The Mess That Greenspan Made - Part 10

Easing is Easy

Amid all the hoopla surrounding the Nasdaq Composite Index recapturing the 5,000 level for the first time since March 2000 and other stock indexes around the world notching fresh record highs, we are reminded that the world’s central banks have been quite busy in recent months, greasing the wheels, as detailed in this story at Bloomberg.

Not shown above, India just announced another rate cut today and, of course, Canada (also not shown, for some reason) has been slashing rates with another cut expected to come before the end of the week. Then there’s Denmark who, according to another report at Bloomberg, “can’t print money fast enough”.

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Wednesday Morning Links

MUST READS
Global stocks pull back further from record highs – Reuters
American Companies Are in Love With Themselves – Bloomberg
U.S. Companies Are Stashing $2.1 Trillion Overseas to Avoid Taxes – Bloomberg
Top U.S. General Says Washington Should Consider Arming Ukraine – Time
Some 12,000 Russian soldiers in Ukraine supporting rebels: U.S. commander – Reuters
Wall Street Has Its Eyes on Millennials’ $30 Trillion Inheritance – Bloomberg
What to do with a big, fat inheritance – CNN/Money
Halt to Obamacare subsidies could come swiftly – Politico
How Warren Buffett Does It – NY Times
Greece’s Next Move – New Yorker
The Fed Is Weird. Get Over It. – Bloomberg
Warren Warns Fed to Curb Emergency-Lending Powers – WSJ

MARKETS/INVESTING
Stock futures lower as investors await ADP data – MarketWatch
How a 25-Year-Old Investor Spurred Lumber Liquidators’ Plunge – Bloomberg
Innovation, not easy money, is behind the Nasdaq’s return to 5,000 – MarketWatch
Nasdaq 5,000 Is Different This Time……But Not In A Good Way! – Contra Corner
It’s Not A Stock Bubble But A Bigger Corporate Bubble – Alhambra Partners
Draghi Split From Yellen Drives Treasury Premium to 25-Year High – Bloomberg
Gold snaps 2-day losing streak; U.S. data in focus – Reuters
Where Did The Gold In Fort Knox Come From? Part One – BullionStar
From prime rib to chips and dip: Lean times at mining’s annual conference – Reuters

ECONOMY/WORLD/HOUSING/BANKING
Target to cut thousands of jobs – CNN/Money
Sluggish U.S. car sales blamed on blustery weather – Reuters
Eurozone economy picks up speed as retail sales rise – BBC
Rajan Cuts India Rates After Modi Agrees to Inflation Target – Bloomberg
Macau casino revenue plunges record 49% in February – Straits Times
After Chinese Smog Documentary, Oil Industry Pushes Back – WSJ
Denmark Can’t Print Money Fast Enough – Bloomberg
Get Ready for Another Real Estate Bubble – Fiscal Times
Zero Down Payment Mortgages Return! – Confounded Interest
Shelby Says Fed Should Be Held Accountable for Its Actions – Bloomberg
Fed’s Yellen Reports Assets Worth Between $4.9 Million and $13.3 Million – NewsMax

 

Miserable

In this Bloomberg story, misery indexes (i.e., the combined unemployment rate and inflation rate) are calculated for countries around the world yielding the following results:

Based on this Cato Institute report that puts its annual inflation at just shy of 300 percent per year, Ukraine has the potential to far surpass Venezuela, Argentina, and South Africa.

Also, there’s lots more related data in this table at The Economist where, for some time now, they’ve refused to publish the government reported inflation rate in Argentina,  kindly characterizing it as “unreliable”.

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Tuesday Morning Links

MUST READS
Nasdaq hits highest level since 2000 – Reuters
Nasdaq at 5,000: Time to be very, very afraid? – LA Times
China’s Debt Binge Spawns Asset-Backed Bond Boom – Bloomberg
Greece eyes last central bank funds to avert IMF default – Telegraph
Greece’s Bailout Extension No Panacea for Bond Market – Bloomberg
Theater Of The Absurd: Spain To Provide 14% of Third Greek Bailout – Zero Hedge
Walker’s War on Workers and the Wall Street Journal’s Cleaned-Up Coverage – NEP
Will the Democratic Nominee for 2016 Take on the Moneyed Interests? – Robert Reich
The Other Obamacare Lawsuit Moving Through the Courts – Fiscal Times
How Americans define “rich,” in one chart – Vox
Retirement at the End of a Rope – Mises
Ukraine Hyperinflates – Cato Institute

MARKETS/INVESTING
Global stocks limp after Nasdaq milestone – AP
Europe is the market to watch now – Financial Post
Chinese stocks fall as liquidity concerns emerge – MarketWatch
SEC’s Gallagher: Corporate-Bond Market Poses Systemic Risk – Bloomberg
What would the Dow look like if it included Apple? – Reuters
Company Cash Bathes Stocks as Monthly Buybacks Set Record – Bloomberg
Gold above $1,200 as dollar eases, U.S. rate outlook caps gains – Reuters
Gold appetite in February highest in nearly a year – MarketWatch
‘Worst bear market in decades’: Kaiser at PDAC – Mining.com
MEXICO: World’s Number One Silver Producer Slips In 2014 – SRSrocco Report

ECONOMY/WORLD/HOUSING/BANKING
ISM manufacturing PMI falls to 13-month low – Nasdaq
The Deflation Bogeyman – Project Syndicate
How’s that deflation working out for your? – TBP
The 15 Most Miserable Economies in the World – Bloomberg
The Eurozone: on the road to recovery with a lingering risk – Sober Look
German retail sales surge at fastest pace in seven years – Reuters
Ukraine’s central bank hikes key rate to 30% – MarketWatch
Does The Fed Have a Currency Problem? – Fed Watch
Bill Gross: Central banks have gone ‘too far’ – CNBC
Janet Yellen Is A Coward – Global Slant

 
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