The Mess That Greenspan Made - Part 12

Friday Morning Links

MUST READS
China’s Market Selloff Accelerates – WSJ
Chinese Stocks Tumble, Morgan Stanley Says Don’t Buy the Dip – Bloomberg
The Biggest Threat To Chinese Stocks: “Shadow Lending” Crackdown – Zero Hedge
Rajan: World economy may be slipping into 1930s Great Depression problems – ET
John Roberts saved Obamacare again – and used Antonin Scalia’s words to do it – Guardian
The 7 Best Lines from Justice Scalia’s Blistering Obamacare Dissent – Fiscal Times
Tsipras Meets With Merkel, Hollande Before Saturday Aid Decision – Bloomberg
Greece’s debt battle stirs austerity row in bailout poster-child Ireland – Reuters
Confederate Flag Purge Goes Nuts, Hits Harmless Strategy Games – reason.com
Who was Alexander Hamilton? Militarism, High Finance and Checking the Democracy – NC
Pentagon: Russia ‘playing with fire’ with nuclear saber-rattling – Reuters
Here’s why California’s drought will hurt you – MarketWatch

MARKETS/INVESTING
China stocks plunge, other markets eye Greece – AP
Jurassic World: 7 reminders for investors – Fortune
Actively managed funds roar back — here are the best – MarketWatch
The S&P 500 P/E Ratio Is 19, Unless It’s Actually 27 – Bloomberg
How hedge-fund geniuses got beaten by monkeys — again – MarketWatch
Why Jim Rogers is buying what everyone else is selling – MarketWatch
Gold rises ahead of talks to clinch Greek debt deal – Reuters
Why SGE Withdrawals Equal Chinese Gold Demand And Why Not – BullionStar
Latest Swiss gold export data confirms China/HK breakdown – Mineweb
SGE in talks with CME to list contracts – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Why Don’t The Poor Rise Up? – DOTE
The Middle Class is Under More Pressure – St. Louis Fed
Canada’s Oil Patch Goes Into Convulsions – Wolf Street
How China hopes to make it big in sports – Caixin Online
China issues scathing report on U.S. human rights abuses – Quartz
Man Decapitated in France and Islamist Banners Found on Site – Vice News
Supreme Court upholds key tool in fighting housing discrimination – Washington Post
How monetary systems cope with a multitude of dollars – Moneyness
Santa Claus in Sweden – Alhambra Partners
IMF to Fed: Drop the dots – Reuters

 

A Solution to the Greek Debt Crisis

Perhaps the IMF, EU, and ECB should try attaching a pair of these to the legs of Greek Prime Minister Alexis Tsipras and Finance Minister Yanis Varoufakis prior to their next meeting.

From this story at the Atlantic which is actually kind of disturbing due to the enjoyment that law enforcement professionals get from this, particularly the test subject.

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Thursday Morning Links

MUST READS
Greece crisis deepens amid deadlock – BBC
Germany not hopeful for Greek deal Thursday – AP
Greece crisis: Who’s meeting and when on Thursday – MarketWatch
Merkel’s legacy mentality bodes well for Greek deal – euobserver
How Draghi Shifted ECB Crisis Tactic Amid Greek Brinkmanship – Bloomberg
ECB holds Athens lifeline unchanged as Bundesbank protests – Reuters
Greece faces final ‘take it or leave it’ debt moment – USA Today
GMO’s Grantham Eyes Bubble, Says It’s Not Ready to Burst–Yet – Barron’s
Pissed Off French Leaders Respond to ‘Unacceptable’ NSA Spying – Vice News
The 80,000-Volt Handcuffs That Let Cops Shock Prisoners – Atlantic
Is Financial Repression Here to Stay? – Project Syndicate
Why Don’t the Poor Rise Up? – NY Times

MARKETS/INVESTING
Stocks lower as latest Greece talks falter – AP
Fund investors flee U.S. stock funds – USA Today
This engine powering the raging bull market is sputtering – MarketWatch
China Tech Stock Boom Falters as Traders Shun Soaring Valuations – Bloomberg
The 30-Year Bond Bull Will End Not With A Whimper, But A Kaboom! – Contra Corner
2015: A low-gear year for U.S. stocks – CNN/Money
Gold Languishes as Fresh Fundamental Inputs Awaited – Kitco
Gold price benchmarking – let battle commence – Mineweb
Coin Sales Spike As Market Senses Financial Turmoil – SRSrocco Report
Stay long gold, gold miners, Canaccord says – Mineweb

ECONOMY/WORLD/HOUSING/BANKING
Americans Haven’t Been Working This Much Since 2008 – WSJ
The dark side of America’s reluctant part-time workers – MarketWatch
What to Expect in the Second-Quarter GDP Number – FBN
China Moves to Scrap Rule Limiting Bank Loans to 75% of Deposits – Bloomberg
Puerto Rico Debt Crisis Mounts With Key Deadline Just Week Away – Bloomberg
Freddie Mac index indicates housing market remains ‘weak’ – Inman
Underwater Homeowners Concentrate In Minority Neighborhoods – WSJ
A Look at Paul Volcker’s Fed and June 30, 1982 – Wall Street on Parade
The Great, but Misguided, Benjamin Strong Goes Astray in 1928 – Uneasy Money
The Myth of Currency Manipulation – Project Syndicate

 

A Greater Depression in Greece

This morning’s headlines read “Tsipras slams creditors…”, “Tsipras flies to Brussels…”, and “Tsipras faces domestic revolt…” as the Greek debt tragedy continues to play out in the latest attempt to avert a “Graccident” resulting from a “Grexit”.

Fortunately for anyone who has already grown tired of Greek-related contractions, none is needed when combining the words “Greece” with “Great Depression”, which is what the Hellenic people are now enduring as illustrated below in this Bloomberg story.

Yes, the economic data from 80 years ago is sketchy, but, as detailed above, it’s actually been much worse in Greece than in the 1930s U.S., as hard as that might be to imagine.

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Wednesday Morning Links

MUST READS
Report: Greek debt talks appear to stumble – USA Today
Gaps remain in Greek talks with creditors as Tsipras flies in – Reuters
Europe is destroying Greece’s economy for no reason at all – Washington Post
Greek crisis: deal unravels as Tsipras says measures have been rejected – Telegraph
Greece Handed New Terms as Tsipras Approaches Decision Time – Bloomberg
Retailers remove Confederate merchandise after church shooting – Washington Post
Russia overtakes Saudi Arabia to become biggest crude exporter to China – RT News
Trump-mentum Storms the Granite State…Sort of – Fiscal Times
US embassy in Paris is ‘home to secret spy nest’ – The Local
Trim gym trend turning fitness fans into business owners – AP
The Pope’s Manifesto Could Destroy the U.S. Economy – Fiscal Times
Pope Francis vs. Wall Street – Washington Post

MARKETS/INVESTING
Markets slide amid differences on Greek reforms – AP
Bond Funds Get Crazy for Cash – Barron’s
What’s going on with China’s stock market? – Financial Post
As U.S. Probes Treasury Market, Trader Talk a Good Place to Start – Bloomberg
Millennials Leading Charge Into Foreign Stocks and You Should Follow – The Street
The Nikkei just closed at its highest level in 18 years – CNN/Money
What higher priced stocks could mean for this bull market – MarketWatch
Gold edges off one-week low as Greece news knocks stocks – Reuters
Gold hit by Fed’s Powell comments on rate hikes – Mineweb
Gold: What is it Good For? – Pension Partners

ECONOMY/WORLD/HOUSING/BANKING
Economic Confidence Index at -9 – Gallup
France confirms 0.6% GDP growth – BBC
China puts $6 trillion price tag on its climate plan – China Daily
Biggest Economies to Feel Impact of China’s Slowdown – Bloomberg
The New Kingdom: Saudi Arabia’s Contradictory Transformation – Spiegel
Canadians not saving enough due to bad spending habits – Financial Post
Canada Has a Hamptons and It’s Booming – Bloomberg
Housing: What To Expect In The Second Half – Forbes
Home Sales Surge as Prices Pick Up – U.S. News
The Bernanke Ten Spot – NY Sun

 
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