The Mess That Greenspan Made - Part 10

Tuesday Morning Links

MUST READS
The Saudis are going in for the kill – Telegraph
Saudi Arabia turns oil weapon on Iran – Reuters
The bad smell hovering over the global economy – Guardian
Fed’s Kashkari says U.S. economy in ‘uncharted waters’ – MarketWatch
Early Warning Signs of Recession Flash Faintly in U.S. Jobs Data – Bloomberg
Institutionalized Lying—— Why Central Bankers Never See Bubbles – Contra Corner
Dozens Killed in Kabul in First Taliban Attack of Spring Offensive – Vice News
New Yorkers turn up for a lot of stuff — but not at the ballot box – Vox
Will New York Go for the Front-Runners? – Atlantic
How the Donald could defeat Hillary – Washington Times
For Trump and Clinton, winning isn’t enough – Politico
HBO’s High-Tech Lynching – Townhall

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
2016 Fund Flow Trends In Two Charts – Barron’s
Hedge funds post best gains in 4 years in March – CNBC
German Investor Optimism Rises as China Risk Abates – Bloomberg
Why this market rally looks like a classic investor trap – MarketWatch
It’s All Suddenly Going Wrong in China’s $3 Trillion Bond Market – Bloomberg
US 2015 Oil Production and Future Oil Prices – Our Finite World
Gold gains on dollar weakness, silver hits 10-month high – Reuters
Why One Analyst Believes Gold Could Hit $3,000 an Ounce – US Funds
Hedge funds have never been this bullish on silver – Mining.com
Opinion: Gold is 33% overpriced, by this measure – MarketWatch

ECONOMY/WORLD/HOUSING/BANKING
Worst March, worst first quarter since 2010 – Wolf Street
Most Americans think economy is ‘getting worse’ – CNBC
Sadly, Canada now seems to be the best hope for the global economy – Quartz
Economists blast ‘one-sided’ Treasury warning on Brexit – Telegraph
Argentina returns to bond market after 15-year isolation – BBC
What Makes Housing Too Expensive – Bloomberg
Too Big to Fail From the Eyes of a Specialist – NEP
What Did Fed Chairman Yellen Tell Obama? – Ron Paul Institute
Fed’s Rosengren takes another shot at pessimistic markets – Reuters

 

They probably got at a little chuckle in the Russia Today newsroom when preparing this piece about how officials at UC Davis (one of the most liberal institutions of higher learning in the land) spent upwards of $175,000 to lessen the internet presence of their infamous “pepper spray” incident that resulted from the Occupy UC Davis demonstration in 2011.

I imagine they already have special instructions in place about the possible use of pepper spray here in 2016 now that the University of California Student Association and some lawmakers are calling for the resignation or firing of UC Davis Chancellor Linda P.B. Katehi who, as of this morning, has rebuffed their demands.

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Monday Morning Links

MUST READS
Oil price dives after output talks fail – BBC
Oil sinks after top producers fail to reach deal – CNN/Money
Grand Oil Bargain Is Victim of Saudi Arabia’s Iran Fixation – Bloomberg
The US Just Transferred Nine Guantanamo Detainees to Saudi Arabia – Vice News
57% of Americans Say Income Taxes Are Too High. Only 55.5% Pay Income Tax – WSJ
America’s missing wage growth has been particularly cruel to Generation X – Quartz
How the Hyper-Liberal Enclaves of America Could Pick the GOP Nominee – Politico
None of the candidates are viewed favorably by a majority of Americans – The Week
Superdelegates have destroyed the will of the people – Salon
Deflation is the dog that has failed to bark, let alone bite – Telegraph
The United States of Insolvency – Grant, Time
A financial hockey stick – Econbrowser

MARKETS/INVESTING
Stocks: 6 things to know before the open – CNN/Money
Defaults hit highest level since ‘09 bust – USA Today
What if the ‘big, fat, juicy bubble’ bursts? – The Hill
China’s Stocks Slump as Oil Producers Slide – Bloomberg
Pushing Desperate Measures Too Far – Credit Bubble Bulletin
Permanently High Plateaus Have Poor Precedents – Hussman Funds
The Hole at the Center of the Rally: S&P 500 Margins in Decline – Bloomberg
Gold boosted by dollar and equities after oil freeze fails – Reuters
Funds Are Betting the Gravity-Defying Gold Rally Isn’t Over Yet – Bloomberg
Faber: “Messiah” Central Banks Helicopter Money“Will Not End Well” – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
The Keynesian House Of Denial – Contra Corner
Will Autos Be The Cyclical Trigger? – Alhambra Partners
Participation Rate: Aging Is Only Half of the Story – Atlanta Fed
China Ocean Freight Index Collapses to Record Low – Wolf Street
Rousseff Hangs by a Thread After Losing Impeachment Vote – Bloomberg
Putin Swears Off Stimulus as Policy Mix Moves Toward ‘Orthodoxy’ – Bloomberg
China March home prices rise at fastest rate in two years – Reuters
Why the U.S. Housing Market Will Spring Ahead – WSJ
China eyes boost from ‘superpower’ Federal Reserve – CNBC
Federal Reserve heads battle over GDP accuracy – NY Post

 

A Brief History of Credit Cards

From And/Orange comes this history of the credit card in the U.S. that goes a long way in explaining how our credit-enabled economy has evolved and what its future might hold now that we (collectively and in credit card terms) have maxed everything out.

Don’t know about you, but with the end of the Costco/Amex relationship, we’ve gotten lots and lots of credit card offers recently, with almost all of them offering generous introductory benefits that have added up to a startling amount of money.

We’ve taken advantage of nearly all of them, then stopped using the new card, but new offers keep coming in as we await the new Costco Visa card which is supposed to be quite generous in rewards (e.g., an impressive 4% back on gas purchases).

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Thursday Morning Links

MUST READS
Helicopter money: Views of leading economists – voxeu
Bernanke’s New Helicopter Money Plan is Sheer Lunacy – Contra Corner
Central bankers wait in vain for the world to drink their punch – Reuters
China Defaults Prompt Issuers to Pull $5.4 Billion of Bond Sales – Bloomberg
Solar Energy Giant SunEdison May Be In Technical Default – Forbes
Energy XXI Files for Bankruptcy After $5 Billion Expansion – Bloomberg
Why Obama is forgiving the student loans of nearly 400,000 people – MarketWatch
Psychiatrist: Overprotective Parents Create Easily-Offended College Students – reason.com
Why the Verizon strike is the perfect economic morality play for Bernie Sanders – Vox
Why Aren’t Presidential Candidates Talking About the Federal Reserve? – Fiscal Times
A State-By-State Roadmap For The Rest Of The Republican Primary – Five Thirty Eight
Karl Rove-backed PAC warms to Trump – Politico

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Hedge funds post best gains in 4 years in March – CNBC
Are Stock Market Bears About to Get Clobbered Yet Again? – Fiscal Times
Band plays on, as global oil glut leaves supertankers in a huge jam – Reuters
IEA Sees Oil Oversupply Almost Gone in Second Half on Shale Drop – Bloomberg
A real profits recession may be on its way – but there’s no need to panic – Guardian
Gold prices retreat as dollar extends gains – Reuters
What’s so Bad about the Gold Standard? – Uneasy Money
Copper price jumps on record Chinese imports – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Dueling Fed GDP Trackers – Marc to Market
Why This Economy Is Now Running Aground – Wolf Street
The last chance for China’s leaders to avert an economic crisis – Telegraph
Breaking the link between housing cycles, banking crises, and recessions – voxeu
Argentina wins big victory to end 15 years in default – CNN/Money
Traveling to Cuba is easier than you think—if you read this guide first – Quartz
China and India Have Different Answers for Their Debt Messes – Bloomberg
Number of vacant new Edmonton houses skyrockets 70 per cent – Edmonton Journal
Elizabeth Warren Is Why JPMorgan Has a Living Will Problem – Wall Street on Parade
What’s Wrong With Negative Rates? – Project Syndicate

 
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