The Mess That Greenspan Made - Part 21

Thursday Morning Links

MUST READS
CEO calls economy ‘Yellen’s Magic Money Machine’ – CNN/Money
Negative Interest Rates the New Normal in Next Slump – Bloomberg
Clashes briefly break out at Greek general strike march – AP
Petrol bombs and teargas during Greek anti-austerity protests – Guardian
The only affordable retirement for most Americans isn’t in America – Quartz
This chart says America’s not miserable anymore. It’s wrong. – Washington Post
Russia’s Oil Rivalry With Saudis Masks the Bigger Iranian Threat – Bloomberg
Even Saudi Arabia Seems to Understand the Need to Ditch Fossil Fuels – Vice News
Here’s Why the GOP Can’t Stop Talking About the Gold Standard – Fiscal Times
Operation Wetback, the 1950s immigration policy Donald Trump loves – Vox
The Pundits are Wrong – Cruz Is a Threat For the Nomination – Politico
Why Big Banks Weren’t Smiling During the GOP Debate – WSJ
Post-Debate, Is Rand Paul Back? – reason.com

MARKETS/INVESTING
Global stocks drift as investors edgy of Yellen comments – AP
Draghi stimulus hint underpins stocks, knocks euro – Reuters
Why this market won’t crash even after stuffing itself – MarketWatch
Goldman Sachs Says Corporate America Has Quietly Re-levered – Bloomberg
So You Want To Be A Modern “Trader”: Here Are The Requirements -Zero Hedge
How Rich Investors Use All That Buyback Cash – Bloomberg
Gold hits lowest in 3 months, under pressure from Fed – Reuters
Silver ETF Careens Toward Longest-Ever Losing Streak – Barron’s
Gold drops to five-year low – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
Walmart Workers Want This New Benefit – Fortune
Why Don’t Voters Believe the Economy is Better? – FiveThirtyEight
The tide turns? Falling world trade and the G20 – voxeu
China’s Unwilling Consumers – Project Syndicate
China Speeds Up Fiscal Spending to Support Growth – Bloomberg
Puerto Rico Likely to Default on Some GDB Debt, Moody’s Says – Bloomberg
Court move deepens Spanish standoff over Catalan secession – Reuters
The housing market that’s ringing alarm bells – Business Spectator
Fed shouldn’t normalize rates before the economy is back to normal – MarketWatch
A Debate With Bernanke Over the Fed’s Easy Money Policies – NY Times

 

Ted Cruz Does Not ♥ Philosopher Kings

In responding to a question about whether he would let Bank of America fail during the next financial crisis were he to be elected as the nation’s leader, GOP presidential hopeful Ted Cruz (R-TX) talks about a host of related issues including sound money, income inequality, and the philosopher kings at the Federal Reserve.

Interestingly, at about the 1:20 mark, Cruz clearly advocates returning to a gold standard of some sort, but he makes it sound as if that would be a trivial change … just one more item to check off his To Do list once in the Oval Office – “return nation to gold standard”.

Wednesday Morning Links

MUST READS
US banks said to hold $10tn of ‘risky’ trades – FT
Dizzying Ride May Be Ending for Start-Ups – NY Times
Daily fantasy sports are banned in New York – CNN/Money
China’s Latest Default Foretold in Creditors Calling CFO Nonstop – Bloomberg
The Machine that May Put Striking Fast-Food Workers Out Of A Job – Zero Hedge
Look to Women of Childbearing Age To Understand White Male Death Rates – Health Affairs
Fear of the government makes Americans more likely to reach for a gun – Quartz
Could an atheist win the White House? It’s not as crazy as you might think. – The Week
3 winners and 2 losers from last night’s Republican debate – Vox
Who Won the Republican Presidential Debate? – Atlantic
Insiders: Rubio wins, Kasich bombs – Politico
My Trump Problem – Stossel, RCP

MARKETS/INVESTING
Global stocks mostly higher after China data – AP
Underestimating the Power of Compound Interest – AWOCS
This is the next big hurdle the stock market must clear – MarketWatch
Amazon breaks barrier: Now most costly stock – USA Today
Why 100% of your investment portfolio should be in stocks – MarketWatch
Energy Hasn’t Been This Hot Since They Invented Fire – Bloomberg
The party on Wall Street is just about over – MarketWatch
Gold edges towards 3-month low on U.S. rate view – Reuters
Chinese Gold Deposit Found 2,000m Undersea In Shandong – BullionStar
“I Can’t Deny It – The Outlook For Gold Isn’t Pretty Right Now” – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
Decline and Fall of America’s Working Class – Bloomberg
A Record Share of Young Women Are Living at Home – WSJ
Central America’s Triangle of Despair – Project Syndicate
Five Things to Know about China’s Singles’ Day – WSJ
China Rebalancing Takes Hold as Output Slows, Retail Jumps – Bloomberg
Bye Bye Merkel Doctrine: German Foreign Policy Shifts Focus to Refugees – Spiegel
The macroeconomic effects of the Eurozone’s fiscal consolidation – voxeu
Major investment broker says housing market’s past its peak – NY Post
Short-sighted monetary policy and fear of liftoff – voxeu
I’m Fed Up with the Federal Reserve – The Street

 

Later that Same Life

As someone who will turn 56 in just a few months, I can relate to some portions of this “future self” interview by novelist Peter “Stoney” Emshwiller spotted at Boing Boing, an interview that speaks volumes about how we humans change as we age.

One thing I remember vividly from when I was an 18-year old was that I wanted to retire by age 40 – that goal was missed by six years, though I would never have guessed the route that was taken to achieve it a bit late.

On a completely unrelated note (well, not completely unrelated as I went to college early enough to avoid today’s student loan catastrophe in the making), here’s a pretty stunning statistic about student loan debt via this story by Mohamed A. El-Erian at Project Syndicate:

Over the last ten years, the combination of higher tuition fees, more student enrollment, and greater reliance on loans has caused the stock of outstanding student debt nearly to triple. It now stands at well over $1.2 trillion, more than 60% of which is held by the bottom quartile of households (those with a net worth of less than $8,500).

That’s likely to have a big impact on a lot of future self videos started today.

Tuesday Morning Links

MUST READS
Moody’s warns of global shockwaves from China – City AM
Global Trade Is Now Falling to Recession Levels – Fiscal Times
Weak Chinese inflation opens door for more stimulus – Telegraph
Creditors Withhold 2 Billion Euro Bailout Payment From Greece – NY Times
The Republican debate problem, explained – Vox
GOP Voters’ Love of the Unserious – Real Clear Politics
Debate Questions for the GOP Candidates – reason.com
How Ben Carson and Marco Rubio Outfoxed the Media – The Atlantic
America’s Education Bubble – Project Syndicate
Budgetary sleight-of-hand – Bernanke’s Blog
What If Banks Didn’t Create Money? – Bloomberg
ObamaCare’s Failure Contagion – WSJ

MARKETS/INVESTING
World stocks drift lower amid gloomy forecasts – AP
Oil Prices Will Take 5 Years To Recover – IEA – Fortune
Chinese Stocks Slide Most in Week on Inflation Data – Bloomberg
There’s only a 4% chance we’re in a stock market bubble – MarketWatch
Market volatility ticks up ahead of coming rate hike – USA Today
It’s time for short-term investors to pare back stocks – MarketWatch
The 60/40 stock-and-bond portfolio mix is dead in 2016 – USA Today
Gold close to 3-month low on U.S. rate hike prospects – Reuters
What Is The Gold vs Debt Correlation Suggesting? – GoldSilverWorlds
COMEX Deliveries vs SGE Withdrawals – BullionStar

ECONOMY/WORLD/HOUSING/BANKING
Retailers gear up for big holiday shopping season – CNN/Money
A 19th-century solution to the problems of the gig economy – Quartz
Learning from Japan: It’s Hard to End a Deflation – Money & Banking
Japan Officially Gets Leapfrogged by the Four Asian Tigers – Visual Capitalist
How the Unshackled Ruble Has Changed Russia’s Economy – Bloomberg
Two-Child Policy Will Boost China’s GDP Growth by 0.5% – WSJ
China’s Dirty Air Just Hit ‘Doomsday’ Levels – Vice News
The most expensive housing market is… – CNN/Money
The real reason the Fed is eager to raise interest rates – Quartz
Is US Monetary Policy Made in China? – Project Syndicate

 
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