The Mess That Greenspan Made

While following U.K. Prime Minister David Cameron’s tweets is not part of my regular morning routine and, perhaps, there is some important context missing here (none that was obvious after a little poking around), it appears that David Cameron doesn’t think much of China’s economy as he trumpets the recent rate of GDP growth at home.

This came to my attentions via this Telegraph story where it is learned that the next U.K. election is only 37 days away – that explains a lot about the creation of this graphic.

Nonetheless, a simple change from “Major” to “Western” would have been better.

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Tuesday Morning Links

Greece, EU/IMF lenders end talks without deal – Reuters
Yanis Varoufakis calls for end to ‘toxic blame game’ – BBC
Greece Looks to Russia as Deal With Europe Stumbles – NY Times
No End in Sight for Bond Rally as ECB Spigot Spills Across Globe – Bloomberg
Now That Ben Bernanke Is Blogging, Here’s What He Should Write About – NY Times
Request for requests for Ben Bernanke, blogger – Marginal Revolution
Generous welfare benefits make people more likely to want to work – EurekAlert
The Eiffel Tower debuted 126 years ago. It nearly tore Paris apart. – Vox
It Was Warmer in Antarctica Than in New York City Last Week – Vice News
From suits to the slopes: Retiree becomes a ski instructor – CNN/Money
Will Elizabeth Warren Heed Destiny’s Call? –
Repeal, Don’t Reform the IMF! – Ron Paul

Global stocks gain on economic data, China hopes – AP
The Earnings Tailwind from Cheap Oil – Barron’s
Oil drops to $55 as Iran nuclear talks intensify – Reuters
China’s stock market sure looks like a bubble – Washington Post
For stocks, the best time to sell and go away starts tomorrow – MarketWatch
NYSE Margin Debt Surged in February – Advisor Perspectives
Gold eyes 3rd quarterly loss as expected US rate hike drags – Reuters
Contratrend Rallies And Technical Price Levels – GoldSilverWorlds
UBS bullish again on gold, gold miners – Mineweb
Reflections in a Golden Eye – USAGold

Demographics and GDP: 2% is the new 4% – Calculated Risk
Wages & Lowflation (Or Why Rick Santelli Is Right) – Zero Hedge
The Rise of the Working Poor and the Non-Working Rich – Robert Reich
Eurozone deflation eases while unemployment falls – BBC
UK economy grew at fastest rate for nine years in 2014 – Telegraph
China’s New Normal and America’s Old Habits – Project Syndicate
China announces plans for deposit insurance in bank reform – AP
8 reasons why the US housing market comeback is far from over – BI
Fed’s Fischer Floats Ideas for Regulating Shadow Banks – WSJ
Will Janet Yellen’s Outlook Prevail? – Capital Spectator


The Dismal Trend in Median Income

I don’t recall what prompted the search for this chart at the St. Louis Federal Reserve but, when it was found, it was deemed to be so thoroughly depressing that it just had to be shared, knowing that it could be made to look even worse if such things as the dearth of recent household formation and rising health care costs were somehow superimposed.

Sadly, a chart showing real mean (average) household income could not be located at the St. Louis Fed. If one were available, then another good example of rising income inequality vis-a-vis the difference between median and mean could be offered.

Alas, this graphic on median vs. mean wages at the Social Security Administration can substitute – what was once a gap of $5,000 per year has grown to be a gap of $15,000.


Monday Morning Links

Why are interest rates so low? – Ben Bernanke’s Blog
Fighting in Aden as Yemen’s Houthis make gains – Reuters
In Yemen, the Middle East’s cold war could get hot – Wasthington Post
Greece battles to convince creditors to unlock bail-out cash – Telegraph
China’s Zhou Says PBOC Has Room to Act on Growth Slowdown – Bloomberg
China central bank governor calls for vigilance on deflation – Reuters
Lessons Richard Bowen’s FCIC Testimony Should Have Taught the Nation – NEP
How 1980s Atlanta Became the Backdrop for the Future – The Atlantic
A Progressively Maladjusted “Economic Sphere” – CBB
Eating Our Seed Corn – Hussman Funds
Circle of Economic Life – Alhambra Partners
Oil sands outlook – Econbrowser

Global stocks get boost from European, Yellen – AP
Oil prices drop on possible Iran deal, dollar – Reuters
When to Expect a 1937 Style Market Crash – Reading the World
How DIY Bond Traders Displaced Wall Street’s Hot Shots – Bloomberg
U.S. Retirement Assets Reach $24.7T – Financial Planning
Frenzied speculative activity in China’s equity markets – Sober Look
Too Much of Everything Spurs Commodity Exodus as Price Wars Rage – Bloomberg
Gold falls 1 pct on strong dollar, Fed’s Yellen rate hike comment – Reuters
Goldman Sachs Research Warns of Peak Gold Production – GoldCore
China gold flows to hit Q1 record – Mineweb

How Poor Are the Poor? – NY Times
Forecasters Shrug off Winter Economic Blues – WSJ
Why We Feel So Poor, In Two Charts – Dollar Collapse
How Many Slots Are Open in the Upper Middle Class? – of two minds
Tax on bank deposits in Auastralia’s federal budget – Financial Review
China’s military and growing political power – voxeu
Will The US Housing Market Bloom Anew In The Spring? – Capital Spectator
Housing market strong but some sink deeper into debt – News Press
Janet Yellen Wants You to Take the New Normal or Else – Jr. Deputy Accountant
The Fed Has Not Learnt From The Crisis – Forbes

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