The Mess That Greenspan Made - Part 32

Monday Morning Links

MUST READS
Big jump in use of Swiss 1,000-franc bills – MarketWatch
Pound in freefall as Boris Johnson sparks Brexit fears – Telegraph
Sovereign Wealth Funds May Sell $404 Billion of Equities – Bloomberg
BOJ’s Kuroda blames ‘excessive’ risk aversion for market tumult – Reuters
Central bankers on the defensive as weird policy becomes even weirder – Guardian
Welcome to economic stagnation and stock market dysfunction – MarketWatch
South Carolina shows how Donald Trump has reshaped the Republican party – Vox
It’s Clinton vs. Trump Unless More GOP Drop-Outs Change the Balance – Fiscal Times
Marco Rubio’s Radical Alignment with the Financial Industry – Roosevelt Institute
America in 1915: Long Hours, Crowded Houses, Death by Trolley – Atlantic
Speculative Half-Cycles Tend To Be Completed Badly – Hussman Funds
Crisis Management – Credit Bubble Bulletin

MARKETS/INVESTING
6 things to know before the open – CNN/Money
CNBC Market Pros vs The 5 Year Olds – First Rebuttal
An Inflection Point – Alhambra Investment Partners
Investment banks’ trading revenue declined 9 percent in 2015 – Reuters
Looking for bottoms in oil prices and the stock market? Keep looking – MarketWatch
The relationship between stocks and oil prices – Ben Bernanke’s Blog
“Capitulation”: Longest Streak Of Equity Outflows Since 2008 – Zero Hedge
Gold dips 2 percent on strong dollar, rising share prices – Reuters
AngloGold Returns to Profit in Fourth Quarter as Costs Drop – Bloomberg
Silver and Gold Will Protect From Coming Bail-Ins – GoldCore

ECONOMY/WORLD/HOUSING/BANKING
Will fresh data dispels recession fears? – USA Today
“Prelude to Recession”: the Dallas Fed’s Unsettling Charts – Wolf Street
Japan Flash Manufacturing PMI Shows Growth Slowing Sharply – NY Times
German Economy Takes a Blow From Weakening Global Demand – Bloomberg
2 years after revolution, corruption plagues war-torn Ukraine – USA Today
China Tensions Fuel Acceleration in Military Spending in Asia – Bloomberg
American Millennials infuriated with the lacking housing market – Housing Wire
Whither Mortgages? – Liberty Street Economics
Janet Yellen Risks Another Downturn – Real Clear Markets
Bets On The Fed Going ‘Negative’ Are Soaring – Zero Hedge

 

The Week’s Best Political Cartoons

From The Week come, what they feel, are the best political cartoons in recent days:

Clearly, this list was compiled prior to the Trump/Pope dust-up that has spawned this.

Friday Morning Links

MUST READS
Central Banking Goes Negative – Roach, Project Syndicate
Bank of Japan Faces New Opponent on Negative Rates: Main Street – WSJ
Ray Dalio: ‘Helicopter money’ might help U.S. economy – Reuters
Stressed-Out Oil Industry Faces an Existential Crisis – Bloomberg
Chilling ways the global economy echoes the 1930s – MarketWatch
Life expectancy gap for rich and poor is widening – CNN/Money
Sugar may be as damaging to the brain as extreme stress or abuse – Quartz
Apple’s FBI Battle Is Complicated. Here’s What’s Really Going On – Wired
Why are big-shot liberal economists hippie-punching Bernie Sanders? – The Week
Bad news for Ted Cruz: his eligibility for president is going to court – Vox
South Carolina Lives Up to Dirty-Politics Reputation – RCP
Jeb Bush’s Last Stand – Washington Post
America’s Stacked Deck – NY Times

MARKETS/INVESTING
Stocks: 6 things to know before the open – CNN/Money
Is Wall Street in the middle of a ‘garbage’ stock-market rally? – MarketWatch
Yen Set for Longest Winning Streak Since September on Haven Bid – Bloomberg
Was That A Monster Failed Breakdown In Crude Oil? – All Star Charts
Is Selling By Troubled Hedge Funds Hitting REITs? – Barron’s
Gold steadies after rally, interest rate view supports – Reuters
Gold Bulls Feast as More Central Banks Drive Rates Below Zero – Bloomberg
Two Gold Charts Western Central Banks Are Worried About – SRSrocco Report
Nothing New About Gold – Alpha Baskets

ECONOMY/WORLD/HOUSING/BANKING
More Americans Should Be Working – Bloomberg
Why Don’t People Manage Debt Better? – Scientific American
Can a US recession occur without an inverted yield curve? – TSI Blog
Tough road for Venezuela after dire data, inadequate measures – Reuters
Gas Prices to Jump 6,000% in Venezuela, but Still Remain Cheap – Vice News
Beijing is banning all foreign media from publishing online in China – Quartz
The Political Aftermath of Ankara’s Terrorist Attack – Atlantic
Break up big banks? Why size isn’t the real issue – CBS Moneywatch
What Breaking Up the Banks Wouldn’t Fix – Atlantic
Trying to guess the next Fed move? Good luck – CNBC

 

The New Abnormal

In this Telegraph story, the brave new world of negative and near-negative interest rates is mapped for anyone interested in seeing just how far central bankers have strayed from anything that might be considered “normal”.

Some related “success” to report from Sweden:

We just got a sign that Sweden’s crazy negative interest rate experiment is finally working

Uncork the champagne everyone…

Thursday Morning Links

MUST READS
Bullard Calls Raising Rates Unwise as Inflation Falls Short – Bloomberg
Negative interest rates a ‘dangerous experiment’ for the world – Telegraph
Moody’s: Few fiscal, monetary policy moves left to fight growth slowdown – CNBC
Ankara Bombing the Latest in Turkey’s Deadly Cycle of Violence – Time
Tim Cook Says Apple Will Fight Order to Help Unlock iPhone – Wired
Rubio adviser: ‘I think we’re going to surprise a lot of people on Saturday’ – Politico
Cruz overtakes Trump in new NBC/Wall Street Journal national poll – The Week
Cruz-Trump Feud Heats Up Ahead of S.C. Vote – Real Clear Politics
How Scalia’s Death Could Give Hillary New Life – The Nation
Bernie Sanders’s Path To The Nomination – Five Thirty Eight
Yes, Trump Can Win in November – And Here’s How – Fiscal Times
Trump and Sanders Give Voice to the Voiceless – Atlantic

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
All of the World’s Stock Exchanges by Size – Visual Capitalist
Short-Term Rebounds Along Downtrends Are Common – Price Action Lab
Less than 4% of world oil supply in the red at $35/b: Wood Mac – Platts
Equity markets: Rally, rally, rally. But for how long? – Economist
Wall Street issues few ‘Sell’ ratings. Here’s a case where it should have – Quartz
Gold prices ease as global equities rise, dollar steadies – Reuters
Collapse Of Paper Gold & Silver Market May Be Near – Sprott Money
Gold price recovery helps Barrick declare dividend – Mining.com
Goldman: Sell Gold – Reformed Broker

ECONOMY/WORLD/HOUSING/BANKING
Industrial Production Is Leaving Little Doubt – Alhambra Partners
Industrial production: Why the US is not in a recession – Bonddad Blog
Swedish Krona Climbs Against Most Peers on Strong Inflation Data – Bloomberg
Venezuela hiking gas prices for the first time in 20 years – CNN/Money
Japan’s Exports Drop Most Since 2009 as Sales to China Fall – Bloomberg
Brazil’s Rating Cut Further Into Junk Territory by S&P – Bloomberg
Indebted Steelmaker ‘Not Making Repayments Agreed upon in 2014′ – Caixin Online
Toronto Developer Delays Alberta Condos Amid Oil Crunch – Bloomberg
BofA: This Is What The Fed’s “Plan B” Might Look Like – Zero Hedge
FOMC Minutes and More – Fed Watch

 
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