The Mess That Greenspan Made - Part 11

Too Successful?

Der Spiegel devoted a recent issue of their magazine to the subject of climate change and, in the process, posed the question of whether capitalism is responsible. One look at the chart below from the lead story would suggest an affirmative response.

This is, of course, another case of attempting to find a single root cause where there may, in fact, be many contributing factors, a point that is fleshed out in this comment:

Ironically, both Adam Smith and Karl Marx wrote that capitalism must be controlled and regulated by governments because a system dedicated solely to the amassing of wealth would destroy itself. Unchecked capitalism, as evidenced by global warming, provides an example.

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Monday Morning Links

MUST READS
Fed Ushers in a New Era of Uncertainty on Rates – WSJ
China’s central bank cuts interest rates as slowdown deepens – AP
Nemtsov murder prompts major anti-Putin rally – euobserver
Are the Germans Going to Crash the World Economy? – Politico
The Next Subprime Crisis Will Ride on Four Wheels – New Republic
The Warming World: Is Capitalism Destroying Our Planet? – Spiegel
Naomi Klein Interview: ‘The Economic System We Have Created Global Warming’ – Spiegel
Jihadi John’s Past Has Ignited a Debate About Britain’s Treatment of Muslims – Vice News
Obamacare’s Survival Hangs on Four Words at U.S. High Court: Q&A – Bloomberg
14,600 blighted properties demolished in Ohio under program – Washington Times
Don’t bother to save – there’s no point any more – Telegraph
Periphery Fragility List – Credit Bubble Bulletin

MARKETS/INVESTING
Futures rise, Asian stock markets higher – USA Today
Dot-com deja vu: Nasdaq closes in on its record high – AP
Plan to Exit Stocks Within the Next 8 Years? Exit Now – Hussman Funds
Five reasons retail investors should act like institutions – FP
Treasuries Rally as Yellen Sees Low Inflation Declining Further – Bloomberg
Gold hits 2-week high as China rate cut seen spurring buying – Reuters
Could China actually have 30,000 tonnes of gold in reserves? – Mineweb
Union Budget 2015-16 proposes steps to monetise gold, contain imports – The Hindu
PDAC 2015: Optimism clashes with reality on day one of conference – FP
The pros and cons of investing in gold – Bankrate

ECONOMY/WORLD/HOUSING/BANKING
As Oil Prices Fall, Houston Shudders – NY Times
Dearth of jobs a barrier to post-bankruptcy Detroit’s growth – AP
Euro zone Feb prices fall less than expected, unemployment down – Reuters
China’s economic growth expected to slow to 7% in Q1 – CNA
Argentina’s Bonds Are Doing So Well, It Tried to Sell More – Bloomberg
UK manufacturing recovery ‘back on track’ as output rises – Telegraph
UK house prices fall 0.1 percent in February – Guardian
Bedazzled by the Bewilderment Surrounding the Fed’s Behaviour – First Rebuttal
Negative yields: What could go wrong? – CNBC
My Presentation To Janet Yellen – Forbes

 

Turbo Encabulator

Gotta get me one of these (hat tip ES)…

For more, see the Wikipedia offerings on Turboencabulator and Technobabble.

Friday Morning Links

MUST READS
German MPs back Greek loan extension – BBC
Greek protesters clash with police in first backlash against Syriza – Reuters
Forget Greece, Japan is the world’s real economic time bomb – Fortune
Cyprus praises Russia, lets in warships – euobserver
Russia’s Insider Traders Know Putin’s Plans – Bloomberg
Cash-strapped Ukraine struggles to keep Russia gas supplies – AP
Why Millennials Aren’t Moving Out Of Their Parents’ Homes – Bloomberg
First German Edition of Hitler’s ‘Mein Kampf’ Since 1945 Stirs Old Feelings – Vice News
The FCC Just Voted to Regulate the Internet Like a Utility – reason.com
That Awkward Moment When Stocks Rise While Profits Fall – Bloomberg
Saudis’ Oil Price War Is Paying Off – Bloomberg
America’s trading desks are imploding – Quartz

MARKETS/INVESTING
Global stocks lackluster ahead of revised US growth figures – AP
10 Things to Know About Negative Bond Yields – Bloomberg
Will there ever be another correction? – MarketWatch
As Hedge Fund Returns Falter, Money Continues to Flow In – NY Times
Buffett, a cheerleader for America, takes his checkbook abroad – Reuters
Oil rebounds, with Brent set for biggest monthly gain since 2009 – MarketWatch
U.K. Bonds World’s Worst in Biggest Monthly Decline Since 2009 – Bloomberg
Gold down on strong shares, set for biggest monthly loss since Sept – Reuters
UBS Chinese Gold Demand Nothing Exceptional After Lunar New Year – Kitco
Apple buying a third of world’s gold to meet demand for iWatch – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Technology is not a job killer – CNBC
CPI Really Didn’t Cooperate – Alhambra Partners
Why Is Korea Inc. Going Shopping? – Bloomberg
India sees growth over 8 percent, set for ‘big bang’ reforms – AP
Nigel Farage Roils U.K. Politics as Anti-Immigration Tide Surges – Bloomberg
China’s Neighbors Bolster Militaries Despite Charm Offensive – WSJ
Chinese House Prices Falling At A Faster Rate Than In The US Pre-recession – Reuters
Jim Cramer on the Housing Market: The Boom Under the Radar – The Street
Reforming the Fed: Who’s Right; Who’s Wrong? – Wall Street on Parade
100 Reasons Why the Fed hould Be Audited – Zero Hedge

 
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