The Mess That Greenspan Made - Part 2

Tuesday Morning Links

MUST READS
The old Fed is dead – Washington Post
Why the BOJ may overshadow the Fed this week – CNBC
China’s Biggest Banks Quicken Pace of Bad-Loan Security Sales – Bloomberg
Wage gap between white and black Americans is worse than in 1979 – Guardian
Letter from Philadelphia: Millennials Go Mild for Hillary – Politico
Are the Trump Kids Becoming Political Liabilities? – Fiscal Times
The Top ‘Must-Win’ States For Trump And Clinton – Five Thirty Eight
Voters on both sides increasingly see a Trump win as a possibility – LA Times
The New York bombing suspect’s family restaurant is getting slammed on Yelp – Vice News
That $100,000 Painting Bought to Flip Is Now Worth About $20,000 – Bloomberg
The Coming Anti-National Revolution – Shiller, Project Syndicate
Donald and the “Maestro” – Antonius Aquinas

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
U.S. stocks set for small bounce ahead of Fed, BOJ meetings – MarketWatch
Dollar Falls With Treasuries Amid Fed, BOJ Countdown; Oil Rises – Bloomberg
Meet the affable bear who expects the S&P to tumble to 20-year lows – MarketWatch
Investors abandon principles as low interest rates put pressure on returns – Telegraph
The canary in the 35-year bond bull market is singing – CNBC
The True Stock Return Can (Almost) Never Be Negative – ValueWalk
Gold gains as investors bet against Fed hike – Reuters
Central banks have been buying gold with a vengeance – MarketWatch
Gold Bugs Rejoice – Central Banks Think You’re On To Something – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
Why All the Confusion in Macroeconomics? – Mises
Five Decades of Middle Class Wages – Advisor Perspectives
The Post-Brexit Boom is Baffling Elites – Mises
UK Has Zero Chance of Having Brexit Cake and Eating It – Bloomberg
Irish Reunification; Merkel Not For Turning; the City’s ‘Passport’ – WSJ
NAHB: Housing Market Hasn’t Been This Hot In 11 Years – The Mortgage Reports
Ask an economist what’s happening with the housing market – US News
Fed again poised to cut longer-run interest rate forecast – Reuters
Here’s one big reason the Fed can wait to raise rates – MarketWatch
Japan’s Negative Interest Rates Explained – NY Times

 

(Mostly) Not from Dinosaurs?

In yet another intriguing infographic at the Visual Capitalist it is learned that, instead of dinosaurs, most fossil fuel derives from things like zooplankton and algae (from 150 million years prior to T-Rex), begging the question of why there’s a dinosaur on the Sinclair logo.

As for oil in the current era, Ron Chernow’s Titan: The Life of John D. Rockefeller, Sr is highly recommended (and, actually, his book on Washington is even better).

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Monday Morning Links

MUST READS
Global banking watchdog warns over Chinese banks – BBC
Fed Meeting Shouldn’t Obscure BOJ’s Big Moment – Bloomberg
Central bank developments are only game in town for markets – MarketWatch
China facing full-blown banking crisis, financial watchdog warns – Telegraph
Hanjin bankruptcy is the tip of the iceberg for flailing shippers – LA Times
Merkel’s Party Suffers Worst Berlin Loss of Postwar Era – Bloomberg
Toomey vs. McGinty is this year’s most consequential Senate race – Trib Live
Donald Trump Does Have Ideas—and We’d Better Pay Attention to Them – Politico
Milo Yiannopoulos is the Pretty, Monstrous face of the Alt-Right – Bloomberg
Juan Williams: Clinton spoke the truth on ‘deplorables’ – The Hill
The Curse of Hillary Clinton’s Ambition – Atlantic
Risk Off, the BOJ and China – CBB
Support Drops Away – Hussman Funds

MARKETS/INVESTING
Global Stocks Rise, Buoyed by Commodities – WSJ
The Greatest Bubble of All-Time? – Wealth of Common Sense
Oil prices rally as Venezuela spurs OPEC deal hopes – MarketWatch
OPEC ‘Very Close’ to Agreement to Stabilize Market, Maduro Says – Bloomberg
For Yellen, a September Fed surprise could close confidence gap – Reuters
Emerging markets now the dominant component of the global economy – ValueWalk
Gold up as dollar slips but Fed and bond yields cap gains – Reuters
Funds Dump Gold at Fastest Pace Since May as Fed View Shifts – Bloomberg
MKS: Chinese Buy Gold Upon Return From Two-Day Holiday – Kitco

ECONOMY/WORLD/HOUSING/BANKING
Once again, the rosy view on U.S. economy wilts – MarketWatch
The 5% “Increase” in Median Income Is Pure Illusion – of two minds
Europe Through the Eyes of the Next Generation – Spiegel
Venezuela: Over 15% of People Eat Garbage to Survive – Vice News
India’s falling exports killed 70,000 jobs in just one quarter – Quartz
China property price bubble and the end of Chinese deflation – ValueWalk
China’s Home Prices Rise Most in Six Years as Sales Gain – Bloomberg
Is California’s housing boom finally coming to an end? – Housing Wire
What Do We Need to Give the Fed’s Hawks More Room to Fly? – Bloomberg
How a ‘twist’ by the Bank of Japan could upstage the Fed – MarketWatch

 

The Troops are Fast Getting Fatter

The Pentagon grudgingly revealed to the Military Times that the nation’s armed forces are not immune to the obesity epidemic that has been sweeping the nation in recent years, the charts below illustrating a trend that, hopefully will not (well, can’t) continue.

It is no coincidence that recently discovered documents from the 1960s that also showed up in the news yesterday indicate the sugar industry paid for research that would depict fat as the bad actor in the nation’s big health concern at the time – heart disease.

This thinking has become so ingrained in the American psyche – fat makes you fat and, therefore, it is bad – that it will be difficult to undo before the country collapses under its own weight. The latest evidence of just how difficult is found in the first article above:

“This is about the national security of the United States,” said retired Army Lt.  Gen.  John  Bednarek, who was the highest ranking American general in Iraq in 2014. “It’s a long term trend and we cannot turn a blind eye. The bottom line is that our commanders and senior enlisted leaders have to take a look at what we are serving, whether it’s in the [dining facility] or aboard a ship in the mess. Are we providing healthy choices? Are we providing fruits and vegetable options up front? As opposed to the first thing they see in the morning is the grill with a 22-grams-of-fat sausage patty?”

Thursday Morning Links

MUST READS
UK interest rates left unchanged at 0.25% – BBC
Paradise Lost: Why the Good Times Are Over for Global Bonds – WSJ
The Bond Market Is Flashing a Signal That Traders Haven’t Seen Since 2012 – Bloomberg
Unprecedented Global Bond Bubble Threatens Holders of Cash – Money Metals Exchange
Warren: Next President Should Investigate (and Maybe Jail) Wall St. Bankers – Bloomberg
Election Update: Has Clinton’s ‘Bad Weekend’ Moved The Polls? – Five Thirty Eight
Libertarian Gary Johnson Scores a Major Victory in His White House Bid – Fiscal Times
Colin Powell insults Clinton and calls Trump ‘national disgrace’ in leaked emails – Vice News
Household Income Jump? People Aren’t Suddenly Getting Big-Fat Paychecks – Wolf Street
U.S. Household Finances – It Only Looks Like the Good Life – DiMartino Booth
Deconstructing Median Income Bullshit – Decline of the Empire
1 in 5 CEOs are psychopaths, study finds – Telegraph
Wackos Have Alan Greenspan Running Scared – Dealbreaker

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
Asian Stocks Extend Losing Streak to Sixth Day as Japan Falls – Bloomberg
3 critical factors are leading to investors to shun risk – MarketWatch
Volatility Erupts in Currencies as Stimulus Appetite Seen Waning – Bloomberg
Will the Perceived Safety of the U.S. Dollar Turn It Into a Bubble? – Value Walk
What Could Go Wrong? Funds Desperate for Returns Load Up on Risk – Bloomberg
Bond yields are surging despite deflation, and that is dangerous – Bloomberg
Gold slips on steadier dollar and equities ahead of Fed meeting – Reuters
Holding Gold Getting Scary for This Former Bull as Yields Rise – Bloomberg

ECONOMY/WORLD/HOUSING/BANKING
Key hurdles for the U.S. economy could soon disappear – MarketWatch
Infrastructure Spending Does not “Grow the Economy” – Mises
How China’s Past Stimulus Is Dogging Its Growth Prospects – WSJ
Japan wants more women to work—but what do women get in return? – Quartz
France to open first ‘de-radicalization’ center for potentially violent extremists – Vice News
This trait may explain why Danes are the happiest people on earth – MarketWatch
Brazil’s Lula charged as ‘top boss’ of Petrobras graft scheme – Bloomberg
The new Wall Street scheme to make money with your home – MarketWatch
Why the Fed Can’t Hold the Stock Market Together Much Longer – Casey Research
Markets’ Focus on Timing of Fed Hike Is a Distraction – Bloomberg

 
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