The Mess That Greenspan Made - Part 20

U.S. Immigration Then and Now

This is a pretty fascinating little depiction of how immigration into the U.S. has changed since 1820. Of particular interest for those with a good appreciation for U.S. history are the early- and mid-19th century influx from both Ireland and Germany along with the early-20th century surge from Italy and Russia.

Also, as would be expected, immigration slowed dramatically during the Great Depression and World War II, only to resume in a big way in the 1960s onward. Note the little summary text in the lower left, just in case things are happening too fast.

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

© 2010-2011 The Mess That Greenspan Made