NPC District National Bank, Dupont branch, Washington, DC 1924 • The Low Velocity Economy – US Money Velocity At All-Time Low (CI) • Euro Plunges As ECB Official Pledges To Speed Up Bond Purchases (Bloomberg) • 5 Bubbles Draghi’s QE Is Already Blowing (MarketWatch) • Is The UK In The Early Stages Of Deflation? (Guardian) • Bernie Sanders Wants Wall Street To Pay For Your College Tuition (Vox) • The Economy for Young Americans Is Still Terrible (Atlantic) • Theft
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Harris&Ewing Horse and Motor Oil, Washington, DC 1918 Will this Greek stuff ever stop? Probably, but don’t hold your breath. I was reading up on China, but that will have to wait till tomorrow. A friend just sent me a Sputnik story -they’re a Russian news channel, so they can’t be trusted, right?!- that adds more juice to the Syriza vs troika tale. And whaddaya know, the king of Greece leaks, Paul Mason at Channel 4, is involved once again.
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Harris&Ewing Car interior. Washington & Old Dominion R.R. 1930 • We Are Now Entering The Terminal Phase Of The Global Financial System (Stockman) • Bank Of America Is Forecasting A ‘Scary Summer’ For Stock Market (MarketWatch) • Pay Bankers No More Than Civil Servants, Says Ex-Cameron Strategist (Guardian) • Fossil Fuel Companies Get $10 Million A Minute In Subsidies: IMF (Guardian) • UK Inflation Rate Below Zero for First Time Since 1960 (Bloomberg) • As The UK Has Discovered, There
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Esther Bubley Soldiers with their girls at the Indianapolis bus station 1943 Whenever secret or confidential information or documents are leaked to the press, the first question should always be who leaked it and why. That’s often more important than the contents of what has been leaked. And since there’s been a lot of hullabaloo about a leaked document the past two days, here’s a closer look. Spoiler alert: the document(s) don’t reveal much of anything new, despite the hullabaloo.
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Harris&Ewing Car exterior. Washington & Old Dominion R.R. 1930 • Q Ratio: Today’s Stock Market Has at Least One Similarity to 1929 (Bloomberg) • Greece’s Debt Battle Exposes Deeper Eurozone Flaws (WSJ) • Would Staying In The Euro Be A Catastrophe For Greece? (Guardian) • Greek Endgame Nears for Tsipras as Bank Collateral Hits Buffers (Bloomberg) • Greek Lessons for UK’s David Cameron (WSJ) • David Blanchflower: Bank of England In Cloud-Cuckoo Land On Wages (Independent) • UK Police Warn
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Harris&Ewing Painless Dentist, Washington, DC 1918 • Most of US Domestic Manufacturing Now in Technical Recession (Tonelson) • When Fools Rush In… (Reuters) • The Coming Crash of All Crashes – but in Debt (Martin Armstrong) • Are You Ready For The Coming Debt Revolution? (Bill Bonner) • Exit Strategy, Part One: ZIRP (Mehrling) • Why Most Gold Bugs Are Dead Wrong (Jim Rickards) • US Wakes Up To New -Silk- World Order (Pepe Escobar) • Tsipras Told Lagarde Greece
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Unknown Dutch Gap, Virginia. Bomb-proof quarters of Major Strong 1864 A little over a week ago I published an article at The Automatic Earth by our friend Dr. Nelson Lebo III from Wanganui, New Zealand, named Resilience is the New Black. After being reposted at Zero Hedge, Naked Capitalism and at least a dozen other sites, it may well have had more hits than everything he ever wrote put together. While that is obviously great, Nelson also did come away
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Lewis Wickes Hine Workers stringing beans in J.S. Farrand Packing Co, Baltimore 1920 • The New Era Of Return-Free Risk (Reuters) • Global Asset Classes Suffer From a Highly Contagious Disease (Bloomberg) • US Farmers In ‘Dire Straits’: JPM Warns Of Liquidity Crunch (Zero Hedge) • Private Debt, Economic Stagnation and a Modern Debt Jubilee (Steve Keen) • China Backtracks on Deleveraging Local Government Debt (WSJ) • China Deleveraging Measures Create Perpetual Leverage Machine (Zero Hedge) • A Blueprint for
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G. G. Bain Police machine gun, New York 1918 • Every Speculative Bubble Rests On Some Kind Of A Fairy Tale (G&M) • Banks Seek Waivers Ahead Of Forex Guilty Pleas (Reuters) • How China’s Banks Hide Trillions In Credit Risk – Full Frontal (Zero Hedge) • Max Keiser: ‘Britain Is The Epicentre Of Financial Fraud’ (Newsweek) • EU Prevents Greece From Implementing Reforms: Varoufakis (EFE) • Varoufakis Refuses Any Bailout That Would Send Greece In ‘Death Spiral’ (Guar.) •
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Harris&Ewing Washington Monument, view from air 1919 I know I’ve talked about this before, but it just keeps coming and it keeps being crzay. Bloomberg ‘reports’ that the ‘German Finance Ministry’, let me get this right, “is supporting the idea of a vote by Greek citizens to either accept the economic reforms being sought by creditors to receive a payout from the country’s bailout program or ultimately opt to leave the euro.” And that’s it. They ‘report’ this as if
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