Lewis Wickes Hine Workers in Maryland packing company 1909 • Obama’s Plans For TPP, TTIP Trade Deals In Tatters After Senate Vote (Guardian) • US Senate Votes Against Fast-Tracking TPP (RT) • Top Democratic Senator Blasts Obama’s TPP Secrecy (Intercept) • US Set to Rip Up UBS Libor Accord, Seek Conviction (Bloomberg) • No Respite In Selloff Of Low-Risk Bonds (Reuters) • Everyone Looks in the Wrong Place for the Answer to Low Real Rates (Bloomberg) • China Outlook Even
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Arthur Rothstein Bank that failed. Kansas 1936 Greece paid off the IMF yesterday with its IMF reserves. Is that a big deal? Whatever you may want to read into this, it’s been obvious for years that Greece needs major debt restructuring if it wants to move forward and have a future as a country -let alone a member of the eurozone-. Instead, the EU/troika anno 2010 decided to bail out German and French and Wall Street banks (I know there’s
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G. G. Bain Temporary footpath, Manhattan Bridge 1908 • Fed Said To Have Emergency Plan To Intervene If US Defaulted On Debt (Reuters) • 5 Major Banks in Unprecedented Guilty Plea On Forex Rigging (Reuters) • US Companies Hoarding $1.7 Trillion In Cash (FT) • That Bond Selloff Cost How Much? (CNBC) • The Lessons For Greece’s Economy From 70 Currency Union Breakups (Bloomberg) • This One Chart Proves The Grexit Is Desirable, And Inevitable (Raas) • Greece Two Weeks
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Unknown Wharf, Federal artillery, and schooners, City Point, Virginia 1865 • ECB’s Nowotny: Greece Much More Political Than Economic Question (Reuters) • Greece’s ‘War Cabinet’ Prepares To Battle EU Creditors As Anger Mounts (AEP) • IMF and ECB Loom Large Over Greece’s Debt Talks (NY Times) • How The ECB Became The Real Villain Of Greece’s Debt Drama (Telegraph) • No Solution In Sight For Greek Crisis – Tsipras’ Impossible Dilemma (Guardian) • EU’s Unraveling Plans For Greek Debt Risks
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Jack Delano Worker inspecting locomotive, Proviso Yard 1942 From where we’re sitting, the biggest victory in the May 7 British election will turn out to be not that of the Conservatives, but of the SNP, the Scottish nationalists. The party took 56 out of 59 Scottish seats in the United Kingdom’s Westminster parliament in London (with just half of the total votes..). Perhaps even more significant is the increased divide between Scotland and ‘the rest of the UK’. While Cameron’s
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G. G. Bain Metropolitan Opera baritone Giuseppe De Luca, New York 1920 • Capitalism is the West’s Dominant Religion (Michael Welton) • Stiglitz: “You Will Have Stronger Growth If You Reduce Inequality” (WEF) • Critical Choices Loom Ahead Of Eurogroup Meeting, IMF Repayment (Kathimerini) • Greece Calls On EU/IMF Lenders To Show Political Will For Deal (Reuters) • Greek Leader Faces Revolt By Party Hardliners As Debt Showdown Looms (Guardian) • The Greek Debt Writedown And Merkel’s Role In It
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Arthur Rothstein Steam shovels on flatcars, Cherokee County, Kansas 1936 • Wall Street Soars On Hopes Of Fed Reprieve, Yet Sting In The Tail (AEP) • Wall Street Is One Sick Puppy (David Stockman) • Currencies’ Wild Ride to Get Wilder as US Rate Rise Beckons (Bloomberg) • Low Productivity Alarms US Policy Makers (FT) • Countdown To The Stock-Market Crash Of 2016 Is Ticking Louder (Paul B. Farrell) • ‘Good’ Jobs Report? 15 Million Unemployed People Want To Work
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Jack Delano Long stairway in mill district of Pittsburgh, Pennsylvania 1940 We at the Automatic Earth always try to steer clear of elections as much as possible, because there are no functioning democracies left in the west -no more than there are functioning markets-, and no journalists reporting on them either. Interesting question, by the way: how can a journalist report on a democracy that isn’t there? And where in that setting does news turn to mere opinion, and where
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Gottscho-Schleisner New York City views. Looking down South Street 1933 • Why Are Stock Prices So High? Borrowed Money (MarketWatch) • Break Up Big Banks (Senator Bernie Sanders) • Violent Bond Moves Signal Tectonic Shifts In Global Markets (AEP) • Bond Yields, Not Political Fallout, Should Be Worrying Us Now (Independent) • Rising European Yields Are A Worry For US Stocks (CNBC) • Stocks May Find It Tough To Wiggle Out Of The Bond-Market Mess (MarketWatch) • The Great German
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Harris&Ewing Happy News Cafe, “restaurant for the unemployed”, Washington, DC 1937 This is another essay from our friend Dr. Nelson Lebo III in New Zealand. Nelson is a certified expert in everything to do with resilience, especially how to build a home and a community designed to withstand disasters, be they natural or man-made, an earthquake or Baltimore. Aware that he may rub quite a few people the wrong way, he explains here why he has shifted from seeing what
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