Jack Delano Mike Evans, welder, Proviso Yard, Chicago & North Western RR 1940 • The Decline & Fall Of The Biggest Bond Market In The World (ZH) • More Than 20% Of Americans Are Simply Too Poor To Shop (NYPost) • What If I Told You Employment Actually Declined 119,000 In June (Rosenberg) • Chicken Little Economists Are Wrong About Brexit (MW) • UK Property Hits Levels Of Unaffordability Not Seen Since 2007 (TiM) • If Bank Stocks Are Linked
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Lewis Wickes Hine Whole family works, Browns Mills, New Jersey 1910 • Brexit Opens Up Bank Fault Line From Milan To Lisbon (R.) • Europe Banks Close to Breaching 2011 Crisis Lows on Italy Woes (BBG) • EU Declares Spain, Portugal In Violation Of Deficit Rules (EuA) • UK Property Fund Turmoil Continues As Three More Firms Cut Value (G.) • World Faces Deflation Shock As China Devalues At Accelerating Pace (AEP) • Forget Brexit, Watch China And The Renminbi
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Harris&Ewing Childs Restaurant, Washington, DC 1918 • The Eurozone Is Ersatz Deutschland (David McWilliams) • I’m in Awe at How Fast Deutsche Bank is Coming Unglued (WS) • “When Deutsche Bank Goes To Single Digits People Will Start To Panic” (ZH) • To Save Italian Banks, The EU Will Have To Bend Some Rules (BBG Ed.) • Populist Politicians Take On Italy’s Massive Debt Pile (BBG) • Italy May Spur Systemic Bank Crisis: SocGen (BBG) • Italy’s Bad Loan Woes
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LOOK Detroit’s 1960 look. Sneak preview of the new models. Dodge Polara 1959 Remember the referendum in April in which voters in the Netherlands rejected the EU-Ukraine trade deal? Seems forever ago, doesn’t it? But to date nothing has been done with the outcome of the vote, even though Dutch law requires a government to implement referendum outcomes as swiftly as possible. PM Mark Rutte told parliament this week that ‘changing’ the deal would be very difficult, and that talks
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Arnold Genthe San Francisco, “Grant Avenue at Sacramento Street.” 1930 • British Pound Sterling Plunges As Brexit Fears Continue To Swirl (CNBC) • Asia Markets Tumble As Investors Scurry Into Safe-Haven Plays (CNBC) • Third London Asset Manager Suspends Trading in Property Fund (BBG) • The Big Unravel: US Commercial Bankruptcies Skyrocket (WS) • In London, Banker Bonuses Are Set To Disappear (ZH) • Deutsche Bank: The Downfall Of An Institution (Deutsche Welle) • Inequality, Debt and Credit Stagnation (Steve
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Dorothea Lange Miserable poverty. Elm Grove, Oklahoma County, OK 1936 We used to have this saying that if someone asks you to do a job good, fast and cheap, you’d say: pick two. You can have it good and cheap, but then it won’t be fast, etc. As our New Zealand correspondent Dr. Nelson Lebo III explains below, when it comes to our societies we face a similar issue with our climate, energy and the economy. Not the exact same,
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Jack Allison “Utopia Children’s House, Harlem, New York.” 1938 • Don’t Panic. Britain’s Economy Can Survive Just Fine Outside The EU (Mody) • The UK Desperately Needs A Lower Pound (Steen Jakobsen) • Brexit Accelerates the British Pound’s 100 Years of Debasement (BBG) • Meanwhile At The Most Systemically Dangerous Bank In The World… (ZH) • Standard Life Shuts Property Fund Amid Rush Of Brexit Withdrawals (G.) • EU Authority Fraying In Reaction To Brexit Vote (R.) • Draghi Should
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Walker Evans “Sidewalk scene in Selma, Alabama.” 1935 • China Bank Bailout Calls Go Mainstream (BBG) • Deutsche: Probability Of US Recession Surges To 60% (ZH) • Druckenmiller, Soros, Spitznagel, Gross Warn Of Crisis (VW) • Oil Rally Threatened as Gasoline Supply Surge Swamps US Demand (BBG) • Brexit Is a Lehman Moment for European Banks (BBG) • Angela Merkel ‘To Oust Juncker’ As Europe Splits Deepen Over Brexit (Tel.) • Germany’s Schäuble Urges Post-Brexit Push to Curb EU Commission
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G. G. Bain Hudson-Fulton celebration. Union League Club. New York. 1909 • Post-Brexit Worry Could Ignite A Powerful US Stock Rally (MW) • Brexit and the Derivatives Time Bomb (Ellen Brown) • EU: Going … Going … Gone (Tenebrarum) • The Economy Was Struggling Long Before Brexit (ZH) • Almost Everyone Thinks the Pound’s Days Are Numbered (BBG) • Humpty-Dumpty, Teetering On The Eccles Building Wall (David Stockman) • Why Central Planners Can’t Generate Any Inflation (ZH) • Europeans Contest
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Jack Delano “Lower Manhattan seen from the S.S. Coamo leaving New York.” 1941 Brexit is nowhere near the biggest challenge to western economies. And not just because it has devolved into a two-bit theater piece. Though we should not forget the value of that development: it lays bare the real Albion and the power hunger of its supposed leaders. From xenophobia and racism on the streets, to back-stabbing in dimly lit smoky backrooms, there’s not a states(wo)man in sight, and
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