NPC Capitol Refining Co. plant, Relee, Alexandria County 1925 • Pensioners Prosper, The Young Suffer. UK Social Contract Is Breaking (Willetts) • Putting China’s “6.9% GDP Growth” In Context (Lebowitz) • China Premier Says 7% Growth Goal Never Set In Stone (Reuters) • China Communist Party Paper Says Country Should Join TTIP (Reuters) • Cyber Attacks Bigger Threat To Our Banking System Than Bad Debts (Luyendijk) • The Age Of The Torporation (Economist) • Listen – Is That The Sound
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William Henry Jackson Hospital Street, St. Augustine, Florida 1897 • China Cuts Interest Rates, Reserve Ratios to Counter Slowdown (Bloomberg) • China Interest Rate Cut Fuels Fears Over Ailing Economy (Guardian) • Why The Chinese Rate Cut Will Not Slow China’s Economic Decline (Coward) • Reactions To Rate Cut: “China Is Getting More And More Desperate” (Zero Hedge) • China Takes ‘Riskiest’ Step by Ending Deposit-Rate Controls (Bloomberg) • Draghi’s Signal Adds $190 Billion to Negative-Yield Universe (Bloomberg) • Eurozone
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DPC Harlem River Speedway and Washington Bridge, New York 1905 • ECB Rings The Bell For Pavlov’s Market Dogs (AFR) • ECB President Mario Draghi Reignites Currency War Talk (AFR) • The Great Negative Rates Experiment (Bloomberg) • Every Day’s a Crisis for Europe as Merkel Heads Back to Brussels (Bloomberg) • Oil’s Big Slump Looks Like the 1980s ‘Lost Decade’ (Bloomberg) • As China Weakens, Recession Stalks North Asia (Reuters) • Credit Suisse Exiting Bond Role Sounds Alarm for
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Jack Delano Spectators at annual barrel rolling contest, Presque Isle, ME 1940 • Iceland Sentences 26 Bankers To A Combined 74 Years In Prison (USUncut) • HSBC: These Are the Economies That Could Run Into Trouble (Bloomberg) • Jim Chanos Nails the Link Between Debt and Energy (Bloomberg) • Saudis Risk Draining Financial Assets in 5 Years, IMF Says (Bloomberg) • Who on Wall Street is Now Eating the Oil & Gas Losses? (WolfStreet) • China Steel Output May Collapse
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LIFE Freedom in peril 1941 Whenever we at the Automatic Earth explain, as we must have done at least a hundred times in our existence, that, and why, we refuse to define inflation and deflation as rising or falling prices (only), we always get a lot of comments and reactions implying that people either don’t understand why, or they think it’s silly to use a definition that nobody else seems to use. -More or less- recent events, though, show us
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Christopher Helin Federal truck, City Ice Delivery Co. 1934 • China: A Debt Balloon With Nowhere to Go But Down (Bloomberg) • China Stocks Down Over 4% In Choppy Trade (CNBC) • China’s Overheated Bond Market Showing Strain for Local Bankers (Bloomberg) • China Bond Defaults Seen Rising After Sinosteel Misses Payment (Bloomberg) • Just How Bad Was the 2009 Global Recession? Really, Really Bad (Bloomberg) • Why Miners May Want To Rethink Record High Output (CNBC) • Barclays Plots
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Hans Behm Windy City tourists at Monroe Street near State 1908 • Another Quarter Of Remarkably Precise China GDP Growth Data (Reuters) • China’s Better-Than-Expected GDP Prompts Skepticism From Economists (WSJ) • Chinese Economists Have No Faith In 7% Growth ‘Target’ (Zero Hedge) • China’s Capital Outflows Top $500 Billion (FT) • China Heads For Record Crude Buying Year (Reuters) • Britain’s Love Affair With China Comes At A Price (AEP) • The Perfect Storm That Brought Britain’s Steel Industry
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Jack Delano Truck service station on U.S. 1, NY Avenue, Washington, DC 1940 • China Economy Logs Weakest Growth Since 2009 Despite Easing (Reuters) • The Fed Is Stuck, With US At The Mercy Of China (MarketWatch) • UK In Economic Kowtow To Xi Seeks ‘Golden Era’ In China Trade (Bloomberg) • Chinese Copper-Trading Surge Shakes Up Market (WSJ) • China Ponders Tool Deemed Too Risky Post 2008 to Cut Bad Loans (Bloomberg) • The World Hits Its Credit Limit,
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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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