hammer Out €50 Billion Bad Bank Bailout Plan (Tel.) • Great Numbers! Curious Timing? (Rubino/ZH) • A Historical Measurement Of The Insanity Of Central Bankers (Gordon) • Russia Purges Its Banking Industry (BBG) • China Will Struggle To Maintain Growth Pace For
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Jack Delano Main street intersection, Norwich, Connecticut 1940 • Brexit Or Not, The Pound Will Crash (EvBB) • BOE Chief Economist Haldane Calls For Big Post-Brexit Stimulus (G.) • Philip Hammond Promises ‘Whatever Measures’ To Stabilise Economy (Ind.) • Dow Extends Record Streak as US Stocks Post Weekly Gains (WSJ) • EU Plays Catch-Up on Swaps Collateral Under US Pressure (BBG) • $35 Billion Pension Bomb Shows Who Really Has Power in Poland (BBG) • EU Commission Has Known for
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Dorothea Lange Farm boy at main drugstore, Medford, Oregon 1939 • (Nobody Believes) China’s Q2 GDP Growth Stable at 6.7% (ET) • Asian Shares Rise To Eight-Month Highs (R.) • US Exporters’ Gains From Chinese Economic Growth Shrink Further (WSJ) • Could Italy Bring Down The Euro? (Kern) • EU Finance Ministers Get Tough With Italian Bank Trying For Third Bailout (G.) • Who’s Buying It? (Roberts) • Canada New Home Prices Grow At Fastest Pace In Nearly 9 Years
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NPC Hessick & Son Coal Co. Washington 1925 • China June Exports, Imports Both Fall More Than Forecast (R.) • China’s Steel Exports Jump to Second Highest Amid Tensions (BBG) • Great American Oil Bust Rages on; Defaults, Bankruptcies Soar (WS) • Gundlach Says Wall Street’s Suffering ‘Mass Psychosis’ (MW) • Helicopter Money – The Biggest Fed Power Grab Yet (David Stockman) • 35-Year-Old Bond Bull Is on Its Last Legs (WSJ) • Bank of England To Cut Interest Rates
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