The Mess That Greenspan Made - Part 10

Thursday Morning Links

Dudley Puts The Kibosh On September – Fed Watch
Stocks fly after Fed cools September rate hike talk – Reuters
Market turmoil spoils Fed’s get-away in Jackson Hole – MarketWatch
U.S. stocks set for gains after global rebound – CNN/Money
Asia stocks jump after Fed dashes prospect of September rate rise – Telegraph
Here’s why the stock market correction isn’t over yet – MarketWatch
China’s Central Bank Won’t Do Beijing’s Dirty Work – Bloomberg
China Brings Back High-Risk Debt Structures to Increase Leverage – Bloomberg
Forget China, Here’s What’s Really Frightening Stock Investors – Wall St. on Parade
China’s Real GDP Now Negative 1.1%, Evercore ISI Calculates – Zero Hedge
Jackson Hole – Meeting of the Physics Envy Brigade – Acting Man
Central bankers at Jackson Hole search for answers – Marketwatch
The “New Normal” Was Never Normal – DOTE

Chinese stock index jumps 5.3%, Asian stocks rise – AP
Wall St. hopes Dow can deliver back-to-back up days – USA Today
More Oddness In Funds: Pricing Glitch Hits NAV Calculations – Barron’s
Securities-pricing problems hit U.S. mutual funds, ETFs – MarketWatch
$2.1 trillion erased from U.S. stocks in 6 days – CNN/Money
Stock-market rally still leaves S&P 500 $1.4 trillion in the red – MarketWatch
Gold climbs as bullion funds see assets rise most in 7 months – Bloomberg
Jim Rogers: Commodity bull market hasn’t gone away –
Top Forecaster: Gold Headed To $1,050/oz as Fear Diminishes – Kitco

5 Things the U.S. GDP Report May Tell Us – WSJ
How The US Economy Underwent Half A Rate Hike In The Past Week – Zero Hedge
Venezuela Is Adding More Zeroes to Its Currency to Deal With Hyperinflation – Bloomberg
Kuroda Says Bank of Japan Can Still Achieve Inflation Target – Bloomberg
Greece a step closer to formal announcement of election date – AP
Petrobras Taps Brazil Bond Market as Dollar Borrowing Costs Soar – Bloomberg
These Nations Are About to Start Running Out of Water – Vice News
Freddie Mac: Housing market nearing stability – Housing Wire
U.S. housing market seen strong enough to handle Fed rate hikes – Reuters
It’s Getting Tighter – Krugman, NY Times


Cramer Says Sell! Sell! Sell! China Stocks

I don’t know if anyone still watches CNBC and, if so, whether Mad Money’s Jim Cramer still has people tuning in, but there’s a strange sense of deja-vu in this clip from yesterday in which he laments the recent market crash correction and provides some free advice.

Things become kind of surreal at about the 2:15 mark when he comments on (and successfully pronounces, apparently) Guangdong Meiyan Jixiang Hydropower Company and the now failed Chinese government’s support of its share price.

I had to stop the video there…

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Wednesday Morning Links

Why China Had To Crash Part 1 – Forbes
China stocks extend 5-day losing streak – CNN/Money
U.S. stocks stage dramatic reversal, raising new fears – Washington Post
Stock-Market Tumult Exposes Flaws in Modern Markets – WSJ
Political Risks May Foil Economic Reform in China – NY Times
Is Asia Set For Another Financial Crisis? Here’s Goldman’s Take – Zero Hedge
The Red Cavalry Comes – Goldman Says Back-Up The Trucks, Again! – Contra Corner
China Authorities Escalate Blame Game as Stock Slide Worsens – Bloomberg
Counting the Cost of Gov’t Intervention in Stock Market – Caixin Online
Many Chinese investors nonchalant about stock market plunge – LA Times
It’s time to lay siege to the robber barons of high finance – Independent
Trump, Elvis and the economic crisis – The Hill

Stock futures rise after China injects $21.8 billion – Reuters
Emerging market assets weaken again despite China’s rate cut – Reuters
JPMorgan Sheds $27B in Market Cap in Three Trading Sessions – Wall St. on Parade
Chinese Margin Debts Shrink by $156 Billion as Trades Unwind – Bloomberg
Beijing appears to wind down share-buying — now what? – Washington Post
For Oil Producers Cash Is King, and That’s Why They Can’t Stop Drilling – Bloomberg
Gold falls as nervous investors monitor China developments, Fed policy – Reuters
Why gold was the best buy in 2008-9 crash and will be this time too – Arabian Money
Natixis Offers A Strategy To Play This Gold Market – Kitco
Chinese gold imports rise 48% –

As World Markets Drop, U.S. Economic Confidence Index at -14 – Gallup
It’s Often a Curse to Be Blessed With Commodities – Bloomberg
Hong Kong Dollar Options Suggest Peg Is Most at Risk in a Decade – Bloomberg
Brazil judge says president’s ex-chief of staff may have been bribed – Reuters
First the Miners, now the Banks, then Property? A Hard Landing for Australia – Wolf Street
U.S. short sellers betting on Canadian housing crash: ‘An accident waiting to happen’ – NP
The Most Affordable Place in the U.S. to Raise a Family – WSJ
Why market turmoil won’t prevent Federal Reserve from raising interest rates – NY Times
When The FOMC Completely Loses The ‘Inflation’ Argument – Alhambra Partners
Ray Dalio sees Fed launching quantitative-easing measures – MarketWatch


The Emporer is Indeed Naked

From Alberto Gallo, head of credit research at RBS, via this item at the Fiscal Times comes this handy guide to post-Great Recession monetary policy and its various effects.

How long will it take for this to become the mainstream view?

After the events of the last few days or so, perhaps sooner rather than later.

Tuesday Morning Links

China cuts interest rates after days of market turmoil – BBC
China’s Stock Futures Surge After Rate Reduction – Bloomberg
Fed gets new excuse to not raise rates – USA Today
Market talk suddenly turns to specter of QE4 – CNBC
Lockhart: Planned Rate Hike Complicated by China – Bloomberg
High-Frequency Trading Firms Just Made A Killing – Barron’s
Trading was halted 1,200 times Monday – CNN/Money
China’s market Leninism turns dangerous for the world – Telegraph
Cuban: China fell prey to top mistake an investor can make – WSJ
We have reason to believe the unthinkable is happening to China’s president – BI
Japan’s Aso Says China Policies Stirring Concerns in Markets – Bloomberg
The Politics of Income Inequality – Fiscal Times

Global markets rebound on China rate cuts – AP
Don’t Panic About the Stock Market—Yet – Politico
A Month That Hedge Funds Would Sooner Forget – NY Times
Jeffrey Gundlach says stocks have further to fall – MarketWatch
5 tips for panicked investors to weather market storm – USA Today
How I made money when the Dow lost 1,000 points – CNN/Money
Gold falls as stocks, dollar recover; palladium hits 5-year low – Reuters
Gold dips; haven demand weakens as ‘stench of fear’ abates – MarketWatch
Peak Gold Is Looming And It Might Not Change a Thing for Bullion – Bloomberg
Canadian mining stocks outperform metals prices –

Great Recession Job Losses Severe, Enduring – NBER
Stock sell-off to test US economy’s resiliency – LA Times
A global trust deficit – Washington Times
Asia Should Call Truce on Currency War – Bloomberg
Joseph Stiglitz: “Deep-seatedly wrong” economic thinking is killing Greece – INET
German Business Confidence Rises With China Fears Subdued – Bloomberg
Will the Stock Market Correction Hurt Housing? – Forbes
Rethinking Mortgage Design – Liberty Street Economics
Trigger-Happy Central Bankers Reversed Course – Bloomberg
Rate Hike Fever – Krugman, NY Times

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