The Mess That Greenspan Made - Part 2

Another Leg Down for Commodities?

Like many others who opine on this sort of thing, in an item at Project Syndicate Harvard economist Carmen Reinhart says another leg down (or two) could be in store for the commodities bear market now in its fourth (or seventh, depending on when you start) year.

Even though the dollar has weakened today, the price of WTI crude oil briefly dipped below the $40 mark which, should this move continue in the weeks ahead, make the Fed’s deliberations on interest rate hikes all the more interesting.

Thursday Morning Links

Fed Setting Long-Range Goal of 0% Interest Rate – Barron’s
Fed minutes suggest reluctance to return to bond buying – MarketWatch
Problem for Fed Isn’t Going, It Is Not Knowing How Much to Go – Forbes
What December Liftoff? No Discussion On “Normalization Logistics” -Zero Hedge
Why U.S. Efforts to Cut Off Islamic State’s Funds Have Failed – Bloomberg
In Rise of ISIS, No Single Missed Key but Many Strands of Blame – NY Times
While the World Focuses on IS, Assad Keeps Bombing Doctors and Civilians – Vice News
Bush Calls for U.S. Troops in War on ISIS – Real Clear Politics
Don’t Get Too Caught Up in the Trump and Carson ‘Panic’ – Roll Call
Ted Cruz, Marco Rubio, and the politics of toughness – The Week
Princeton Students Take Over President’s Office – Daily Caller
The Illiberal Demands of the Amherst Uprising – Atlantic
Antibiotic resistance: World on cusp of ‘post-antibiotic era’ – BBC

Futures higher after rate hike signs – USA Today
The collapse of commodities in one simple chart – Visual Capitalist
The Commodity Roller Coaster – Project Syndicate
The clock is ticking on a move to new highs – MarketWatch
As Oil Falls, Concerns Rise for Energy ETFs – Barron’s
OPEC Targets U.S. Shale, But Hits Canada Instead – Bloomberg
Prepare for Gold Below $1,000 as Fed Pulls the Trigger on Rates – Bloomberg
India​ gold monetization scheme gets cold response from stakeholders – Shangahi Metals
Modi’s gold deposit scheme attracts only 400 grammes so far – Reuters

Uber Is Not the Future of Work – Atlantic
Why People Must Be Free To Work for Low Wages – Mises
Truth-Telling on China’s Economy – Bloomberg
China’s consumers to spend $6.4 trillion by 2025 – CNN/Money
BOJ keeps policy steady despite recession, sees capex rebound – Reuters
Brazil economic activity falls for fourth straight quarter -cenbank – Reuters
Petrobras’s Dangerous Debt Math: $24 Billion Owed in 24 Months – Bloomberg
Builders Gotta Build? Not In This Housing Market –
CMBS Market Starts to Get `Frothy’ as Valuations Rise, Voya Says – Bloomberg
The New Dallas Fed President Has a Very Different View Than His Predecessor – Bloomberg


Ahead of today’s big Federal Reserve meeting minutes that will, absent a major market temper tantrum between now and then, seal the deal for a December rate hike, David Stockman shares some thoughts on this and related subjects at CNBC.

The former Reagan budget director, current proprietor of the Contra Corner website, and author of The Great Deformation: The Corruption of Capitalism in America was busy yesterday as evidenced by the six segments appearing after a quick CNBC video search.

Wednesday Morning Links

Two terrorists killed in Paris raids – The Local
Ending Islamic State Inc. – Bloomberg View
How ISIS makes its money – Washington Post
How Belgium Became a Terrorism Hotbed – Daily Beast
Bomb scare diverts Paris-bound US flights – The Local
US Muslims face backlash after Paris attacks – AP
Taking Terror Abroad: The Islamic State’s New Strategy – Spiegel
CalPERS may lower investment expectations, costing taxpayers billions – LA Times
Poorest town in poorest state: segregation is gone but so are the jobs – Guardian
Deductibles Are the Price You Pay for Obamacare – Bloomberg
The Unintended Consequences of CFPB Debt Reform – RCM
Gawker is dead, long live Gawker: Site shifts to politics – Guardian

Futures slightly higher, ahead of Fed minutes – USA Today
Asian markets wary of fresh terror attacks in Europe – BBC
4 Facts Investors Should Know About Bonds – US News
World’s multi-trillion dollar bond market is circling the drain – Telegraph
It Still Looks Like Wall Street Topped in May – Kass’ Corner
Market recovery intact despite ugly November start – MarketWatch
Don’t Let a Conservative Portfolio Kill Your Retirement – Servo Wealth
Gold ekes out gains, but languishes just above 2010 low – Reuters
Money Managers Continue Cutting Gold, Silver Bullish Positions – Kitco
China Pioneer: Don’t Bet on Asian Middle Class to Lift Gold – Bloomberg

Deconstructing the Consumer Price Index – Advisor Perspectives
We’re Well Below Target Inflation…by Every Measure – CEPR
APEC economies growth slows to 3.1 pct in Q2 – xinhuanet
Russian economy stable, attracting investors – Medvedev – RT News
Inflation completely under control in India – Financial Express
China October home prices rise for 1st time in 14 months – China Daily
Canada’s Housing Market is a Hot Mess – Epoch Times
NAHB Housing Market Index: Back To Late 2005 Levels – ETF Daily News
Bank of England fears challengers will never de-throne the giant banks – Telegraph
Fed may send a big message to markets – CNBC


John Oliver on the Paris Terror Attack

Because he’s on HBO, John Oliver can say what a lot of other people on TV would like to say about the terror attack in Paris and, in so doing, gives new meaning to the acronym NSFW (that means turn the volume down if you’re in your cubicle).

Also see Oliver’s take on Daily Fantasy Sports that was, without question, the funniest thing I’ve seen on TV in weeks, months, or possibly all year.

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