The Mess That Greenspan Made - Part 11

Grisis, Granks Grosed, Grexit Grossible

Just think … someday we’ll be able to have a little chuckle as we look back at the long-running Greek financial crisis and marvel at what policy makers were able to accomplish within a dysfunctional system that should never have allowed Greece to join it, the nation only being able to do so thanks to some Goldman Sachs financial engineering.

From Martin Rowson at The Guardian.

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Tuesday Morning Links

MUST READS
Greece holds last-minute debt talks – BBC
Greece would challenge forced euro exit – euobserver
Loads of Debt: A Global Ailment With Few Cures – NY Times
Merkel says door open for talks with Greece – AP
Greek PM hints he’ll quit if people back bailout offer – CNN/Money
The Greek Catastrophe Is Finally Here (Unless It Isn’t) – Politico
Greece Staggers Into Economic Unknown With Bailout Expiring – Bloomberg
Why Is this Tiny Nation Causing Stock Market Losses Around the World? – Wall St. on Parade
Puerto Rico governor calls for bankruptcy; adviser says island ‘insolvent’ – Reuters
Puerto Rico facing historic default on its $72 billion debt – USA Today
Citigroup Overtakes JPMorgan as Top U.S. Derivatives Dealer – Bloomberg
San Francisco Hotels Are World’s Priciest as Rates Surge – Bloomberg
Australia’s Great Barrier Reef at Risk – Atlantic

MARKETS/INVESTING
European stocks fall again on Greece crisis, Asia rebounds – AP
Chinese Stocks Surge After Biggest Intraday Swing Since 1992 – Bloomberg
U.S. investors are dumping stocks for the wrong reason – MarketWatch
A wicked spike in volatility puts two big bullish trends at risk – MarketWatch
Gold slips as Greek crisis knocks euro – Reuters
Gold Up And S&P Down? – GoldSilverWorlds
Investors add most gold to funds in 5 months – Mineweb
Europeans Buy Coins and Bars Due to Greece Crisis – GoldCore
India Hoards Silver; The Disconnect In Stocks & Bonds – SRSRocco Report

ECONOMY/WORLD/HOUSING/BANKING
Gigs with Benefits – New Yorker
The “Hangover Theory” of 2008-2009 Fails Because of Timing – WCEG
The Economics of George Orwell – Roger Farmer’s Economic Window
Abe Tackles World’s Heaviest Debt Burden – Bloomberg
WikiLeaks Doc Allege ‘Economic Espionage’ Against France – Vice News
China’s Communist Party: Still Big, and Getting Bigger – WSJ
Report: Sydney’s crazy housing market no mere craze – Reuters
The housing market has an inequality problem – Yahoo! Finance
SF Fed: Robin Hood Economic Policies May Not Boost Economy – WSJ
Events Continue to Conspire Against the Fed – Fed Watch

 

What Greece Owes the IMF

One of the more interesting graphics about the looming (but, on Tuesday, probably actual) Greek debt default via this item at the Council for Foreign Relations:

Of course, Greece hasn’t defaulted on anything yet and it’s still possible they’ll kick the can down the road again somehow. Nevertheless, this is an impressive pile of debt that will have to be reckoned with someday, perhaps starting tomorrow.

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Monday Morning Links

MUST READS
Grisis – NY Times
The Day The Euro Died – Forbes
Greeks can withdraw €60 a day – euobserver
Greece Shuts Banks, Imposes Capital Controls – Bloomberg
Greek debt crisis: What investors can expect next – MarketWatch
This chart explains why Greece and Europe can’t agree – Vox
To the Brink: Why It’s Time for Greece to Call the Euro Quits – Fiscal Times
German, Dutch banks ‘well-prepared’ for Greek financial ructions – Reuters
BIS: The world is defenceless against the next financial crisis – Telegraph
Puerto Rico’s Governor Says Island’s Debts Are ‘Not Payable’ – NY Times
Economic Crisis Looms For Puerto Rico, Report Says – NPR
Durable Returns, Transient Returns – Hussman Funds

MARKETS/INVESTING
Stocks set to tumble as Greece faces the brink – MarketWatch
The one thing stopping you from early retirement – USA Today
The Last Crisis May Set the Stage For the Next One – RCM
China stocks crash into bear territory as margin calls bite – Fortune
Five Questions About the PBOC’s Latest Easing Measures – WSJ
Have the Saudis misjudged the impact of lower crude prices? – Sober Look
Gold climbs as fears over Greece knock stocks, euro – Reuters
Gold Fund To Serve The New Strategy Of The Silk Road – BullionStar
Nervous Chinese investors dive back into gold – Mining.com
Remain Long On Gold And Gold Mining Stocks – Secular Investor

ECONOMY/WORLD/HOUSING/BANKING
A novel explanation the black-white wage gap – voxeu
Joseph Schumpeter on “Liquidationism” – DeLong
China’s Economy Not Immune to Market Sickness – WSJ
Turkish Police Use Water Cannons, Rubber Bullets on Gay Pride Parade – Vice News
Euro Economy Tarnished by Greek Crisis Savors Stimulus Tailwind – Bloomberg
California drought impacting housing market – Sacramento Sun Times
IMF: Fed Should Keep Rates at Zero Until Mid-2016 to Avoid ‘Dark Corners’ – WSJ
The Test Of Central Bank Omnipotence May Be Upon Us – Mark St. Cyr
The Standard Definition of Money is in Error – Another Amateur Economist
Does the Fed finally realize forward guidance is folly? – MarketWatch

 

GDPNow Now Higher for Q2

Not that a growth rate of 2.1 percent for the U.S. economy in the second quarter is anything to write home about (particularly after registering another negative result for the first quarter), but things appear to be looking up a bit here mid-way through 2015 per the latest update of the Atlanta Fed’s GDP Now real time economic forecast tool.

It was yesterday’s biggest monthly gain in consumer spending since 2009 that pushed GDPNow over the 2 percent mark for the first time this year. Recall that GDPNow nailed first quarter growth (or the lack thereof) earlier this year when most analysts were expecting a growth rate of somewhere around two percent. It should be interesting to see how this turns out late next month when the advance estimate for Q2 is reported.

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