The Mess That Greenspan Made - Part 12

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

 

From the “pissed off, disillusioned, ex-Wall Street,  independent, intentionally-unnamed, now permanently ex-pat bloggers” who offer up fare at the NotQuant blog comes the image below, prompted by a paper(.pdf) from the Philadelphia Federal Reserve about the supposedly unintended consequences of monetary policy.

Interestingly (but not surprisingly, given the dismal set’s detachment from the real world in cases such as this), economist Makoto Nakjima doesn’t even question whether this particular unintended consequence is really unintended, stating unequivocally:

Monetary policy currently implemented by the Federal Reserve and other major central banks is not intended to benefit one segment of the population at the expense of another by redistributing income and wealth. Any decisions regarding redistribution are considered to be the province of fiscal policy…

Yeah, right.

Thursday Morning Links

MUST READS
Greece seeks bailout extension – euobserver
Merkel Tells Tsipras It’s Time to Back Talk With Action – Bloomberg
Tears as Greek state TV returns to air after austerity shutdown – Reuters
Iceland: The economy that came in from the cold? – Independent
Russia says U.S. coerces Kiev and violates arms treaties – Reuters
Dimon: Elizabeth Warren May Not Understands Global Banking – Bloomberg
Bond crash across the world as deflation trade goes horribly wrong – Telegraph
Pimco Issues Inflation Warning at a Time When Costs Are Falling – Bloomberg
What’s Fraying Nerves of Treasury’s Financial Stability Folks – Wall St. on Parade
The Fed fears lifting interest rates, ex-insider says – MarketWatch
Oops! Philly Fed Admits QE widens inequality – NotQuant
How the Next Financial Crisis Will Happen – WSJ

MARKETS/INVESTING
Global stocks rise on Greece hopes – AP
Two more years of Bull? – Reformed Broker
The Return Of The Bond Vigilantes – Capital Spectator
Rising cost on U.S. rate swaps raises worries – Reuters
Three Seismic Shifts Shaking Up the World of Energy – Bloomberg
MSCI backs itself into corner on China share inclusion – Reuters
Gold snaps 3-day rally as dollar rises – Reuters
Indian Silver Imports On Track To Smash All Records – SRSrocco Report
Gold bulls lose key ally as diehard coin buyers vanish in US – Bloomberg
Gold price: Reasons not to fear the Fed – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
$15-an-hour minimum wage passed in L.A. – USA Today
Why Cheap Gas Hasn’t Lit a Fire Under Consumers – Fiscal Times
Rental America: Why the poor pay $4,150 for a $1,500 sofa – Washington Post
Economic Automatons Attack James Grant’s The Forgotten Depression – Mises
Beijing is enjoying rare phenomena: blue skies and rainbows – Quartz
European Central Bank Economists Find That Austerity Works – WSJ
Sydney house prices ‘crazy’: Stevens – Business Spectator
Why Do We Celebrate Rising Home Prices? – Mises
Axel Weber Tells Yellen, Draghi & Co: You’re Doing it Wrong – Bloomberg
World Bank sees slower global growth, urges Fed to wait on rates – Reuters

 
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