Jack Delano Union Station, Chicago, Illinois 1943 • Foreign Governments Dump US Debt At Record Rate (CNN) • If Caterpillar Data Is Right, The Industrial Depression Was Never Worse (ZH) • Shades of Plaza Accord Seen in Barrage of Stimulus After G-20 (BBG) • The Yellen Fed Risks Faustian Pact With Inflation (AEP) • The End of the Chinese Miracle (FT) • Traditional Economics Failed. Here’s a New Blueprint. (Evo.) • UK Minister Resigns From Cabinet Over Disability Cuts (Guardian)
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Idomeni: where human rights go to die • Either Something Spooked The Fed Or There Is A “Central Bank Accord” (ZH) • Next Financial Crisis Could Overwhelm World’s Defenses, IMF Says (BBG) • Global Currencies Soar, Defying Central Bankers (WSJ) • Yen Rally Is Piling Pressure On BOJ (CNBC) • China Adjusts Yuan by Biggest Margin Since November (WSJ) • Bank IPOs Expose Dark Arts Of Chinese Finance (Reuters) • China Home Prices Rise Most In 2 Years, Big Cities
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Christopher Helin Kissel military Highway Scout Kar at Multnomah Falls, Oregon 1918 • US Lost 30% Of Manufacturing Jobs Between 1998 And 2016 (WaPo) • Rich Countries Have A $78 Trillion Pension Problem (CNBC) • The Budget That Wasn’t (Halligan) • Asia Cheers as Yellen Succumbs to Cry-Bullies (Barron’s) • China’s Exporters Struggle as Yuan Swings Disrupt Business (BBG) • China Banks Face Credit Risks From Ties To Wealth Management Products (CNBC) • America’s No. 1 Coal Miner to Seek
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William Henry Jackson Camp wagon on a Texas roundup 1901 • Chinese PM Li Keqiang Says It Is ‘Impossible’ to Miss Economic Targets (WSJ) • Chinese Buying In US Rekindles Memories Of Japan’s 1980s Merger Mania (Forbes) • China Mixes Cash, Coercion to Ease Labor Unrest (WSJ) • China To Target Shadow Lending For Housing Down-Payments (BBG) • Asia Hedge Funds Had Worst-Ever Start to Year (BBG) • Retirement Is Impossible With Negative Rates (Mauldin) • JP Morgan Brings Back
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John M. Fox WCBS studios, 49 East 52nd Street, NYC 1948 • Stocks: Consensual Hallucination (WS) • Mineworkers’ Protests Shake Chinese Leaders (CW) • China Ocean Freight Indices Plunge to Record Lows (WS) • Yuan Loses Its Luster In Global Trade (WSJ) • Chinese Investors Increase Buying in the US (WSJ) • China Drafts Rules for Tobin Tax on Currency Transactions (BBG) • Bank of Japan Holds Fire on Stimulus, Negative Rate Unchanged (BBG) • ECB Rate Cuts Help Spanish
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John M. Fox WCBS studios, 49 East 52nd Street, NYC 1948 • Marc Faber: Central Banks Will End Up Buying All Financial Assets (CNBC) • There’s Only One Buyer Keeping the S&P 500’s Bull Market Alive (BBG) • The Central Bankers Are Crazy & Public is Out Of Its Mind (Armstrong) • The Effects of a Month of Negative Rates in Japan (BBG) • Bank Of Japan Scrambles To Find Positives In Negative Rates (Reuters) • There Is A Limit
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NPC Fred Haas, Rhode Island Avenue NE, Washington, DC 1924 • The Fed Caused 93% Of The Entire US Stock Market’s Move Since 2008 (Yahoo) • ‘Negative Rates Confirm The Failure Of Globalization’ (DB) • China Economic Data Paints Gloomy Picture (WSJ) • China’s Restructuring Will Not Lead To Mass Layoffs: Regulator (Reuters) • China ‘Won’t Bring Back Stock Market Circuit Breaker For Years’ (Reuters) • Iran To Join Oil Freeze Talks Only After Raising Output To 4 mbpd (Reuters)
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Dorothea Lange American River camp, Sacramento, CA. Destitute family. 1936 • ECB’s Draghi Plays His Last Card To Stave Off Deflation (AEP) • Draghi Can Cut Borrowing Costs, But He Can’t Make Companies Borrow (BBG) • Japan, An Economics Lab Where Theories Go to Die (BBG) • China May Rein in Wage Increases to Boost Economy (WSJ) • Germany Confirmed To Be Back In Deflation (FT) • Australians Have Amnesia On Housing And Banks (BS) • Americans’ Home Wealth Recovers
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Arthur Rackham “Why, Mary Ann, what are you doing out here?”1907 I’ll try and keep this gracefully short: Mario Draghi ‘unleashed’ a bazooka full of desperate tools on the financial markets yesterday and they blew up in his face faster than you could say blowback or backdraft (and that’s just the start of the alphabet). This must and will mean that Draghi’s stint as ECB head is for all intents and purposes done. But… But there are two questions: 1)
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William Henry Jackson Tunnel 3, Tamasopo Canyon, San Luis Potosi, Mexico 1890 • IMF Says World At Risk Of ‘Economic Derailment’ (BBC) • Whole Of Europe Risks Spinning Into Crisis If Leaders Mishandle Brexit (AEP) • This Is Jeff Gundlach’s Favorite -& Scariest- Chart (ZH) • “However It Takes” #Draghi (BM) • Senior European Bankers Voice Concerns Over ECB Cut (FT) • Markets Betting On Near-Zero Interest Rates For Another Decade (Reuters) • What’s In A Growth Target? For China,
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