The Mess That Greenspan Made - Part 12

John Oliver Does North Dakota

This Last Week Tonight piece on North Dakota covers a lot of ground – from Midwestern culture vs. New York manners to the unintentionally comic Blood & Oil TV series and, of course, the shale oil boom that is, for the moment at least, transforming the area.

Don’t forget, season two of Fargo debuts tonight! Ted Danson?!? Murder at a Waffle Hut?!?

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Monday Morning Links

Central bank cavalry can no longer save the world – Reuters
Central Bankers Urge Fed to Get On With Interest-Rate Increase – WSJ
The world economic order is collapsing and there seems no way out – Guardian
Fed Quietly Revises Total US Debt From 330% To 350% Of GDP – Zero Hedge
Russia, Saudi Arabia pledge to boost cooperate on Syria crisis – Xinhuanet
Did U.S. weapons supplied to Syrian rebels draw Russia into the conflict? – Washington Post
Russia demands answers after reports that RAF can shoot down war planes – Mirror
Barack Obama: Donald Trump is a ‘classic reality TV character’ – Entertainment Weekly
Hillary Clinton Prepares for Crucial Campaign Stretch – Bloomberg
Why we shouldn’t borrow money from the future – WEF Agenda
Can Star Trek’s world with no money work? – CNN/Money
Not The Time To Be Bubble-Tolerant – Hussman Funds
Courage to Print – Credit Bubble Bulletin

Global stocks mixed; Wall St. awaits corporate earnings – AP
Why People Invest in Hedge Funds – Wealth of Common Sense
Dollar languishes near three-week lows on Fed questionmarks – Reuters
How the Average American Can Beat the Next Bear Market – Motley Fool
Bankers Grapple With How to Help Emerging Markets – NY Times
Hedge Funds Are Playing ‘Dangerous Game’ With Copper – Bloomberg
What technical analysts are watching after last week’s big market rally – MarketWatch
Gold hits 3-month high as traders bet on U.S. rate hike delay – Reuters
Bad Economic News Has Been Good for Precious Metals – Bloomberg
Gold price just $15 away from major rally –

The Trouble With Economics – Bloomberg
The government is helping the economy grow again – The Week
Japan Inc sounds the alarm on consumer spending – Reuters
India chooses electricity and economics over emissions – Quartz
Is the Housing Bubble 2.0 About to Encounter a Pin? – of two minds
Low inventory of homes driving bidding wars in Washington – MarketWatch
Fed’s Fischer says 2015 U.S. rate rise ‘an expectation, not a commitment’ – Reuters
Fed officials seem ready to deploy negative rates in next crisis – MarketWatch
Fed?!?! – Delong


Financial Markets and the Fed

After the financial market turmoil of recent months, the response of the Federal Reserve to said turmoil, and then the reaction of markets to yesterday’s dovish September Fed meeting minutes, it’s not at all clear that this cartoon accurately characterizes the relationship between Wall Street and the nation’s central bank.

Lately, it looks like markets are telling the Fed what to do and, in the process, making them look foolish as a result (either that or Fed economists just don’t have a clue about anything).

From the cartoon archive of Daryl Cagle.

Friday Morning Links

There Is No Real Hillary Clinton – Rolling Stone
My Plan to Prevent the Next Crash – Hillary Clinton
Wall Street isn’t worried about Hillary Clinton’s plan – CNN/Money
Fed Minutes: Rate Delay Spurred by Worry Over Low Inflation – WSJ
Fed Held Rates Steady Over Concerns About Weak Growth Abroad – NY Times
Negative rates an option, says Fed’s Kocherlakota – Financial Review
After 30 Years, Fears of Turning Japanese Are Closer Than Ever – Alhambra Partners
Chinese carpocalypse: Thousands of vehicles stranded on Beijing motorway – RT News
Stephen Hawking: Artificial intelligence could wipe out humanity – Independent
Survey: 1 in 3 vegetarians admits to eating meat when drunk – USA Today
When the healthcare worker becomes the patient – The Hill
Why speaker of the House is the worst job in Washington – Vox

Global stocks rally on expectations of Fed rate hike delay – AP
Global stocks eye biggest rally in four years on Fed relief – Reuters
Correction losers win big in stock rebound – USA Today
Why October Is the Worst Month for Investors – Bloomberg
Goldman: Oil’s Rally Was Just Noise And Won’t Last – Barron’s
If You Thought China’s Equity Bubble Was Scary, Check Out Bonds – Bloomberg
Gold rises to three-week high on dovish Fed minutes – Reuters
Here’s the chart gold bugs don’t want you to see – MarketWatch
Bundesbank STILL fails to deliver a gold bar number list – BullionStar
CHARTS: Gold price poised to break bear trend –

Is the US slowdown for real? – FT
Let’s Talk Global Recession — Serious Danger! – DOTE
A U.S. Recession Just Got a Little More Likely – Bloomberg
Why this feels like a depression for most people – Burning Platform
China ‘Golden Week’ retail sales growth slows – Reuters
IMF’s Lagarde: China’s slowdown is ‘healthy’ – CNN/Money
Europe’s capital markets union and the new single market challenge – voxeu
As home prices soar in LA, once-fringe neighborhoods flourish – MarketWatch
Lone Fed Hawk Battling Doves Over Interest Rates – US News
GOP candidates need to take on the Fed – The Hill


The Myth of Retiring Baby Boomers

Anyone interested in digging deeper into the quandary over what’s responsible for the declining labor force participation rate in the U.S. should have a look at this item from Doug Short over at Advisor Perspectives where the chart below is offered up as evidence that it’s not just demographics since the Baby Boom generation is actually working more.

Those born between 1946 and 1964 (and recall that the boom faded quickly in 1958) fit into the first four groups with only one group showing an increase in those seeing fit to no longer work or look for work – the 50- to 54-year olds. Given the slope of curves for the five older groups, perhaps their decision will prove to be a bit hasty as one thing is clear from the chart above – the older you get, the more likely it is you’ll re-enter the work force.

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