The Mess That Greenspan Made - Part 21

Tuesday Morning Links

China’s August imports fall 14.3% – BBC
Schaeuble: Must avoid reliance on debt, stimulus – Reuters
Capital flight now the big concern for slowing China – FT
In the market fog, a buy-the-dip moment for the brave – MarketWatch
Wall Street Tells Investors to Chill Out Over Chinese Contagion – Bloomberg
China has spent $236 billion on its stock market bailout – CNN/Money
Asylum’s Dark Side: The Deadly Business of Human Smuggling – Spiegel
Tax credits to pay for child care is the next frontier for the nanny state – Vox
Mortgage debt — the new retirement time bomb – Washington Post
Why is America so afraid to take a vacation? – Guardian
How Donald Trump rewired the 2016 campaign – Politico
Trump Is Right on Economics – Krugman, NY Times
Photos From Burning Man 2015 – Atlantic

China stimulus hopes send stocks higher – MarketWatch
Ask Matt: Are ETFs really that bad? – USA Today
Yen, euro fall as risk appetite recovers a touch – Reuters
China’s Stocks Rebound in Last Hour as Banks Advance – Bloomberg
Get ready for a lousy September as investor sentiment slips – MarketWatch
Gold edges up after 4-day losing streak as dollar retreats – Reuters
The Price Of Gold Will Rise If Stocks Collapse – GoldSilverWorlds
China Buys 16 Tons Gold In August – Dumps $94 Billion – GoldCore
Record Monthly Gold Export UK to China – BullionStar

OECD data point to slower growth in U.S., China – MarketWatch
Businesses fear ripple effect from minimum-wage hike – USA Today
This is the one economic stat you should pay attention to – The Week
Shrinking Iron Ore Imports Yet Another Sign of China Slowing – Bloomberg
Euro zone second-quarter GDP revised up as Italy grows faster – Reuters
How Bank of China helps keep New York City’s real estate market afloat – Quartz
Liar Loans Redux: They’re Back and Sneaking Into AAA Rated Bonds – Bloomberg
Why the Fed Must Banish the 1970’s Inflation Devil Before Raising Rates – Fiscal Times
Fed’s Williams sees rate hike this year, if risks fade – MarketWatch
Fed Up with the Fed – Project Syndicate


One might get the feeling that investors are on to something with their reaction to the recent market slide, namely, that Wall Street has, in recent years, created new and different ways to crash that bypass any regulatory measures put in place since the 2008 crash.

From a Marketwatch story this morning comes the chart below showing equity fund withdrawals that, on Tuesday, reached Lehman levels.

Have a look at three other stories in the previous links post if you doubt the premise:

Friday Morning Links

Margin Calls Bite Investors, Banks – WSJ
Shanghai shares end wild week down 8% – BBC
Rising Anxiety That Stocks Are Overpriced – Shiller, NY Times
China Sells U.S. Treasuries to Support Yuan – Bloomberg
China’s economic woes extend far beyond its stock market – Guardian
Man reportedly leaps to his death over stock market crash in China – RT News
Money Pours Out of Emerging Markets at Rate Unseen Since Lehman – Bloomberg
‘Total Risk Surrender:’ Record $29.5B yanked from stock funds – MarketWatch
JPM Head Quant Warns Second Market Crash May Be Imminent – Zero Hedge
Computers are the new Dumb Money – Reformed Broker
The Great Wall Of Money – HindeSight Letters
The Invincible Trump – Politico

Stocks set for bumpy end to wild week – CNN/Money
The ETF Flash Crash – Wealth of Common Sense
Oil Rally Is Biggest In Six Years: Short Covering, Anyone? – Barron’s
Fed Up Investors Yank Cash From Almost Everything Just Like 2008 – Bloomberg
Why Have US 10-Year Yields Risen 30 bp since Monday? – Marc to Market
Gold eyes biggest weekly drop in five on U.S. data, Fed hike view – Reuters
Something Quite Interesting Happened In The Silver Market – SRSrocco Report
It’s Time to Pile Back Into Gold Stocks – Visual Capitalist
Gold – A Bullish Scenario – GoldSilverWorlds
Gold no longer a safe haven asset –

A dangerous idea threatens to derail the American economy – Vox
Does the American Dream Still Apply at the National Level? – Atlantic
Japan inflation stalls and spending slides, keeps policymakers under pressure – Reuters
Saudi Arabia’s Troops Have Crossed Into Yemen for the First Time – Vice News
Ukraine and Top Creditors Agree to Restructure $18 Billion in Foreign Debt – NY Times
The cities Aussie property investors really made some coin. – Australia: Boom to Bust
U.S. Housing: An Economic Bright Spot After a Wobbly Week – Atlantic
Now’s the right time for Yellen to kill the ‘Greenspan put’ – MarketWatch
Joseph Stiglitz explains why the Fed shouldn’t raise interest rates – LA Times
The Fed’s Goldilocks Problem – Bloomberg


After the “Great Sedation”

Jim Grant talks about the possibility of sustainable, “free-range” interest rates in the wake of what, increasingly, looks like just a run-of-the-mill, albeit much needed correction for the stock market that, now, should be pretty interesting to watch in the weeks ahead.

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Thursday Morning Links

Dudley Puts The Kibosh On September – Fed Watch
Stocks fly after Fed cools September rate hike talk – Reuters
Market turmoil spoils Fed’s get-away in Jackson Hole – MarketWatch
U.S. stocks set for gains after global rebound – CNN/Money
Asia stocks jump after Fed dashes prospect of September rate rise – Telegraph
Here’s why the stock market correction isn’t over yet – MarketWatch
China’s Central Bank Won’t Do Beijing’s Dirty Work – Bloomberg
China Brings Back High-Risk Debt Structures to Increase Leverage – Bloomberg
Forget China, Here’s What’s Really Frightening Stock Investors – Wall St. on Parade
China’s Real GDP Now Negative 1.1%, Evercore ISI Calculates – Zero Hedge
Jackson Hole – Meeting of the Physics Envy Brigade – Acting Man
Central bankers at Jackson Hole search for answers – Marketwatch
The “New Normal” Was Never Normal – DOTE

Chinese stock index jumps 5.3%, Asian stocks rise – AP
Wall St. hopes Dow can deliver back-to-back up days – USA Today
More Oddness In Funds: Pricing Glitch Hits NAV Calculations – Barron’s
Securities-pricing problems hit U.S. mutual funds, ETFs – MarketWatch
$2.1 trillion erased from U.S. stocks in 6 days – CNN/Money
Stock-market rally still leaves S&P 500 $1.4 trillion in the red – MarketWatch
Gold climbs as bullion funds see assets rise most in 7 months – Bloomberg
Jim Rogers: Commodity bull market hasn’t gone away –
Top Forecaster: Gold Headed To $1,050/oz as Fear Diminishes – Kitco

5 Things the U.S. GDP Report May Tell Us – WSJ
How The US Economy Underwent Half A Rate Hike In The Past Week – Zero Hedge
Venezuela Is Adding More Zeroes to Its Currency to Deal With Hyperinflation – Bloomberg
Kuroda Says Bank of Japan Can Still Achieve Inflation Target – Bloomberg
Greece a step closer to formal announcement of election date – AP
Petrobras Taps Brazil Bond Market as Dollar Borrowing Costs Soar – Bloomberg
These Nations Are About to Start Running Out of Water – Vice News
Freddie Mac: Housing market nearing stability – Housing Wire
U.S. housing market seen strong enough to handle Fed rate hikes – Reuters
It’s Getting Tighter – Krugman, NY Times

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