DPC Jai alai hall, Havana, Cuba 1904 • Recession Risks Warn Of ‘Severe’ Drop In The Stock Market (MW) • Exxon Faces First Downgrade in 86 Years (BBG) • Iraq Sells Oil At $22, Fiscal Cliff Looms (BI) • Goldman Sachs Questions Capitalism (BBG) • Eurozone Manufacturing & Service Industries Cut Prices (BBG) • Plan To Increase The Yuan’s Trading Flexibility Gains Momentum (BBG) • Spring Festival Travel A One-Way Journey For Many Chinese (CNBC)
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NPC Minker Motor Co, 14th Street NW, Washington, DC 1922 • The Citi Market-Crash Clock Says It’s 5 Minutes To Midnight (BI) • Time Running Out For China On Capital Flight, Warns Bank Chief (AEP) • China Announces 400,000 Steelworker Job Cuts, 3 Million More Expected (WSWS) • Hong Kong Property Sales Slump To 25 Year Low (BBG) • Hong Kong Short Sellers Could Find The Weak Link In Real Estate (MW) • Oil-Price Poker: Why the Saudis Won’t Fold
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Konstantinos Polychronopoulos 2016 Time does indeed fly; I’ve already been back in Athens for a week, but I still haven’t told you about it -a nasty flu now in its 4th day is a partial excuse-, and also haven’t even written the story of my last trip in Nov-Dec. Don’t think it’s Zika, though that’s a weird story; from what I gather someone was testing a GMO fly back in the Caribbean that caused this mutation and now someone wants
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Matson Aircraft refueling at Semakh, British Mandate Palestine 1931 • China Manufacturing Shrinks At Fastest Rate For Over 3 Years (Reuters) • Mid-Tier Chinese Banks Piling Up Trillions Of Dollars In Shadow Loans (Reuters) • US Hedge Funds Mount New Attacks on China’s Yuan (WSJ) • China’s Steel Sector Hit By Growing Losses (FT) • Athens And Rome Expose Europe’s Greatest Faultlines (Münchau) • Euro-Area Factories Cut Prices as Deflation Risks Loom Large (BBG) • Nigeria Asks For $3.5 Billion
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Edwin Rosskam Shoeshine, 47th Street, Chicago’s main Negro business street 1941 • A Chinese Banker Explains Why There Is No Way Out (ZH) • China GDP Growth 4.3%, Or Lower, Chinese Professor Says (WSJ) • Yuan Vs. Yen: How China Figures Into Japan’s Negative Rates (WSJ) • IPO Market Comes to a Standstill (WSJ) • Greece’s Lenders To Start Bailout Review On Monday (Reuters) • Milk Collapse Brings a 45% Pay Cut to England’s Dairy Farmers (BBG) • ‘Peak Stuff’
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William Henry Jackson Steamboat Metamora of Palatka on the Ocklawaha, FL 1902 • Bank Of Japan’s Negative Rates Are ‘Economic Kamikaze’ (CNBC) • Negative Rates In The US Are Next (ZH) • The Boxed-In Fed (Tenebrarum) • Central Banks Go to New Lengths to Boost Economies (WSJ) • China Stocks Have Worst.January.Ever (ZH) • China’s ‘Hard Landing’ May Have Already Happened (AFR) • China To Adopt 6.5-7% Growth Target Range For 2016 (Reuters) • Junk Bonds’ Rare Negative Return In
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DPC Grand Central Station and Hotel Manhattan, NY 1903 • Nikkei Ends Up After Roller-Coaster Ride On BOJ’s Rate Cut (CNBC) • US Durable Goods Orders Tumbled 5.1% in December (WSJ) • Amazon Shares Plunge 13% As Profit Misses Estimates (Reuters) • The Shipping News Says the World Economy Is Toast (BBG) • Red Ponzi Ticking (David Stockman) • China’s Debt-To-GDP Rises To A Gargantuan 346% (ZH) • The $29 Trillion Corporate Debt Hangover That Could Spark a Recession (BBG)
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DPC The Arcade, Cleveland 1901 • US Crude Inventories Are The Highest Since the 1930s (ZH) • Chart Going Back To 1861 Shows Oil Isn’t Insanely Cheap Right Now (MW) • Why the Fed Has the Stock Market Spooked (WSJ) • China Shares Flounder Again, But ‘Real Economy’ Sound Says State Media (Reuters) • China’s Central Bank Makes Most Massive Cash Infusion In 3 Years (WSJ) • China Sharpens Efforts to Halt Money Outflow (WSJ) • Hysteria Over China Has
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Berenice Abbott Broome Street, Nos. 504-506, Manhattan 1935 Though she had no intention of being funny, we laughed out loud, as undoubtedly many did with us, when incumbent and wannabe IMF head Christine Lagarde said last week in Davos that China has a communication issue. Of course, Lagarde knows full well that Beijing has much bigger problems than communication ‘with the market’. Or, to put it differently, if Xi and Li et al would ‘improve’ their communication by telling the
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DPC City Market, Kansas City, Missouri 1906 • Nikkei Climbs, But Shanghai Extends Fall (CNBC) • Why China’s Capital Flight Carnage Will Continue (Telegraph) • A China Bank Contagion Could Blow Up Global Markets (CNBC) • China Accuses George Soros Of ‘Declaring War’ On Yuan (AFP) • Head Of China’s Statistics Bureau Investigated For Corruption (AFP) • Inquiry in China Adds to Doubt Over Reliability of Economic Data (NY Times) • Cash Is King as Europe Adapts to Negative Interest
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