Jack Delano Freight operations on the Indiana Harbor Belt railroad 1943 • Wages Haven’t Been This Crucial to US Economy in 50 Years (Bloomberg) • American Underwater Homeowners “Here To Stay” Zillow Says (Zero Hedge) • Here’s the Next Biggest Threat to Global Crude Oil Prices (Bloomberg) • Global Oil Glut Set To Grow As China Slows Crude Imports (Reuters) • Debt Is Oil Patch’s Four-Letter Word (Bloomberg) • Shocking Austerity: Greece’s Poor Lost 86% Of Income, Rich Only 17-20%
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DPC Provision store. Caracas, Venezuela 1905 Once again, a look at Greece and the Troika, because it amuses me, it angers me, and also because it warms my cockles, in an entirely metaphorical sort of way. The Troika members love to make it appear (and everyone swallows it whole) as if in their ‘negotiations’ with Greece all sorts of things are cast in stone and have no flexibility at all. Humbug. First, another great piece by Rob Parenteau (via Yves
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John M. Fox Midtown Dealers Corp. and Hudson showroom, Broadway at W. 62nd Street, NY 1947 • This Chart Says Euro Could Plunge Another 30% (CNBC) • Britain’s Obsession With Ownership Has Made Housing A Ponzi Scheme (Guardian) • Goebbelnomics – Austerian Duplicity and the Dispensing of Greece (Parenteau) • C’mon Angela, Let Them Greexit (David Stockman) • Athens Mayor Unveils Scheme To Support Poor With Help From Norway (Kathimerini) • Does Greece Want To Get ‘Kicked Out’ Of The
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NPC Pittsburg Water Heater Co., Washington DC 1920 • Why The American Dream Is Unraveling, In 4 Charts (MarketWatch) • Federal Reserve Ends Era Of Historically Low Interest Rates (Guardian) • Fed Indicates Rate Hikes Coming, But Not In April (CNBC) • Fed Opens Door For Rate Hike Even As It Downgrades Economic Outlook (Reuters) • Fed To Markets: No More Promises (Hilsenrath) • Bond Traders to Yellen: You’re Wrong on Oil’s Impact on Economy (Bloomberg) • IMF Considers Greece
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Albert Freeman Mrs. Alice White at the War Fund Victory Store, Hardwick, VT 1942 On the day that Mario Draghi opened the ECB’s overly opulent new €1.3 billion palatial building(s) in Frankfurt, which led to fierce and fiery protests with hundreds arrested, amongst others from the Blockupy movement, and the IMF for some reason found it necessary to tell the eurozone that Greece is its most unhelpful client ever (really? let’s see the others) and to leak that finding to
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John M. Fox National Peanut Corp. store on Broadway, NY 1947 Let’s start with defining what an ‘investor’ really is. A reasonable definition of an investor seems to be ‘someone who puts money into risk bearing assets that promise to produce financial gains through – increased – productivity’. If we can agree on that, then furthermore I think we can all agree that investors need markets. And not only that, but they need functioning markets. What defines ‘functioning’ here is
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DPC Station at foot of incline, American Falls, Niagara Falls 1890 • The US Economy Just Keeps Disappointing (Bloomberg) • ‘Hell Will Break Loose’ If Fed Loses Patience (MarketWatch) • Options Market Signals 2007-Like Crash Risk, Goldman Warns (Zero Hedge) • US Housing Starts Plunge Most in Four Years (Bloomberg) • New BoE Regulator Warns Of Risks From US Rate Hikes, Dollar Strength (Reuters) • Europeans Defy US To Join China-Led Development Bank (FT) • Debunking $1.4 Trillion Europe Debt
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DPC Shoppers on Sixth Avenue, New York City 1903 • Bull Market Is ‘Closer To The End’ Than Investors Think (MarketWatch) • Europe’s Trapdoor Slams Shut (Vilches) • March 23 Tsipras, Merkel Talks Could Be Chance To Break Impasse (Kathimerini) • Greek PM Tsipras Says There Is No Going Back To Austerity (Reuters) • Austerity Policy Failed In Whole Of Europe, Not Just Greece – Tsipras (RT) • ECB Reports Only €9.8 Billion In Bond Purchases In First Full Week
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Jack Delano Union Station, Chicago, Illinois 1943 I need to start of off the bat with an update to this piece, which I started writing yesterday, since I now know that Angela Merkel actually did invite Alexis Tsipras on Monday. It only took her two months…. But that doesn’t take away anything from my point that Merkel has been sorely lacking and missing, it just goes to prove that point. And if she doesn’t get her act together very quickly
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NPC People’s Drug Store, 11th & G streets, Washington DC 1920 • After Six Years, U.S. Stocks are Back to Normal: Chaos (Bloomberg) • Indeed This Time Is Different: Because It’s Far Worse (Mark St.Cyr) • It’s Time For A Criminal Probe Into Tim Geithner’s Leaks As Fed Vice Chair (ZH) • Germany And Greece Should Look To Goethe To Resolve Their Standoff (Guardian) • Greek Currency Crisis Calls For Controlled Exit (Münchau) • If Greece Leaves Eurozone, Spain And
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