• Central Banks Can Do Nothing More To Insulate Us From An Asian Winter (Guardian) • Europe’s Biggest Bank: Is The Fed Preparing For A ‘Controlled Demolition’? (ZH) • China FinMin: Growth Of About 7% Is The New Normal • Don’t Forget China’s “Other” Spinning Plate: Trillions In Hidden Bad Debt (ZH) • China Stock-Market Correction Almost Done, Says PBOC Governor (Bloomberg) • Barclays Warns On Massive Cost Of China’s FX Intervention (Zero Hedge) • Hundreds Of 3-Year-Old Toddlers Have
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• US Stocks End Sharply Lower After Jobs Report (MarketWatch) • China’s Central Banker Says His Nation’s Bubble ‘Burst’ (Bloomberg) • 100% Risk Of A 50% Stock Crash (Paul B. Farrell) • The Bible Is Clear: Let The Refugees In, Every Last One (Guardian) • UK Must Emulate Kindertransport To Aid Refugee Crisis: Lord Sacks (Guardian) • Grant Visas To Refugees Before They Take The Death Route (ThePressProject) • The March of Shame (Irate Greek) • Migrants Stream Into Austria,
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In the end, what should have been avoided all along, was. The refugees who were treated like subhumans for days in Hungary, and who in the end refused to be subjected to that treatment any longer and started walking to the Austrian border, are being taken as we speak to that border, on buses provided by the government in Budapest. Meanwhile, we have all been subjected to the words and ideas of Victor Orban, the loose cannon who rules Hungary.
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• A Global Deleveraging On A Scale The World Has Never Experienced (CNBC) • Foreigners Flee Japan Stocks at Fastest Pace Since at Least 2004 (Bloomberg) • Europe Responds To Desperate Refugees With Razor Wire And Racism (WaPo ed.) • Hungarian Police And Refugees In Standoff After Train Returns To Camp (Guardian) • Greek Government Says €1 Billion Needed To Tackle Refugee Crisis (Kath.) • Greece Wants EU Funding To Tackle Migrant Influx (Reuters) • UN Calls For 200,000 Refugees
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This is a rerun of an article I wrote on August 10, 2012. It seems to have regained quite a bit of relevance in recent days. I was thinking earlier today, how can I write about finance when Europe continues to offend people’s, and humanity’s, most basic dignity the way it does, but it does. It gets more incomprehensible by the hour, what happens there. But it does. So here’s a different view, 50+ years old, of what Europe could,
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• Syrians are the Famine Irish of the 21st Century (Glavin) • Shocking Images Of Drowned Syrian Boy Show Tragic Plight Of Refugees (Guardian) • Family Of Drowned Syrian Boy Had Been Rejected By Canada For Refugee Status (NP) • Germany Targets Billions in Refugee Aid by Late September (Bloomberg) • Italy Revives Border Checks (Deutsche Welle) • European Police ‘Scarier Than ISIS Terrorists’ (Finian Cunningham) • The End Of A Flawed Globalisation (Guardian) • Devaluation Strengthens China’s Hand at
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A few days ago, I joked to Nicole that Paddypower should by now have a bet open on how much longer the Schengen open border treaty will be valid in Europe. Didn’t check if they actually had one, mind you. But it can’t be long anymore, so it wouldn’t be a big money maker even if it existed. I give it a few days at most. Italy just announced it wants guards at Brennero, one of its main border posts
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• Global Stock Markets Begin September With More Losses (Guardian) • Central Banks To Dump $1.5 Trillion FX Reserves By End 2016 -Deutsche (Reuters) • Investors Wake Up To Emerging Market Currency Risk (FT) • IMF’s Lagarde Sees Weaker Than Expected Global Economic Growth (Reuters) • 2015: The Year China Goes Broke? (Gordon G. Chang) • China Risks An Economic Discontinuity (Martin Wolf) • Alibaba Is the Canary in China’s Coal Mine (Pesek) • China Turns Up Heat On Market
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• European Efforts to Stem Migrant Tide Sow Chaos on Austria-Hungary Border (WSJ) • Trains Carrying Refugees Reach Germany As EU Asylum Checks Collapse (Reuters) • Hungary Shuts Down Rail Traffic For Westward-Bound Refugees (AP) • The Refugee Crisis Reveals What We Have Become (Martin Sandbu) • Icelanders Call On Government To Take In More Syrian Refugees (Guardian) • Preparing For A Potential Economic Collapse In October (Jeff Thomas) • China PMI Shrinks, Sending Stocks Lower (FT) • Beijing’s Incompetence
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Nicole Foss recently participated in a live Google Hangouts (not Skype. I’m told) ‘forum’ discussion at the Doomstead Diner site that also included among others, Gail Tverberg, Steve Ludlum, Norman Pagett and Ugo Bardi. Apologies for the fact that I haven’t watched the videos yet and I’m getting the details as I go, so my info will be a bit sketchy. I’ll run this in episodes. Today’s post contains episode 4. Previously, I posted episode 2 and 1, Nicole Foss
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