DPC Pere Marquette transfer boat 18 passing State Street bridge Chicago River 1901 • Oil Falls 3% On Surplus Worries, As US Drops Toward $27 (Reuters) • Shell Q4 Profit Plunges as Oil’s Slump Deepens (BBG) • Chinese Stocks in Hong Kong Fall to Global Financial Crisis Lows (BBG) • Nikkei, Hang Seng Lead Slump In Asian Markets (CNBC) • Recent S&P 500 Correction Appears Small in Context of History (BBG) • World Faces Wave Of Epic Debt Defaults: Central
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Ann Rosener Reconditioning spark plugs, Melrose Park Buick plant, Chicago 1942 • China GDP at 25-Year Low, Long Slog Increases the Pain (WSJ) • China Stocks Surge As GDP Triggers Expectations Of Beijing Stimulus (MW) • The Case for Chaos in Trying to Pick Bottom of US Equity Rout (BBG) • Big US Banks Brace For Oil Loans To Implode (CNN) • The Fed Responds To Zero Hedge: Here Are Some Follow Up Questions (ZH) • The North Dakota Crude
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Berenice Abbott Columbus Circle, Manhattan 1936 We’ve only really been in two weeks of trading in the new year, things are looking pretty bad to say the least, so predictably the press are asking -and often answering- questions about when the slump will be over. Rebound, recovery, the usual terminology. When will we get back to growth? For me personally, but that’s just me, that last question sounds a bit more stupid every single time I hear and read it.
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DPC Chicago & Alton Railroad, Joliet, Illinois 1901 • Asian Shares Drop To 2011 Levels As Oil Slump Intensifies (Reuters) • Oil Slides To Lowest Since 2003 As Iran Sanctions Are Lifted (Reuters) • Hedge Funds Are Betting The Commodities Collapse Isn’t Over Yet (BBG) • Gulf Stock Crash Wipes $38.5 Billion Off Markets As Iran Enters Oil War (Tel.) • Richest 1% Now Wealthier Than The Rest Of Humanity Combined (BBG) • Stock Market Crash Could Burst UK Property
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DPC Madison Avenue, Memphis, Tennessee 1906 • Why Are We Looking On Helplessly As Markets Crash All Over The World? (Hutton) • China’s Stock Market Value Plummets By $600 Billion In One Week (Xinhua) • The Ugly Subtext Beneath China’s Two-Track Economy Tale (FT) • Buckle Your Seatbelts: China Could Rock Markets Next Week (CNBC) • China’s Economy Grew By Around 7% In 2015, Premier Li Says (Reuters) • The Fantasy And The Reality Of China’s Economic Rebalancing (CNBC) •
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DPC Union Station, Worcester, Massachusetts 1906 • US Stocks Post Worst 10-Day Start To A Year In History (MW) • What Goes Up, Comes Down Considerably Faster (ZH) • Wall Street Hemorrhages As Oil Tumbles And China Fears Deepen (Reuters) • Weak US Data Deluge Points To Sharply Slower Growth (Reuters) • A Recession Worse Than 2008 Is Coming (Michael Pento) • Looming Recession Shifts Fed Support From Equities To Dollar, Banks (Brodsky) • Global Earnings Downgrades Haven’t Been This
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DPC Foundry, Detroit Shipbuilding Co., Wyandotte, Michigan 1915 • WTI, Brent Oil Sink Under $30 (FT) • China Stocks Enter Bear Market as State-Fueled Rally Evaporates (BBG) • Asia Shares Hit 3-1/2-Year Lows As Oil Resumes Fall (Reuters) • A Towering Chinese Debt Mountain Looms Over Markets (BBG) • China’s Capital Flight (BBG) • China Wants a Reserve Currency and Control, But Can’t Have Both (BBG) • Layoffs and Unrest Loom in China as Growth Slows (BBG) • The Simple
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Russell Lee Tracy, California. Tank truck delivering gasoline to a filling station 1942 The first thing that popped into our minds on Tuesday when WTI oil briefly broached $30 for its first $20 handle in many years, was that this should be triggering a Gawdawful amount of bets, $30 being such an obvious number. Which in turn would of necessity lead to a -brief- rise in prices. Apparently even that is not so easy to see, since when prices did
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DPC Oyster luggers along Mississippi, New Orleans 1906 • Asia Stocks Extend Losses, Japan’s Nikkei Falls 3.67% (CNBC) • Oil and US Stocks Tumble Over Fears For Global Economy (Guardian) • China Bear Market Looms as PBOC Fails to Stop Flight to Safety (BBG) • Q4 Will Be Worst US Earnings Season Since Third Quarter Of 2009 (ZH) • The Real Price of Oil Is Far Lower Than You Realize (BBG) • Crude At $10 Is Already A Reality For
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Jimmy King Bowie last photo on last birthday Jan 8 2016 • Beware The Great 2016 Financial Crisis, Warns Albert Edwards (Guardian) • Chinese Exports Post First Annual Decline Since 2009 (WSJ) • China’s Hefty Trade Surplus Is Dwarfed by Outflows (WSJ) • China Predicts Painful Year In 2016 As Trade Slumps (Guardian) • Behind Chinese Yuan’s Tiny Drop, Indications of True Crisis Lurk (BBG) • Chinese Shipyards Vanish With Appetite for Consuming Iron Ore (BBG) • China’s Banks Could
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