Walker Evans “Sidewalk scene in Selma, Alabama.” 1935 • ECB Fears ‘Abrupt Reversal’ For Global Assets On Fed Tightening (AEP) • US And China Can Avoid Collision Course – If US Gives Up Its Empire (Guardian) • The Economist Who Realized How Crazy We Are (Michael Lewis) • Euro-Sclerosis (Alasdair Macleod) • This Time It Is Different (Martin Armstrong) • Austerity and Balanced Budgets Doomed To Fail (Rochon) • John Nash’s Game Theory Doesn’t Bode Well For Greece (El-Erian) •
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Walker Evans Vicksburg, Mississippi. “Vicksburg Negroes and shop fronts” 1936 • US Firms Spend More on Buybacks Than Factories (WSJ) • You’ve Met Hillarynomics. Now Meet Left-of-Hillarynomics. (Vox) • 40% of American Workers Now Have ‘Contingent’ Jobs (Forbes) • Fossil Industry Faces A Perfect Political And Technological Storm (AEP) • The Tanker Market Is Sending a Big Warning to Oil Bulls (Bloomberg) • China Stocks Plunge 6.5%, Worst Selloff In 4 Months (CNBC) • Yen Drops to 12-Year Low as
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Dorothea Lange Salvation Army, San Francisco, California. Unemployed young men 1939 There are many things going on in the Greece vs Institutions+Germany negotiations, and many more on the fringe of the talks, with opinions being vented left and right, not least of all in the media, often driven more by a particular agenda than by facts or know-how. What most fail to acknowledge is to what extent the position of the creditor institutions is powered by economic religion, and that
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Walker Evans Shoeshine stand, Southeastern US 1936 • China Blows Its Debt Bubble Bigger (Pesek) • Bernanke: No Risk Of Hard Landing In China (Reuters) • Greece May Delay IMF Payments Till The End Of June (Guardian) • Greece’s Creditors Must ‘Get Their Act Together’, Says Varoufakis (AFP) • Steve Keen: Varoufakis Battles ‘Divorce Lawyer’ Style Austerity Talks (CNBC) • Juncker Questions Varoufakis, Tsipras (Kathimerini) • Greek Default, European Bankruptcy (Jacques Sapir) • A Parallel Currency For Greece: Part I
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Walker Evans Vicksburg, Mississippi. “Vicksburg Negroes and shop front.” 1936 • We Must Protect Our Children From Austerity (Guardian) • Greek Hospitals Out Of Painkillers, Scissors And Sheets Due To Austerity (RT) • The Key To A Greek Economic Revival Has To Be An End To Austerity (Münchau) • Austerity Is the Only Deal-Breaker (Yanis Varoufakis) • Greece Is All But Bankrupt (NY Times) • The World Is Drowning In Debt, Warns Goldman Sachs (Telegraph) • Investors Are Playing A
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Harris&Ewing District National Bank, Washington, DC 1931 • Memorial Day: Our Soldiers Died For The Profits Of The Bankers (Smedley Butler) • Europe’s Biggest Debt Collector: Central Banks’ Stimulus Has Failed (Bloomberg) • “It’s A Coup D’Etat”, “Central Banks Are Out Of Control” – David Stockman (ZH) • Unemployment Is a Big Threat to Eurozone Economy, Central Bankers Warn (WSJ) • HSBC Fears World Recession With No Lifeboats Left (AEP) • Did China Just Launch World’s Biggest Spending Plan? (Gordon
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Harris&Ewing F.W. Grand store, Washington, DC 1925 Mario Draghi made another huge faux pas Thursday, but it looks like the entire world press has become immune to them, because it happens all the time, because they don’t realize what it means, and because they have a message if not a mission to sell. But still, none of these things makes it alright. Nor does Draghi’s denying it was a faux pas to begin with. And while that’s very worrisome, ‘the
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Harris&Ewing Underwood Typewriter Co., Washington, DC 1919 • Borders Closing And Banks In Retreat; Is Globalisation Dead? (Guardian) • Capitalism Is Killing America’s Morals, Our Future (Paul B. Farrell) • America Has Become a “Banana Republic Run by Wall Street Criminals” (MM) • Tsipras Reiterates Red Lines But Faces Revolt Within Syriza (Kathimerini) • Europe Said to Weigh Contingency Plans in Greece Impasse (Bloomberg) • Neither Grexit Nor A Dual Currency Will Solve Greece’s Problems (Matthes) • Hotel Contracts With
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G. G. Bain Hudson-Fulton celebration. Union League Club. New York. 1909 • Our $58 Trillion Love Affair With Debt, In One Crazy Chart (CNBC) • Fed On Track To Hike Rates As Economic Headwinds Wane: Yellen (Reuters) • BRICS To Establish New Multi-Currency Financial Order (RT) • How ‘Mathiness’ Made Me Jaded About Economics (Bloomberg) • Jim Chanos Thinks China Could Be The Next Greece (MarketWatch) • Greece and Creditors Struggle for Elusive Deal (WSJ) • Eurozone Says No Greek
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NPC Dedication of Francis Asbury statue, Washington, DC 1924 The present Chinese leadership appears to be trying to gain (regain?) more -if not full- control over the country’s economic system, while at the same time (re-)boosting the growth it has lost in recent years. President Xi Jinping, prime minister Li Keqiang and all of their subservient leaders – there are 1000’s of those in a 1.4 billion citizens country- apparently think this can be done. Yours truly doubts it. As
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