DPC Cuyahoga River, Lift Bridge and Superior Avenue viaduct, Cleveland, Ohio 1912 • Emerging Market Debt Sales Are Down 98% (BBG) • BIS Warns “Uneasy Calm” In Global Markets May Be Shattered By Fed Hike (ZH) • BIS Argues For Tighter Monetary Policy In Spite Of ‘Uneasy Calm’ (FT) • Corporate Bond Market Hit By Rates Fears (FT) • Junk Bonds Set For First Annual Loss Since Credit Crisis (WSJ) • Japan’s Current Recession To Prove An Illusion (FT) •
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Yannis Behrakis Iranian immigrant at Greece-FYROM border 2015 • Swiss To Vote On Private Banks’ License To Create -Electronic- Money (FT) • Finland Plans To Give Every Citizen An €800 A Month Basic Income (Quartz) • These Ain’t Your Grandfather’s “Jobs” (David Stockman) • ECB Lowered Stimulus Ambitions After Hitting Opposition (Reuters) • Paralysed OPEC Pleads For Allies As Oil Price Crumbles (AEP) • China’s Consumers Have a Long Way to Go (BBG) • Pursuing Transparency, Pope Orders External Audit
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Yannis Bahrakis Witnessing the refugee crisis 2015 Perhaps the best way to show what a mess Europe is in is the €3 billion deal they made with Turkey head Erdogan, only to see him being unmasked by EU archenemy Vlad Putin as a major supporter, financial and who knows how else, of the very group everyone’s so eager to bomb the heebees out after Paris. It could hardly have been more fitting. That’s not egg on your face, that’s face
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DPC “Broad Street and curb market, New York” 1906 • US, EU Bond Markets Lose $270 Billion In One Day (BBG) • US Corporate Debt Downgrades Reach $1 Trillion (FT) • UK Call For ‘Multicurrency’ EU Triggers ECB Alarm (FT) • Why the Euro Is A Dead Currency (Martin Armstrong) • ‘There Cannot Be A Limit’ To Stimulus, Says ECB president Mario Draghi (AFP) • SEC to Crack Down on Derivatives (WSJ) • Banks Said to Face SEC Probe Into
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Danish frontpage today after No To More EU vote • Stocks Plunge With Dollar, Bonds as ECB Decisions Disappoint (BBG) • Mario Draghi Riles Germany With QE Overkill (AEP) • “But It’s Just A 0.25% Rate Hike, What’s The Big Deal?” (ZH) • Bankruptcy Might Be the Mining Industry’s Last Best Hope (BBG) • “Distress” in US Corporate Debt Spikes to 2009 Level (WolfStreet) • Hong Kong Housing Bubble Collapses, Sales Plunge 42% (ZH) • For China, The Real Battle
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Arthur Rothstein “Quack doctor, Pittsburgh, Pennsylvania” 1938 • Yellen Says ‘Looking Forward’ To Day Of First Rate Rise In Decade (Reuters) • Opposition To ECB Stimulus Could Lead To Watered-Down QE Plan (FT) • Equities Peak 12-18 Months After A Peak In Margins; We’re Now 15 Months In (ZH) • Commodity-Related -Junk- Bonds Face Big Losses: Moody’s (MarketWatch) • Oil Speculators Risk ‘Short Squeeze’ If Impulsive Saudi Prince Throws OPEC Surprise (AEP) • China Says To Cut Power Sector Emissions
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Lewis Wickes Hine News of the Titanic and possible survivors 1912 • China Has Reached ‘Peak Debt’ (David Stockman) • Manufacturing in US Unexpectedly Shrinks Most Since June 2009 (BBG) • 7 Years After The Crisis, Britain Is Still Addicted To The Drug Of Debt (Ind.) • British Workers Will Have Worst Pensions Of Any Major Economy (Guardian) • Volkswagen US Sales Plunge 25%, S&P Cuts Rating (AP) • Piketty: Inequality Is A Major Driver Of Middle Eastern Terrorism (WaPo)
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John Vachon Hull-Rust-Mahoning, largest open pit iron mine in the world, Hibbing, Minnesota 1941 • 4 Telltale Signs The Credit Cycle Is Turning Now (Zero Hedge) • This Chart Should Put Stock Investors On High Alert (MarketWatch) • There’s a Big Drop in US Treasury Debt Supply Coming in 2016 (BBG) • Perverse Incentives : Stock Buybacks Blow Up Corporate America (Lebowitz) • IMF Approves Reserve-Currency Status for China’s Yuan (BBG) • Euro to Bear Brunt of Yuan’s Inclusion in
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John Vachon Trucks loaded with mattresses at San Angelo, Texas Nov 1939 • COP-21 Climate Deal In Paris Spells End Of The Fossil Era (AEP) • Oil’s Big Players Line Up for $30 Billion of Projects in Iran (Bloomberg) • India Opposes Deal To Phase Out Fossil Fuels By 2100 (Reuters) • Beijing Smog Levels So High They Move ‘Beyond Index’ (Bloomberg) • World’s Biggest Pension Fund Loses $64 Billion Amid Equity Rout (Bloomberg) • Iron Ore Falls Below $40
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Edwin Rosskam Provincetown, Massachusetts 1937 • US Black Friday Sales Fall 10% From Last Year (AP) • China’s Shadow Banking Risk Shifts To Booming Bond Market (Reuters) • Chinese Pull Back From US Property Investments (WSJ) • Chinese Cash Floods US Real Estate Market (NY Times) • Giant ‘Green Energy’ Boondoggle Flops in Spain (Tenebrarum) • How Green Energy Really Works (Tenebrarum) • Kremlin Says Putin ‘Fully Mobilized’ To Tackle Threat From Turkey (Reuters) • Vladimir Putin Announces Russian Sanctions
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