Lewis Hine A heavy load for an old woman. Lafayette Street below Astor Place, NYC 1912 • ‘Massive Bailout’ Needed in Debt-Saddled China: Charlene Chu (BBG) • SOE Debt Could Easily Overwhelm China’s Banking System (Abc.au) • China Takes Back Control Over Yuan (WSJ) • Negative Rates Prompt Japan Banks to Opt Out Via Derivatives (BBG) • Iron Ore Price Falls 27% In Past Month (BI) • Deutsche Bank Ratings Cut by Moody’s (BBG) • Greece Is Never Going To
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Harris&Ewing Hancock’s, the Old Curiosity Shop, 1234 Pennsylvania Avenue 1914 • Japan April Imports Fall 23.3%, Exports Drop 10.1% (BBG) • Japan May Factory Activity Shrinks Most In Over Three Years (R.) • Investors Check Out of Europe (WSJ) • US Dollar Will Be The Winner When The EU Volcano Erupts (CNBC) • Saudi Financial Crisis ‘Could Leave Oil At $25’ As Bills Get Paid In IOUs (AEP) • The IMF And Calling Berlin’s Bluff Over Greece (Münchau) • Athens
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Unknown Medical supply boat Planter, General Hospital wharf on the Appomattox, City Point, VA 1865 • G-7 Warns on Weak Global Growth as Japan Bristles Over Yen (BBG) • Jeremy Corbyn Calls For New Economics To Tackle ‘Grotesque Inequality’ (G.) • “We Are Becoming Convinced That The System Won’t Stabilize” (Matt King) • Greece Braces for More Austerity Amid EU-IMF Quarrel About Debt (BBG) • This Time, The IMF Comes Bearing Gifts For The Greeks (G.) • Europe Should Heed
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NPC National Service Co. front, 1610 14th Street N.W., Washington DC 1920 • One-Third Of Chinese Real Estate Companies Are “Zombies” (Nikkei) • Defaults Throw Wrench in China’s $3 Trillion Company Bond Engine (BBG) • Easy Money = Overcapacity = Deflation (Rubino) • Cash-Stuffed US Balance Sheets No Match for Even Bigger Debt Loads (BBG) • US, Japan FX Row Overshadows G7 Meeting (R.) • Crude Tanker Storage Fleet Off Singapore Points To Stubborn Oil Glut (R.) • How Freddie
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John Vachon Window in home of unemployed steelworker. Ambridge, PA 1941 • Lacking New Ideas, G7 To Agree On ‘Go-Your-Own-Way’ Approach (R.) • Japan And US Are Headed For A Showdown Over Currency Manipulation (MW) • Kuroda Stresses Readiness to Act if Yen Rise Threatens Inflation Goal (WSJ) • US Business Loan Delinquencies Spike to Lehman Moment Level (WS) • China Steelmakers Attack US 522% Tariff Move; Say Need More Time (R.) • The Iron Mountain on China’s Doorstep Tops
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Harris&Ewing Streamlined street car passing Washington Monument 1938 • Not All Death Crosses Are Created Equal (BBG) • China’s Communist Party Goes Way Of Qing Dynasty As Debt Hits Limit (AEP) • China’s Housing Bubble Is So Big, Goldman Will “Need A Bigger Chart” (ZH) • Emerging-Market Assets Under Pressure as Fed Minutes Lift Dollar (BBG) • The Case For Germany Leaving The Euro #Gexit (Bibow) • Europe’s Troubled Push For Bank Bail-Ins (FT) • Euro Area Shifts Greek Focus
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Russell Lee South Side market, Chicago 1941 • US Debt Dump Deepens In 2016 (CNN) • The Humungous Depression (Gore) • Negative Rates Are A Form Of Tax (MW) • The Negative Interest Rate Gap (Dmitry Orlov) • The EU Has “Run Its Historical Course” (ZH) • Italy Wins Brussels’ ‘Flexibility’ On Debt Reduction Targets (FT) • US Raises China Steel Taxes By 522% (BBC) • Chinas Debt Bubble Is Getting Only More Dangerous (WSJ) • China To Curb Shadow
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Charlotte Brooks Tom Corbett, Space Cadet 1952 This is an article by our friend Steve Keen, which was yanked by Forbes yesterday after just a few hours due to, according to Steve, their ‘parody policy’. I did some research and it turns out the Automatic Earth has no such policy. So I offered Steve to repost it here. Steve Keen: CERN has just announced the discovery of a new particle, called the “FERIR”. This is not a fundamental particle of
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DPC Clam seller in Mulberry Bend, NYC 1904 • Deutsche Bank’s Woes May Be ‘Insurmountable’ (BBG) • Wall Street Banks See A Painful Summer For Stocks Ahead (MW) • IMF Wants Eurozone Debt Relief for Greece Until 2040-2080 (WSJ) • ECB Grants Debt Relief To All Eurozone Nations Except Greece (Vox) • Canada Terrified Of Popping Foreign-Buyer Housing Bubble (CBC) • New Zealand Housing Crisis Forces Hundreds To Live In Tents And Garages (G.) • Chinese Investors Have Spent $300
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Harris&Ewing Ford Motor Co. New medical center parking garage, Washington, DC 1938 • Goldman: The Median Stock Has NEVER Been More Overvalued (ZH) • The Business Of Corporate America Is No Longer Business – It Is Finance (FT) • Stockman: Trump Will Scare The Hell Out Of The Markets, But That’s OK (CNBC) • Trump’s ‘Print the Money’ Proposal Echoes Franklin and Lincoln (E. Brown) • India’s Central Bank Governor Warns On Stimulus Overuse (FT) • Average Asking Price For
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