NPC Minker Motor Co, 14th Street NW, Washington, DC 1922 • Currency Devaluations Are an Undeclared War (Bloomberg) • The PBOC – How To Fail In Business Without Really Flying (Russell Napier) • The Diverging Fates of China’s Provinces (Bloomberg) • Goldman Raises Alarm Over The Scariest Chart In The Jobs Report (Zero Hedge) • Stop Squeezing Syriza. We Can’t Afford Another Wrong Turn In Europe (Guardian) • Troika Trojan Horse: Will Syriza Capitulate In Greece? (Pepe Escobar) • Greece
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William Henry Jackson Silverton, Colorado 1901 An Automatic Earth afficionado who goes by the moniker GeoLib posted something in the comments section for yesterday’s Debt In The Time Of Wall Street that I think deserves a better fate than to be stuck there. He makes a gracious connection between 19th century American writer, politician and political economist Henry George, in particular his book Progress and Poverty, which in its day was a huge bestseller, and Greek finance minister Yanis Varoufakis,
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DPC Chamber of Commerce, Boston MA 1904 • Deflation Risk in U.S. Seen Rivaling Euro Area (Bloomberg) • Stocks Will Be ‘Ripped To Smithereens’: Albert Edwards (CNBC) • Oil Heading For $30, Currency War Coming (CNBC)
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Harris&Ewing Washington snow scenes April 1924 With all the media focus aimed at Greece, we might be inclined to overlook – deliberately or not – that it is merely one case study, and a very small one at that, of what ails the entire world. The whole globe, and just about all of its 200+ nations, is drowning in debt, and more so every as single day passes. Not only is this process not being halted, it gets progressively, if
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NPC Auto wreck, Washington, DC April 1917 This is a post by Yves Smith at Naked Capitalism (see original here), who shares my worries (and quotes me) – as well as Syriza’s, of course – about what’s happening in Greece. She’s dead on in making the connection between #BlackLivesMatter and #GreekLivesMatter. What’s being done to Greece in this Chicago School style experiment is reprehensible and immoral. Europe is busy creating its own generation of gutter dwellers, first in Greece, and
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DPC City Market, Kansas City, Missouri 1906 • A World Overflowing With Debt (Bloomberg) • A Greek Morality Tale: We Need A Global Debt Restructuring Framework (Stiglitz) • Devaluation By China Is The Next Great Risk For A Deflationary World (AEP) • Pushing on a String? Two Charts Showing China’s Dilemma (Bloomberg) • Petrobras, Now $262 Billion Poorer, Exposes Busted Brazil Dream (Bloomberg) • Central Bank Surprises: Who’s Next? (CNBC) • There’s Nothing Left To Break The Euro’s Fall Now
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DPC Jai alai hall, Havana, Cuba 1904 What, Greece again? Sorry!! But I see a lot of things flash by that make me want to say something. Today it’s the alleged 180 that Syriza made on debt reduction, before that it was their alleged kow-towing to Brussels on Russia sanctions, and tomorrow it’ll be something else again. It’s all media formatted bite-size and pre-chewed chunks, but the Greece-Troika stand-off is anything but. I have a ton and a half of
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DPC Carondelet Street, New Orleans 1905 • ECB Is NOT Stimulating The Economy, Its a Bank Bailout (Martin Armstrong) • If Size Matters, the ECB Is Still Falling Short (Bloomberg) • Greek Debt Will Make ECB QE Problematic (MarketWatch) • Tsipras Proves Bullish Surprise as Bonds to ETFs Reveal No Panic (Bloomberg) • Greek Bonds Rally With Italian Peers as Tsipras Said to Retreat (Bloomberg) • Greek Stocks Surge 10% On ‘Creative’ Debt Plan (CNBC) • Greece Plays Colonel Blotto
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DPC City Hall subway station, New York 1904 • US Consumer Spending Declined in December by Most in Five Years (Bloomberg) • US Household Spending Tumbles Most Since 2009 (Zero Hedge) • Q1 Energy Earnings Shocker: Then And Now (Zero Hedge) • Exxon Revenue, Earnings Down 21% From YoY, Sales Miss By $5 Billion (Zero Hedge) • BP Hit By $3.6 Billion Charge, Cuts Capex On Oil Prices (CNBC) • Greece Finance Minister Varoufakis Unveils Plan To End Debt Stand-Off
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Harris&Ewing House-Capitol tunnel, Washington, DC Feb 3 1939 It’s all still about Greece, and that makes sense, if nothing else Syriza is a breath if not a tornado of fresh air. But those too pass. The question at the end remains: did anything really change? It’s quite possible, don’t get me wrong, but Tsipras and Vanoufakis are busy looking out for the people who voted for them, not the rest of the Europe, or the world for that matter. And
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