The Mess That Greenspan Made - Part 11

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

MUST READS
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

MARKETS/INVESTING
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

ECONOMY/WORLD/HOUSING/BANKING
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 – Investors.com
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

 

I was pretty sure quadrillion followed a trillion, but had to look it up anyway (quintillion and sextillion are next and you can figure out the pattern from there). Anyway, Zimbabwe is cleaning up its currency mess and nonillionaires will soon be a thing of the past.

From the related story we learn:

“Cato Institute economists estimate monthly inflation hit 7.9 billion percent in 2008″.

Brings back some memories…

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Friday Morning Links

MUST READS
Greek bank stocks fall on debt fears – BBC
Greek shares stumble after IMF pulls out of bailout talks – AP
Merkel urges Greece and creditors to keep pushing for deal – Reuters
Germany No Longer Ruling Out Greek Default, Bild Reports – Bloomberg
EU Prepares for Worst as Tsipras Drives Greek Finances to Brink – Bloomberg
Fearful ECB starts countdown on Greek funding lifeline – Reuters
Kuroda Seen Capping Yen Slide as Officials Hint Limit Close – Bloomberg
The US produces more oil now than Saudi Arabia – Quartz
You need 35 quadrillion in this currency to buy $1 – CNN/Money
Don’t Call It ‘Obamatrade’ – National Review
Is Deutsche Bank the next Lehman? – NotQuant
Trapped in a Bubble – Golem XIV

MARKETS/INVESTING
Asia stocks drift as Greece dampens impact of strong US data – AP
The number that makes us bullish on America: $99 trillion – MarketWatch
Spanish Bonds Slump With Italy’s as Greece Retakes Center Stage – Bloomberg
Credit Suisse: We’re Not in a ‘Bubble’ But Chances are One is Coming – Barron’s
Goldman Gets Serious About High-Speed Trading – Bloomberg
Emerging Markets Suffer Largest Outflow in Seven Years – WSJ
Gold hurt by dollar, U.S. data, still set for weekly gain – Reuters
The three books you must read if you want to argue about gold – Mineweb
GLD Gold Reserves Drop To Pre-2008 Financial Crisis Levels – Kitco
Breaking from the Gold Standard Had Disastrous Consequences – US Global Investors

ECONOMY/WORLD/HOUSING/BANKING
Consumers are spending more freely – USA Today
Australia’s workers stressed and overweight, says study – BBC
How a Trans-Atlantic Trade Deal Can Still Be Fixed – Spiegel
Construction shake-up boosts UK economy – Telegraph
Nine banks to issue China’s first certificates of deposit – China Daily
China’s Living Standards Have Almost Quintupled – Bloomberg
Housing Market Set for Best Year Since 2006 (and It Ain’t a Bubble) – realtor.com
Push For Easier Home Lending Standards Reckless – Investors.com
The 9 hottest housing markets in the U.S – CBS Moneywatch
Bond selloff a wild card that could delay Fed rate hike – Reuters

 
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