The Mess That Greenspan Made - Part 10

Ron Paul vs. the Fed

It’s kind of weird seeing Ron Paul doing commercials for Stansberry Research that appear to be running at high volume on selected cable networks while his son is running for president, presently attracting a boatload of criticism for a flat tax plan.

In the interview below, the elder Paul found time to talk to CNBC about the Fed.

According to the accompanying CNBC story, he offers good news for investors:

I think the Fed is very efficient and the Plunge Protection Team is very efficient and they have gained a competence in the market, that the Fed won’t allow this market to drop

Tuesday Morning Links

Euro summit delays decision on Greek bailout – euobserver
Greece: We had no choice but to propose ‘harsh’ reforms – AP
Greece Is in a Worse Spot Than America Was in 1933 – Bloomberg
China’s Stocks Rise in Biggest Intraday Rebound in Eight Years – Bloomberg
Wild day for Shanghai stocks amid margin call worries – SMH
China sell off hits worst since 2008 as investors warn of burst bubble – City Wire
15 Ways Bill Clinton’s White House Failed America and the World – alternet
GOP Field Quiet Ahead of Health Care Ruling – Real Clear Politics
Soft Tyranny in Albuquerque: The Politics of Better Call Saul! – Mises
Charleston and public policy: Why gun control is doomed – Economist
Walmart to stop selling Confederate flag merchandise – CNN
What This Cruel War Was Over – Atlantic

Greek deal optimism gives stocks another nudge – AP
10 sky-high stocks can go to the moon – USA Today
Major Money Manager Braces for Bond-Market Collapse – Bloomberg
An American biologist sums up financial markets – Sovereign Man
China Margin Trades Buckle Leaving $364 Billion at Risk – Bloomberg
Being a scaredy-cat investor may be the wrong strategy right now – MarketWatch
Gold retreats as Greek hopes lift stocks, euro slides – Reuters
Why The 1,200 Dollar Level Is Important To Gold… – Secular Investor
Green shoots emerge in withered gold mining sector – Reuters

How much do Americans earn in 2015? – My Budget 360
70 million Americans on edge of financial ruin – MarketWatch
Big Economic Discovery! Booms Might Cause Busts – Bloomberg
China June factory activity shows signs of stabilization – Reuters
We’ll Meet More Often, U.S. Navy Captain Says to China – Bloomberg
China’s Air is Much Worse Than India’s, World Bank Report Shows – WSJ
Housing Bubble? The NAR’s History Of Absolutely Disastrous Forecasts – Zero Hedge
A Few Random Comments on May Existing Home Sales – Calculated Risk
Fed Leak: Is Jeb Hensarling Fiddling While Rome Burns? – Wall St. on Parade
Yellen To Hensarling: No Documents For You! – Confounded Interest
Say it ain’t so, Jack – Ben Bernanke’s Blog


Circular Bailouts in Greece

The lack of pension cuts in the latest Greek bailout proposal appears to be the leading cause for optimism now fading for another emergency meeting in Brussels now underway.

A BBC story provides the graphic below that should serve as a timely reminder of exactly what the current crisis amounts to – unlocking bailout funds that Greece will use to meet the repayment schedule for prior bailout funding.

The Guardian provides this live feed of the goings on at the eurogroup meeting which just ended after just one hour (not a good sign). IMF Director Christine Lagarde looked gloomy and German FinMin Wolfgang Schauble looked even gloomier.

The stock market will likely continue to rally anyway…

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Monday Morning Links

Greece holds critical summit – BBC
Forced Grexit legally impossible – euobserver
Stocks surge as investors bet on Greek deal – CNN/Money
Bank of Greece warned bankers of ‘difficult’ day if no debt deal – Reuters
Tsipras Said to Risk Miscalculating Merkel on Greek Aid – Bloomberg
Britain’s most senior fund manager: ‘It’s time to hold physical cash’ – Telegraph
There’s a new ‘Silicon Valley of drones’ and it isn’t in California – MarketWatch
Supreme Court Ruling: 5 Ways Obamacare Could Change – Fiscal Times
Water wars in California’s coastal wine country – Reuters
Don’t Fight The Market – Alhambra Partners
All Their Eggs in Janet’s Basket – Hussman Funds
Coming Home – CBB

Global markets rally on Greek optimism – Reuters
Opinion: The bloom is off the BRICS – Marketwatch
How to play the record-breaking Nasdaq – USA Today
Who gets burned when China’s stock bubble bursts? – CNN/Money
China Margin Debt Shrinks First Time in a Month Amid Stock Rout – Bloomberg
China’s Black Friday: Can Beijing Stop The ‘Panic Selling’? – Forbes
Gold slips on dollar, equities strength, Greek talks in focus – Reuters
Yellen surprises gold bulls in retreat by reigniting price rally – Mineweb
Strong Withdrawals Mainland & Hong Kong Gold Vaults – BullionStar
GOLD: Will This Summer’s Rally Mark A Cyclical Turning Point? – Secular Investor

How the U.S. Can Return to 4% Growth – WSJ
The 15 Cities That Have Done the Best (and Worst) Since the Recession – Bloomberg
Western companies are being forced to figure China out all over again – Quartz
Saudis Warn Citizens Not to Read the WikiLeaks Diplomatic Cables – Vice News
Dog lovers and dog eaters square off at China’s Yulin festival – CNN
The New American Dream Under Obama: Renting –
The subprime mortgage crisis wasn’t about subprime mortgages – Fortune
San Francisco vs America in Housing Bubble 2 – Wolf Street
Fed a Run Away Machine-G. Edward Griffin – USA Watchdog
Federal Reserve Behind the Curve – Barron’s

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