Gordon Parks Harlem, New York 1943 • Fantasy and Magic: A New Central Bank Approach (WSJ) • Draghi Has Two Weeks To Pull Another Rabbit Out Of The Bag (BBG) • Investors Fear Central Bank Policy Errors (FT) • China Adds To The World’s Most Dangerous Debt Pile (BBG) • How Long Before The Cracks Show In China’s Great Currency Wall? (Reuters) • Capital Controls In China A Possibility (CNBC) • World Bank’s Kim Sees Little Chance of G-20 Action
Read More...
Dorothea Lange “Men on ‘Skid Row’, Modesto, California” 1937 • Barclays Says Sharp Yuan Devaluation Needed (BBG) • Standard Chartered Plunges 12% On Annual Loss, Loan Impairments (BBG) • Financial Time Bombs Hiding In Plain Sight (David Stockman) • Central Bankers On The Defensive As Weird Policy Becomes Even Weirder (G.) • Foreign Central Banks Dump Cash At Federal Reserve (Reuters) • Taxpayers Cannot Bank On An End To The Era Of Too Big To Fail (FT) • That’s Not
Read More...
NPC People’s Drug Store, 11th & G streets, Washington DC 1920 • NYSE Short Interest Nears Record – And We Know What Happened Last Time (ZH) • EU Chamber Urges China To Cut Excess Production (WSJ) • Biggest Banks’ Commodity Revenue Slid to Lowest in Over a Decade (BBG) • The Metals Crunch Is Forcing Miners To Reconsider Diversification (Economist) • The World’s Biggest Miner May Be About to Toast Its Oil Drillers (BBG) • New Market Storm Could Catch
Read More...
“6 gals for 99c”, Roosevelt and Wabash, Chicago 1939 That the world’s central bankers get a lot of things wrong, deliberately or not, and have done so for years now, is nothing new. But that they do things that result in the exact opposite of what they ostensibly aim for, and predictably so, perhaps is. And it’s something that seems to be catching on, especially in Asia. Now, let’s be clear on one thing first: central bankers have taken on
Read More...
Wyland Stanley Boeing 314 flying boat Honolulu Clipper. 1939 • BofA: ‘Shanghai Accord’, Massive Central Bank Intervention Imminent (ZH) • I Don’t Know What The Bulls Are Smoking: Stockman (CNBC) • China Lenders’ Foreign-Exchange Holdings Omitted From PBOC Data (BBG) • Sensitive Financial Data ‘Missing’ From PBOC Report On Capital Outflows (SCMP) • Xi Jinping Demands ‘Absolute Loyalty’ From Chinese State Media (AP) • The Only Thing Worse Than Oil? Investing in It (WSJ) • A Furious Turkey Says US
Read More...
Russell Lee “Yreka, California. Magazine stand” 1942 • Commodities’ $3.6 Trillion Black Hole (BBG) • ‘It’s Going To Be Much Worse Than 2008’ (FS) • Has The Market Crash Only Just Begun? (ZH) • The US Economy Has Not Recovered and Will Not Recover (PCR) • Worldwide M&A Activity Falls 23% (Reuters) • US Shale Faces March Madness With $1.2 Billion in Interest Due (BBG) • Moody’s Tallies 28 Downgrades In The Energy Sector Since December (MW) • Why Oil
Read More...
Richardson Hope for a New Life: Man passes baby through fence, Serbia/Hungary border 2015 • Negative Interest Rates Set The Stage For The Next Crisis (Stephen Roach) • Why Negative Interest Rates Spell Doom For Capitalism (Romano) • Central Banking Is In Crisis. Can The World Economy Be Far Behind? (Economist) • Bank of Japan Baffled by Negative Reaction to Negative-Rate Policy (WSJ) • Nomura Sees Yen Falling More Than 10% on BOJ Negative Rates (BBG) • Abenomics? How About
Read More...
Russell Lee “Yreka, California, seat of a county rich in mineral deposits” 1942 • Negative Interest Rates A ‘Dangerous Experiment’, Warns Morgan Stanley (MW) • Negative Interest Rates Are A ‘Gigantic Fiscal Failure’ (AEP) • Japan’s Exports Drop Most Since 2009 as Sales to China Fall (BBG) • Japan Shelves Plan to Let Pension Fund Directly Invest in Stocks (WSJ) • China’s Banks May Be Getting Creative About Hiding Their Losses (BBG) • China Central Bank Takes Another Step To
Read More...
DPC The Wizard Tree, Cathedral Woods, North Conway, White Mountains, New Hampshire 1900 A week after the New Hampshire Presidential Primaries, what lessons, if any, can we take from the dramatic victories of two outsider candidates? Former New Hampshire resident and occasional Automatic Earth contributor Nelson Lebo weighs in. Note: Nelson writes below that “Trumpification is a clear and present danger” for writers like me “who rely on the best available data, statistics, facts”. But so far I find Trump
Read More...
DPC Snow removal – Ford tractor Washington, DC 1925 • Banks’ Balance Sheets Are Poor Guides To Actual Risks And Uncertainties (FT) • Banks Are Still The Weak Links In The Economic Chain (FT) • The Eurozone Can’t Survive Another Banking Crisis (MW) • I’m in Awe at Just How Fast Global Trade is Unraveling (WS) • Tilting At Windmills: The Faustian Folly Of Quantitative Easing (Steve Keen) • If Zero Interest Rates Fixed What’s Broken, We’d Be in Paradise
Read More...