DPC Launch of battleship Georgia, Bath, Maine, Oct 1904 • At Least 10 More Children And 6 Adult Refugees Drown Off Greek Islands (Kath.) • Germany Shows Signs of Strain from Mass of Refugees (Spiegel) • Why The Euro Divides Europe (Wolfgang Streeck) • The Truth Behind China’s Manipulated Economic Numbers (Telegraph) • China’s Premier Li Says Achieving Growth Of Around 7% ‘Not Easy’ (Reuters) • China ‘Officially’ Sold A Quarter Trillion Treasurys In The Past Year (ZH) • The
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Wyland Stanley Indian guides and Nash auto at Covelo stables., Mendocino County CA 1925 • Last 30 Years Of Global Economic History Are About To Go Out The Window (Quartz) • Nowhere in US Can A Single Adult Live On Less Than $14/Hr In 40-Hour Week (DK) • US Manufacturing Falls for a Second Month (Bloomberg) • US Export Industries Are Losing 50,000 Jobs A Month (Bloomberg) • Wrath of Financial Engineering: It’s Now Eating into Earnings (WolfStreet) • Megamergers
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Alfred Palmer White Motor Company, Cleveland 1941 • Corporate America’s Epic Debt Binge Leaves $119 Billion Hangover (Bloomberg) • The Economic Doomsday Clock Is Ticking Closer To Midnight (Artemis) • Rich Nations Lose Emerging-Markets Motor (WSJ) • Be Very Afraid: “The 3 Emerging Markets Debacles” Loom, HSBC Warns (Zero Hedge) • Goldman Sachs Blames Global Market Fears For Earnings Fall (Guardian) • Debt Slump Leaves Traders Exposed as European Banks Eye Job Cuts (Bloomberg) • Markets Expect Eurozone Deposit Rate
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Marion Post Wolcott. Unemployed coal miner’s mother in law and child. Marine, West Virginia 1938 The Automatic Earth’s Nicole Foss recorded a podcast yesterday with Jack Spirko at the Survival Podcast. I haven’t even had time to listen to it yet, but I’m sure it’ll be as lightheartedly entertaining as her appearances always tend to be ;-). One thing I did notice is that for the first 13 minutes or so, there is no Nicole, just talk about sponsors of
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DPC League Island Navy Yard, Philadelphia. USS Brooklyn spar deck 1898 • The Biggest American Debt Selloff In 15 Years (CNN) • Inequality To Drive ‘Massive Policy Shift’: Bank of America (CNBC) • At US Ports, Exports Are Coming Up Empty (WSJ) • Consumers Shutting Down As US Economy Deflates (CNBC) • The US Is Closer To Deflation Than You Think (CNBC) • Walmart Share Plunge Wipes Out $21 Billion In Market Cap In One Day (USA Today) • Wal-Mart
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NPC Ford Motor Co. coal truck, Washington, DC 1925 • China Producer Prices Down -5.9%, 43rd Straight Month of Declines (Reuters) • The Next China Default Could Be Days Away as Steel Firms Suffer (Bloomberg) • CLSA Just Stumbled On The Bad Debt Neutron Bomb In China’s Banking System (ZH) • Denominated In USD, The World Is Already In A Recession: HSBC (Zero Hedge) • Citi’s Buiter: World Faces Recession Next Year (CNBC) • JPMorgan’s Earnings Miss May Signal Gloomy
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Russell Lee Columbia Gardens outdoor amusement resort, Butte, Montana 1942 • US Debt Markets Shaken Amid More Corporate Downgrades And Defaults (WSJ) • Why US Banks Soon Will Be Singing The Blues (CNBC) • China Imports Slump 20% Amid Falling Commodity Prices, Weak Demand (Guardian) • China Trade Data Unsettle Asian Bourses (FT) • China’s Stock Rally-to-Rout Is About to Repeat (Bloomberg) • KKR Warns About Renewed Commodity, Emerging-Market Rout on China (Bloomberg) • Pimco’s Bear Case Only Gets Stronger
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Jack Delano Gallup, New Mexico. Train on the Atchison, Topeka & Santa Fe 1943 Some things you CAN see coming, in life and certainly in finance. Quite a few things, actually. Once you understand we’re on a long term downward path, also both in life and in finance, and you’re not exclusively looking at short term gains, it all sort of falls into place. The only remaining issue then is that so many of you DO look at short term
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Dorothea Lange Country filling station, Granville County, NC July 1939 • The Golden Age Of Central Banks Is At An End – Time To Tax And Spend? (Guardian) • QE Causes Deflation, Not Inflation (Josh Brown) • Western Economies Still Too Weak To Handle Fed Rate Rise, Says China (Guardian) • The World Still Needs A Way To Stop Hot Money Scalding Us All (Guardian) • Glencore Shares Halted Pending Statement On Proposed Asset Sales (Bloomberg) • Commodity Contagion Sparks
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Marjory Collins Window of Jewish religious shop on Broome Street, New York Aug 1942 • The World Economic Order Is Collapsing And There Seems No Way Out (Observer) • Central Bank Cavalry Can No Longer Save The World (Reuters) • Quantitative Frightening (Economist) • Beijing’s Market Rescue Leaves China Stocks Stuck in the Doldrums (WSJ) • Fed Officials Seem Ready To Deploy Negative Rates In Next Crisis (MarketWatch) • IMF: Keep Interest Rates Low Or Risk Another Crash (Guardian) •
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