The Mess That Greenspan Made - Part 2

Generational Overlap

Oh geez … nothing in the headlines (e.g., coup attempts, terrorist attacks, police shootings) to keep the Republican Convention from getting maximum coverage in the news today.

How about generational overlap, courtesy of this item at the Wall Street Journal?

FWIW – I’m in that 5-year overlap – never felt comfortable being called a baby boomer and even less so for Gen X – didn’t know that a big overlap was the exception, not the rule.

Monday Morning Links

MUST READS
10 Things to Know for Today – AP
Erdogan’s Wrath Jeopardizes E.U. Bid – Handelsblatt
Turkey coup arrests hit 6,000 as Erdogan roots out ‘virus’ – BBC
The Coup Failed, But Erdogan’s Wrath Keeps Investors on Edge – Bloomberg
Republican Convention 2016: RNC speakers, schedule, platform, and what to expect – Vox
Ohio’s open-carry gun law comes under fire ahead of GOP convention – Vice News
Why Republicans’ new anti-immigrant platform spells doom for them -Washington Post
Donald Trump’s Loud, Proud and Pissed Off Female Supporters – Newsweek
GOP insiders dreading Trump’s convention – Politico
The End Of A Republican Party – Five Thirty Eight
Scrounging Through the Dumpster – Hussman Funds
Scary Time – Credit Bubble Bulletin

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
The price of panic: Missing the rebound rally – USA Today
Dow on track for fresh record high, as earnings season roars on – MarketWatch
Oil Must Go to $40 and Stay There to Buy Russia Reforms at Last – Bloomberg
Why Land and Homes Actually Tend to Be Disappointing Investments – NY Times
Yuan Weakens Past 6.7 Versus Dollar for First Time in Five Years – Bloomberg
Rising Gold And Oil Prices Are Brightly Flashing Economic Slowdown – Forbes
Gold falls on revived risk appetite after failed Turkey coup – Reuters
The worst gold bear is now the most convinced bull – Secular Investor
Gold’s Run Could Hit Roadblocks – WSJ

ECONOMY/WORLD/HOUSING/BANKING
The Two Biases That Keep People From Saving Money – The Atlantic
How attempts to fix the global economy have ignited unrest – MarketWatch
Brexit ‘will be horrible for UK economy’ – fund manager – BBC
Ireland Hits Brexit Alarm in Biggest Foreign Crisis in 50 Years – Bloomberg
My Venezuela Nightmare: A 30-day hunt for food in a starving land – Bloomberg
Top six worst manifestations of mortgage equity withdrawal – OC Housing News
The Housing Market Is Waving a Red Flag – Bloomberg
Don’t Reform the Fed, Fed-Exit! – Ron Paul
Destination Mars – Economic Prism
Helicopter money – Econbrowser

 

Rectifying Bad Aim?

Just got back from a very pleasant week in Grand Tetons NP (i.e., considering it’s mid-July and the combination of still-low gas prices and a big national ad campaign by the park service have the entire country on something of a national parks binge) and thought this item spotted in a public restroom inside the park was worth sharing.

In Yellowstone (we drive through it to get to the Tetons), there were all sorts of measures taken to help stop people from doing stupid things and potentially killing themselves such as even brighter colored paper handed out with the park map to warn people that park animals are wild (i.e., they’re not in a zoo) and to stay out of the boiling water.

Another pet peeve of ours was addressed in many new signs telling people to go to the nearest pull-out to view wild life rather than stopping in the middle of the road or parking half on/half off the road, many of these areas now blocked with attractive sets of logs.

That’s progress, I suppose, in the fight against people losing their common sense when spotting their first bison … not sure if the bathroom sign above is working or not.

Friday Morning Links

MUST READS
Snipers kill five Dallas police – Reuters
5 officers dead, 6 hurt in Dallas protest shooting – AP
Obama: Dallas shootings ‘vicious, calculated, despicable attack’ – DMN
Ryan Gives Up on Gun Control Vote as Conservatives Revolt – Fiscal Times
Jobs Report in U.S. to Get Extra Scrutiny in Post-Brexit World – Bloomberg
World faces deflation shock as China devalues yuan at accelerating pace – Telegraph
Standard & Poor’s lowers Australia’s credit rating outlook to negative – Guardian
American Pessimism: Only 6 Percent Think the World Is Getting Better – reason.com
Electorate Tremors: The Era of the Angry Voter Is Upon Us – Spiegel
How Long Until the World Has Its First Trillionaire? – Fiscal Times
The Inexorable Result Of Modern Central Banking – Contra Corner
Snapchat sued for being too sexy for minors – LA Times

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Jobs rebound could lift stocks, bond yields – USA Today
Wall Street’s safest bets are now in bubble territory – MarketWatch
Yen Rises to Top This Week on Haven Demand as U.S. Payrolls Loom – Bloomberg
European stocks pull higher as financials find relief – MarketWatch
Big Oil’s $45 Billion of New Projects Signal Spending Revival – Bloomberg
Investment firm that called the 2008-09 crash doesn’t like stocks or bonds – MarketWatch
Gold set for sixth weekly gain despite dip ahead of U.S. jobs data – Reuters
Angst-Ridden Japanese Investors Seen Seeking Haven in Swiss Gold – Bloomberg
Gold to $1,500? One bank is ahead of the rest with its bet on bullion – CNBC

ECONOMY/WORLD/HOUSING/BANKING
Is the U.S. economy at a tipping point? – CNN/Money
The world economy is turning Japanese – Washington Post
Squeezed US middle class: We’re in bad shape – Guardian
What slowdown? GM, Ford sales rise in China in June – USA Today
My 10-point plan to kick-start the economy after the referendum – Telegraph
U.K. consumer confidence plunges at fastest pace since 1994 – Telegraph
Business pessimism ‘doubles after Brexit vote’ – BBC
This Chinese Dynasty Needs a Name – Bloomberg
30-year mortgage rates approach all-time lows – USA Today
Everyone Should Raise Rates, Starting With the Fed – Bloomberg

 

Debt: The Descent into Madness

I think Grant Williams is right when he says that more books will be written about the last ten years and the next ten years than any other period in modern history and, importantly, writers are not likely to look kindly upon the current crop of central bankers.

With the gold price now closing in on $1,400 an ounce (and perhaps set to go much higher), look for more from Mr. Williams and others who have endured a difficult few years due to a struggling market for precious metals and related investments.

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