Russell Lee Proprietor of small store in market square, Waco, Texas Nov 1939 • Negative Interest, the War on Cash and the $10 Trillion Bail-In (Ellen Brown) • Sub-Zero Debt Increases To $2 Trillion In Eurozone On Draghi (Bloomberg) • Soaring Global Debt – The Reality Check in Numbers (O’Byrne) • The Closing Of The Global Economy (Calhoun) • Harmless Commodity Crash Accelerates As Dollar Soars (AEP) • Ireland Is Backing Itself (David McWilliams) • Greek Home Rental Costs 40%
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Kennedy and Johnson Dallas, Morning of November 22 1963 • Commodity Slump Deepens as Dollar Gains; European Stocks Slide (Bloomberg) • Europe Warned On ‘Permanent’ Downturn Amid PMIs (CNBC) • Euro Drops To Seven-Month Low As Draghi Feeds Bears (Bloomberg) • Zinc Producers Keep Cutting Back, Yet Prices Keep Falling (Bloomberg) • Barclays Bets On Stock Boom As World Money Growth Soars (AEP) • Masters of the Finance Universe Are Worried About China (Bloomberg) • Is the Surge in Stock
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Theodor Horydczak Washington Monument 1933 The Automatic Earth today releases its newest video presentation by Nicole Foss. Entitled ‘Challenge and Choices’, it deals with the problems presented to us by the earth’s limits to growth, in finance, energy and the natural world, and with the options and answers that exist in face of these problems. To purchase the 3-hour video download of Challenge and Choices, go to our store. Click this image to get there: Nicole Foss: After more than
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Marjory Collins “Italian girls watching US Army parade on Mott Street, New York” 1942 • Will $4.6 Trillion Leveraged Loan Market Cause Next Financial Crisis? (Cohan) • Asia-Europe Container Freight Rates Drop 70% in 3 Weeks (Reuters) • Nightmare of Mario Draghi’s Crowded Trade (FT) • The Long, Cold Winter Ahead (Tenebrarum) • Oil Companies Brace For Big Wave Of Debt Defaults (CNBC) • Eurozone Agrees Greece Can Get Next Loan Tranche, Cash For Bank Recap (Reuters) • Half Of
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Frances Benjamin Johnston Courtyard, 620-621 Gov. Nicholls Street, New Orleans 1937 • Total US Household Debt Hits $12.1 Trillion As Subprime Auto Lending Jumps (WSJ) • US Oil Producer Bankruptcies Are Piling Up (WSJ) • Low Crude Prices Catch Up With the US Oil Patch (WSJ) • Speculators Test Saudi Currency As Oil Crisis Deepens (AEP) • Petrobras’s Dangerous Debt Math: $24 Billion Owed in 24 Months (Bloomberg) • Bank of Japan To Switch To Indicators That Show Rising Prices
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Marjory Collins “Crowds at Pennsylvania Station, New York” Aug 1942 • This Is What Will Kill The EU (Novak) • Goldman Eyes $20 Oil As Glut Overwhelms Storage Sites (AEP) • China Has a $1.2 Trillion Ponzi Finance Problem (Bloomberg) • A Hard Landing in China Could ‘Shake the World’ (Bloomberg) • The Real Reason Behind China’s Latest ‘Stimulus’ (CNBC) • China Cracks $64 Billion ‘Underground Bank’ Moving Money Abroad (Bloomberg) • China’s Yuan May Enter IMF Basket With Lower
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Robert Capa Anti-fascist militia women at Barcelona street barricade 1936 Looking through a bunch of numbers and graphs dealing with China recently, it occurred to us that perhaps we, and most others with us, may need to recalibrate our focus on what to emphasize amongst everything we read and hear, if we’re looking to interpret what’s happening in and with the country’s economy. It was only fair -perhaps even inevitable- that oil would be the first major commodity to dive
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Wyland Stanley REO taxicab, San Francisco 1924 • China’s Steel Industry Peers Into Abyss as Output to Plunge (Bloomberg) • Rio Tinto’s Optimistic About Iron Ore And That’s Reason To Worry (Bloomberg) • Zinc Lowest in 6 Years, Nickel at 12-Year Low on China Concerns (Bloomberg) • Can Anything Stop Companies From Loading Up on Debt? UBS Says No. (Alloway) • Debt, The Never-Ending Story (Economist) • Finland’s Depression Is The Final Indictment Of Europe’s Monetary Union (AEP) • China
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Christopher Helin Fisk Service garage, San Francisco 1934 • Corporate America Cannibalizes Itself With Stock Buybacks (Reuters) • Fear Spreads as China’s Finance Firms Face Arrests (Bloomberg) • Xi Says China’s Economy Resilient, Ample Room For Manoeuvring (AP) • Wall Street Is Running the World’s Central Banks (Bloomberg) • What Are The Economic Possibilities For Our Grandchildren? (Pettifor) • Arms Sales Becoming France’s New El Dorado, But At What Cost? (France24) • Eurodesperation (Coppola) • UK Plans to Prioritise Nuclear,
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DPC “Grant’s Tomb. Rubber-neck auto on Riverside Drive, New York” 1911 • Steel Is the Poster Child For Oversupplied Commodity Markets (Bloomberg) • Oil Approaching $40 Deepens Investor Pessimism on Recovery (Bloomberg) • The Saudis Are Stumbling – And May Take The Middle-East Down With Them (Hallina) • US Approves Sale Of Smart Bombs To Saudi Arabia (Reuters) • Yuan’s Offshore Discount Widens as IMF Nod May Curb Intervention (Bloomberg) • India Exports Fall 17.5%, Imports Down 21.2% (LiveMint) •
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