The Mess That Greenspan Made - Part 20

Monday Morning Links

The Party’s Over in Alaska – Bloomberg
Saudi Arabia ousts oil minister Ali Al Naimi – City A.M.
Even China’s Party Mouthpiece Is Warning About Debt – Bloomberg
Officials Hail Turning Point in Fort McMurray Fire – NBC News
Fort McMurray and the Fires of Climate Change – New Yorker
The Newly Emboldened American Racist – Huffington Post
Is It Paul Ryan’s Party Or Donald Trump’s Party? – Five Thirty Eight
Trump’s Popularity In The Primary May Backfire In The General – Daily Caller
Rumbles heard from Mount St. Helens: Is another major eruption coming? – CSM
Professor’s airplane math didn’t equal airplane threat – AP
Inflection Point for EM – Credit Bubble Bulletin
Latent Risks and Critical Points – Hussman Funds

Stocks: 5 things to know before the open – CNN/Money
Why China Is Prone to Bubbles – Bloomberg
Why stocks may be looking at more downside – MarketWatch
China stocks plunge again as hopes for economic recovery fade – Reuters
How much stock should you have in your retirement accounts? – MarketWatch
Bill Gross, Mohamed El-Erian Warn Against Counting the Fed Out – Bloomberg
China foreign exchange trading moves into shadows as Beijing tightens screws – Reuters
Gold slips 1 percent as dollar holds firm after U.S. jobs data – Reuters
Gold Sector Checkup After The ‘Inflation Trade’ Bounce – ValueWalk
Hedge Funds Take Bullish Gold Bets to Highest Since 2011: Chart – Bloomberg

The silver lining to the dismal jobs report – The Week
Loud Calls for Greek Debt Relief – Handelsblatt
Germany: Must review reforms before Greek debt restructure – Reuters
Europe is right to kill off the criminals’ favourite banknote – Financial Times
Philippines investigates Shell and Exxon over climate change – Guardian
BBC Team Expelled From North Korea for ‘Disrespectful’ Reporting – Vice News
Everything a first-time home buyer needs to buy a house – CSM
Another Condo Bubble Bites the Dust – Wolf Street
ECB needs time for March moves to work: Constâncio – MarketWatch
Fed Should Aim for Inflation Overshoot, Says Evans – Bloomberg


Escaping Fort McMurray

Can’t imagine what it would be like to be one of the ~90,000 people being evacuated from Fort McMurray in Northern Alberta Canada, just a day’s drive north of Banff/Jasper where we’ve visited often in the summer, but, here’s the view from someone’s dashcam.

It sounds like global warming is to blame (well, at least according to the BBC).

Friday Morning Links

Central Banking’s Final Frontier? – Project Syndicate
Grant: Have Central Bankers Have Lost Their Marbles? – Zero Hedge
Biggest Junk-Bond ETF Jolted by Massive Outflows – Bloomberg
U.S. stock fund outflows largest since January -Lipper – Reuters
Apocalyptic Alberta Wildfire Could Stunt Canada’s Economy – Vice News
When Jefferson and Madison Banned Guns on Campus – Atlantic
Louisiana’s shaky government finances hit a major oil slick – CNBC
‘Low-interest-rate’ Trump wants to replace Yellen, refinance U.S. debt – MarketWatch
What Pundits Keep Getting Wrong About Donald Trump and the Working Class – Slate
Earthquake and aftershocks: Making sense of Donald Trump’s stunning victory – Daily News
Why George Washington Would Have Agreed With Donald Trump – Politico
Is the American Party System About to Crack Up? – The Nation
Truth and Trumpism – Krugman, NY Times

Stocks: 4 things to know before the open – CNN/Money
Corporate insiders send a bullish sign – USA Today
Emerging Markets Head for Worst Week Since January on Fed Bets – Bloomberg
China stocks slide nearly 3% on worries about looming bond defaults – MarketWatch
‘Paralyzing Volatility’ Means Trouble for Wall Street Giants – Bloomberg
Big drop in bullishness for U.S. stocks could actually be a good sign – MarketWatch
Gold edges towrds $1,280 ahead of U.S. jobs data – Reuters
Gold Set for Biggest Weekly Drop Since March – Bloomberg
Silver demand hit record high in 2015 –

The men America has left behind – CNN/Money
Why millennial parents have it hardest – The Week
There’s something missing from the US economy – Quartz
Britain economy could be grinding to a halt – Telegraph
Seoul Does Stimulus With a Twist – Bloomberg
Economic Uncertainty: Germany’s Shrinking Middle-Class – Handelsblatt
The Candidate Who’s OK With Rape and Death Squads – Vice News
Conspiring bankers successfully manipulated the housing market – OC Housing News
Easy Money Isn’t the Answer for Japan – Bloomberg
Can governments offset helicopter money – mainly macro


Ron Paul on Donald Trump

Former Texas Representative and three-time presidential candidate Ron Paul is not hopeful about the competition between Hillary Clinton and Donald Trump for the White House.

And some deep thoughts from The Economist:

It is far from clear what Mr Trump believes in; where he has concrete policies, such as on the economy, they are completely implausible. His supporters aren’t interested in the details; it is the broad sweep (anti-immigration, isolationist) that they like along with the impression of decisiveness that he creates. In that sense, his appeal resembles that of a Latin American caudillo, or strongman.

When the ancient Greeks contemplated the idea of full democracy, they worried that emotional appeal, rather than reason, would sway the crowd. Plato wrote that

Popular acclaim will attend on the man who tells the people what they truly want to hear rather than what truly benefits them

Thursday Morning Links

The death of reason – Economist
Jeff Gundlach: Donald Trump will win – CNBC
Why Cruz, and the G.O.P., Lost to Trump – New Yorker
Why the media will lift Trump up and tear Clinton down – Vox
Donald Trump’s Greatest Self-Contradictions – Politico
Trump’s Hard Truth for the GOP: Conservatism Doesn’t Matter – Fiscal Times
The Long, Weird Kasich Campaign Gives In To Reality – Five Thirty Eight
Little Girl Detained By Police After Trying to Buy School Lunch with Real $2 Bill –
Canada’s Oil Sands Wildfire May Have Been Fueled by Global Warming – Scientific Americana
‘It’s a Fucking Ghost Town’: Inside Canada’s Fort McMurray As It Burns – Vice News
The Circles of American Financial Hell – Atlantic
Zimbabwe to print own version of US dollar – BBC
The €500 banknote is dead – Quartz

Stocks: 5 things to know before the open – CNN/Money
Notes from the 2016 Ira Sohn Conference – Reformed Broker
Oil rallies as Canada fire and Libya violence threaten supply – Reuters
China’s Great Commodity Bubble Loses Air Before It Can Burst – Bloomberg
Is China fueling a new commodities bubble? – CNN/Money
Gold falls for fourth straight session on dollar rebound – Reuters
The surprising force behind gold’s rally – Value Walk
Druckenmiller: Get out of the stock market, own gold – CNBC

What’s behind the Recent Uptick in Labor Force Participation? – Atlanta Fed
Runaway inflation is pinching the one group that can least afford it – MarketWatch
Levy Economics: 90% Of Americans Worse Off Today Than In 1970s – Value Walk
UK economy ‘near stalling’ as service sector slows – BBC
Look Out, Loonie, Canada May Have Just Peaked – Bloomberg
Rousseff’s woes mount as Brazilian senator backs impeachment trial – Reuters
‘Crazy’ real estate bidding wars infect Toronto suburbs – CBC
The seeds of the next housing crisis have been planted – MarketWatch
Drain No More: Fed Funds R.I.P – Dimartino Booth
The Fed’s Risky New Mandate – Project Syndicate
The Federal Reserve: CNBC Explains – CNBC

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