Unknown Charleston, SC, after bombardment. Ruins of Cathedral of St John and St Finbar 1865 • Slowing Productivity Fast Becoming A Global Problem (Lebowitz) • Dow, S&P Off To Worst Four-Day Jan Start Ever As China Fears Grow (Reuters) • US Stock Markets Continue Plunge (Guardian) • China Has Not One Insolvable Problem, But Many Of Them (Mish) • Capital Flight Pushes China To The Brink Of Devaluation (AEP) • China Stocks Rebound as State Funds Said to Buy Equities
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Berenice Abbott William Goldberg, 771 Broadway, Manhattan 1937 If there’s one thing to take away from this year’s developments in markets and economies so far, it’s that they are all linked, they’re all part of the same thing. If you can’t see that, you’re not going to understand what’s happening. Looking at falling oil prices as a separate thread is not much use, and neither is doing the same with Chinese stocks, or the yuan, or the millions of Americans
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Harris&Ewing Army Day Parade, Memories of the World War, Washington DC 1939 • China Stock Markets Shuttered -Again- After Falling 7% (FT) • China Jolts Markets With Sharply Lower Yuan Fix (CNBC) • Offshore Yuan Rises From Five-Year Low as PBOC Puzzles Markets (BBG) • Global Oil Prices Hit 12-Year Low (Reuters) • Shanghai Fund Manager Dumps All Holdings in ‘Insane’ Market (BBG) • It’s All Bad News for Markets Buckling Under China, Fed, Economy (BBG) • George Soros Sees
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William Henry Jackson Eureka, Colorado 1900 • Contracting US Industrial Output Associated With Onset Of A Recession (WSJ) • “We Frontloaded A Tremendous Market Rally” Former Fed President Admits (ZH) • “It’s A Really Messy Start To The Year” For Markets (BBG) • Saudis Slash European Oil Prices as Middle East Tensions Grow (WSJ) • Saudi Arabia Hikes Domestic Gas Prices By 50% Amid Budget Cuts (CNN) • Spread Between Onshore, Offshore Yuan Widest Since September 2011 (Reuters) • Dow
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DPC Broadway at night from Times Square 1911 • The $289 Billion Wipeout That Blindsided US Bulls (BBG) • A Stock Market Crash Of 50%+ Would Not Be A Surprise (BI) • Bank of America Thinks The Probability Of A Chinese Crisis Is 100% (ZH) • China Injects $20 Billion Into Markets, Hints At Curbs On Share Sales (Reuters) • China Said to Intervene in Stock Market After $590 Billion Rout (BBG) • China Rail Freight Down 10.5% In 2015,
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Marion Post Wolcott Natchez, Mississippi, grocery window 1940 The Chinese stock markets broke through 2 circuit breakers today, breakers that were introduced only a few months ago in response to the market selloff, triggered by a surprise yuan devaluation, in August. The first breaker, at -5%, forced a 15-minute trading halt. The second one, at -7%, halted trading for the rest of the day. For many people, today’s bust can’t have been a huge surprise, because it’s been known for
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AP Refugee carries child in freezing waves off Lesbos 2016 • China Halts Stock Trading After 7% Rout Triggers Circuit Breaker (BBG) • China Factories Struggle As Weak Exports Drag Industry In Asia (Reuters) • China’s Tech Sector Likely Faces Tougher Sledding in 2016 (WSJ) • Obama Dollar Rally Is Forecast to Join Clinton, Reagan Upturns (BBG) • Global Stock Markets Overvalued And Unprepared For Return Of Risk (Telegraph) • Reserve Bank of Australia Index of Commodity Prices (RBA) •
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Russell Lee Bike rack in Idaho Falls, Idaho 1942 • “This Is The Worst Global Dollar GDP Recession In 50 Years” (ZH) • New Year’s Hangover For Wall Street: Earnings Season Misery (MarketWatch) • China’s Factories In The Grip Of Longest Contraction In Six Years (Ind.) • How a Turbulent Year Derailed China’s Reform (WSJ) • Chinese State-Owned Finance Firm Goes Global To Raise Funds (SCMP) • 2015: Peak Cognitive Dissonance (Noland) • Bank of Greece Governor Warns on Measures
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Earl Theisen Walt Disney oiling scale model locomotive at home in LA 1951 • After a Tumultuous 2015, Investors Have Low Expectations for Markets (WSJ) • Will Corporate Investment and Profits Rebound This Year? (WSJ) • A Year of Sovereign Defaults? (Carmen Reinhart) • The Next Big Short: Amazon (Stockman) • The Real Financial Risks of 2016 (Taleb) • High-Yield Bonds: Worthy of the Name Again (WSJ) • Slowdown In Chinese Manufacturing Deepens Fears For Economy (Guardian) • Opinion Divided
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Unknown Gurley-Lord service station, San Francisco 1929 • US Stocks Close Out The Worst Year For The Market Since 2008 (AP) • Oil Drops 31% In 2015 On Global Crude Glut (MarketWatch) • Gold Sinks 10% For 3rd Annual Loss as Platinum, Palladium Hit Hard (Reuters) • Copper Ends Dismal Year on a Low Note (WSJ) • Half a Million Bank Jobs Have Vanished Since 2008 Crisis (BBG) • China December Factory Activity Shrinks (Reuters) • Chicago PMI Plummets To
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