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
Read More...
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
Read More...
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
Read More...
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
Read More...
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
Read More...
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
Read More...
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
Read More...
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
Read More...
Harris&Ewing Oil for salads 1918 • 1 in 3 Americans Have Metabolic Syndrome (LiveScience) • France To Force Big Supermarkets To Give Away Unsold Food To Charity (AFP) • ECB Claims Austerity “Complements” QE (Zero Hedge) • Now The Bank Of England Needs To Deliver QE For The People (Guardian) • 572 Rate Cuts Since 2008, One Every Three Trading Days (Zero Hedge) • David Stockman: The Morning After Will Be Nasty (CNBC) • There’s A Simple Way To Make
Read More...
Harris&Ewing F Street N.W., Washington, DC 1918 • Has The Fed Got A Grasp On Economic Reality? (Gambles) • Global Inflation Mystery Risks Making Central Bankers Bystanders (Bloomberg) • Investors Need To Face The Possibility Of A ‘Great Reset’ (MarketWatch) • Guilty Pleas and Heavy Fines Seem to Be Cost of Business for Wall St. (NY Times) • Cui Bono (Richard Breslow) • Record Number of American Stores, Malls Closing: Davidowitz (Bloomberg) • Defiant Greeks Force Europe To Negotiating Table
Read More...