The Mess That Greenspan Made - Part 18

Stay Away from the Wildlife!

The story of a father-son couple in a rented SUV in Yellowstone National Park attempting to rescue a bison calf from the cold has made the national news in recent days.

It ends badly, as it would have regardless of the tourists’ actions.

The latest from East Idaho News can be found here.

FWIW – from what I’ve read, the calf had been rejected by its mother and was approaching people (not that this should have made a difference in how the tourists acted).

Tuesday Morning Links

ICBC to be first Chinese lender to own London vault – BBC
Make America Gold Again: Calls for Gold Standard Are Back – Bloomberg
China is Doubling Down on State Directed Growth – Gave Kal Capital
BlackRock’s Fink Concerned About China’s Rising Debt – Bloomberg
Raghuram Rajan and the Dangers of Helicopter Money – New Yorker
EU referendum: More than 300 business leaders back a Brexit – Telegraph
Cameron’s sham deal with big firm to bully Brits into staying in EU – Express
How Donald Trump turned the tables on The New York Times – CNN/Money
‘We’re running a f—ing casino’: Politician tells all in manifesto – NY Post
Trump, Clinton face most diverse electorate in history – The Hill
The economic source of the current anger – Washington Post
The age of impunity – Boston Globe

Stocks: 4 things to know before the open – CNN/Money
Oil prices take a breather after hitting 2016 high – MarketWatch
Shadow Banks Make Diciest Loans While Wall St. Retains Risk – Bloomberg
Mark Spitznagel beats drum for tail risks as markets stall – Financial Times
Election Years Are Steeped in Markets’ Least Favorite Thing: Uncertainty – NY Times
Gold down as stock market recovery curbs investor interest – Reuters
Mining deals plummet in value as commodities bust continues –
ETF pile-on continues as gold gains for second straight day –
Gold, it turns out, has a seasonal pattern of weakness – MarketWatch

GDPNow and Then – Atlanta Fed
Once upon a time, there was a middle class – My Budget 360
UK Inflation Falls for the First Time Since September – NY Times
China’s Economy Is Past the Point of No Return – National Interest
China State Media: Cultural Revolution ‘Can Never Occur Again’ – WSJ
Venezuela’s President Is Sending Troops to ‘Protect’ the People – Vice News
Germany sees more arson fires at refugee centers – Rappler
A Nation of Housing Haves and Have-Nots – of two minds
Chinese investment in U.S. real estate tops $300 billion: study – Reuters
As China Revamps Regulation, PBOC Gears Up for Central Role – Bloomberg
Economists – Alhambra Partners


Innovation Then and Now

Neil Irwin’s romp through the history of American innovation from the mid-1800s onward provides a pretty interesting perspective on how we got here, leaving most historically informed readers underwhelmed at the latest developments when they’re compared to such undertakings as the building of the Brooklyn Bridge back in 1880s.

It’s all relative, as they say…

A hundred years from now they’ll look at current cancer therapy like we look at blood-letting today (not an original comparison, but one worth repeating) – innovation and achievement must be measured in the context of the period that they occurred.

It would have been interesting to go back another 50 years or so to look at life in early 1800s America – consider that, prior to the invention of the telegraph and railroads, nothing traveled faster than a horse. For example, Andrew Jackson’s war-hero status earned in the Battle of New Orleans actually came two weeks after the War of 1812 had officially ended.

Monday Morning Links

Goldman: Oil surplus has come to a ‘sudden halt’ – MarketWatch
OPEC signals greater oil glut in 2016 as its output surges – Reuters
China Slowdown Shows Debt Addiction Will Be Tough to Shake – Bloomberg
What Was the Greatest Era for Innovation? A Brief Guide – NY Times
Mark Zuckerberg to meet with conservative media figureheads – CNN/Money
Priebus Shrugs Off Trump Controversies: ‘People Just Don’t Care’ – Fiscal Times
Trump threatens Amazon payback for Washington Post articles he doesn’t like – Vox
Could the Latest Trump Stories Be Different From the Rest? – The Atlantic
Elizabeth Warren is emerging as top Democratic attacker – Boston Globe
Blowing Bubbles: QE and the Iron Laws – Hussman Funds
Ominous Portents – Credit Bubble Bulletin
The Endgame – GoldMoney

Stocks: 4 things to know before the open – CNN/Money
Jim Cramer doesn’t beat the market – MarketWatch
What If Everything Is Overvalued? – A Wealth of Common Sense
Rise of the billionaire robots: how algorithms have redefined hedge funds – Guardian
Wall Street’s Bond Forecasters Splinter as Fed Credibility Wanes – Bloomberg
No More Room To Borrow – US Leverage Ratio At 100 Year High – Contra Corner
China’s Debt Bomb: No One Really Knows the Payload – Visual Capitalist
Gold gains ground as equities and dollar retreat – Reuters
Gold demand just had a major growth spurt –
Central Bankers’ Wisdom Faulted as Gold Holdings Surge 25% – Bloomberg

NY & Atlanta Fed Project Q2 GDP Rebound – Capital Spectator
Reconciling the 3 Narratives About Global Growth – Bloomberg
Venezuela’s ’state of emergency’: How the country slid into crisis – CNN
A British politician decided it was a good idea to bring Hitler into the Brexit debate – Quartz
China Is Pissed About the Pentagon’s New Report on Its Military Activity – Vice News
5 Reasons Why Investors Shouldn’t Cheer China’s Property Market Recovery – WSJ
Why is everyone so worried about another housing bubble? – OC Housing News
Waves Not Cycles; The Difference of Heavy Monetary Influence – Alhambra Partners
ECB Admits: “We’re the Magic People” in a Clown Show – Wolf Street
We Need Central Bankers Who Speak Their Minds – Bloomberg


Vancouver’s World Class Freak Show

That’s one tough bubble they’ve got north of here in Canada’s housing market and, apparently, China’s got a lot to do with its durability as detailed in this story at Maclean’s.

Does anyone call it “Hongcouver” anymore? Maybe that name isn’t as funny as it once was…

© 2010-2011 The Mess That Greenspan Made