DPC Boston and Maine Railroad depot, Riley Plaza, Salem, MA 1910 I got to admit, Paris and Charlie have thrown me off a bit. Can’t be just me who noticed how well the French CAC 40 was doing since Charlie Hebdo got shot, can it? Up some 2%, I don’t quite recall, Wednesday, the day of the attack, and 3.59% yesterday. Doesn’t that strike you as odd? It did me. It’s maybe the perfect example of how alienated the financial
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DPC Union Station, Worcester, Massachusetts 1906 • No Chance Of OPEC Output Cut, Even After Oil Dips Below $50 (Reuters) • There’s No Telling How Low Oil Prices Could Go (Bloomberg) • Why OPEC Is Talking Oil Down Not Up (Bloomberg) • Oil Taxes Tempt Recession-Scarred U.S. States as Prices Plummet (Bloomberg) • ECB Said to Study Bond-Purchase Models Up to $590 Billion (Bloomberg) • Euro Tests Low Last Seen At Its Birth In 1999 (CNBC) • Europe Could Face
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DPC Old Absinthe House, bar, New Orleans 1906 • Most Americans Are One Paycheck Away From The Street (MarketWatch) • Ron Paul On Paris Attack: Bad Foreign Policy ‘Invites Retaliation’ (Breitbart) • Why Oil Will Go Even Lower (CNBC) • The Worrying Math From US Shale Plays (Ron Patterson) • White House Doesn’t Feel Pressure To Expand US Crude Exports (Reuters) • Oil Investors Pour Most Money Into Funds in 4 Years (Bloomberg) • World’s Best Forecaster Targets Euro-Dollar Parity
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French magazine Charlie Hebdo’s website now shows the image above. In French, Je Suis Charlie doesn’t only translate as I Am Charlie, but also as I Follow Charlie. Let’s. And let’s not allow the US and all the other western governments to blemish the memories of those who were killed today by using their deaths to promote empty slogans about liberty. Because that’s not what Charlie Hebdo stood for, empty slogans. There’s a long-running gag in the Anglo world that
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DPC Foundry, Detroit Shipbuilding Co., Wyandotte, Michigan 1915 • Attack at Paris Satirical Magazine Office Kills 12 People (WSJ) • Is Attack Linked to Novel Depicting France Under Islamist President? (Bloomberg) • Bill Gross Calls It: 2015 Is Going to Be Terrible (Bloomberg) • Bill Gross Says the Good Times Are Over (Bloomberg) • Not Just Oil: Are Lower Commodity Prices Here To Stay? (CNBC) • Oil Price Slump Deepens As Drillers Seen Slashing Spending (Telegraph) • How the Bear
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DPC Oyster luggers along Mississippi, New Orleans 1906 Another ‘guest post’ by Euan Mearns at Energy Matters. I thought that, given developments in oil prices, we can do with some good solid numbers on production. Euan Mearns: This is the first in a monthly series of posts chronicling the action in the global oil market in 12 key charts. The oil price crash of 2014 / 15 is following the same pace of the 2008 crash. The 2008 crash was
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DPC Unloading bananas, New Orleans 1903 • Oil Below $49 As Sector Faces Its ‘Hunger Games’ (CNBC) • Brent Falls Below $52 As Oil Hits New Five And A Half Year Lows (Reuters) • Oil Drama Drives Shares Lower In Asia And Europe (Reuters) • Some Traders Are Betting On $20 Oil (MarketWatch) • Caterpillar Is Latest Victim Of Sliding Oil Price (MarketWatch) • Saudi Slashes Monthly Oil Prices To Europe; Trims US., Ups Asia (Reuters) • Saudi Arabia Raises
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DPC Court Street, Ames Building, Young’s Hotel, Boston, MA 1906 Well! WTI below $50 and Brent below $53 when I start writing this. Who knows where they’ll be by the time I’m finished?! The euro down below $1.20, US stocks flirting with -2%, major European ones off -3%, Italy and Greece over -5%. Welcome to the real world, baby! Didn’t think you’d see it again so soon, did you? Welcome to the world where the Kool-Aid recovery does not reign
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Lewis Wickes Hine Child Labor in Magnolia Cotton Mills spinning room, Mississippi Mar 1911 • Being Poor Is Getting Scarier in the US (Bloomberg) • The Euro In 2015: A Very Bad Start (CNBC) • Tsipras Says ECB Cannot Shut Greece Out Of Stimulus (Reuters) • Samaras Warns of Euro Exit Risk as Greek Campaign Starts (Bloomberg) • Worried About The UK In 2015? You’re Not Alone (CNBC) • The Credit Boom Is A Ticking Timebomb For UK Plc (Guardian)
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G.G. Bain Bazaar and Greek pageant at Manhattan Trade School for Girls 1909 On January 22, the ECB has another meeting, and investors – as well as EU governments – are still thinking Draghi will announce full-blown QE. With the Germans resisting the way they consistently have for years now, I wouldn’t count on it. It’ll be extremely hard to push through the German court system. But Merkel’s government still ‘leaked’ to Der Spiegel yesterday that a Grexit would have
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