The Mess That Greenspan Made - Part 4

Our Fat Future and Other American Ills

More evidence that Devo was right comes via this Marketwatch story explaining why our collective American future may not be so bright. It includes the chart below (along with three others that all point in the same direction) as the reason for concern.

About the only good news here is that we seem to have licked the hunger problem…

Thursday Morning Links

MUST READS
Dovish Fed opens door for rate hike – Reuters
Fed’s “Dot Plot” Becomes Window to Its Soul – WSJ
Yellen Strikes a Dovish Tone – Fed Watch
Janet Yellen Speaks: Do Words Matter? – Ron Paul
Why the Fed switched to a slower track – CBS Money Watch
Fed Removes ‘Patient’, Sparks Roman Orgy – Reformed Broker
Yellen Really Doesn’t Want to Take Away the Punch Bowl – Fiscal Times
Tsipras Heads to Summit as Merkel Tries to Defuse Greek Crisis – Bloomberg
Here’s what’s happening to Crimea a year after Russia annexed it – Global Post
Stop Talking About Climate Change, House Republicans Tell Pentagon, CIA – Vice News
The first two months of 2015 are already the warmest on record – Quartz
The Economics of the California Water Shortage – Marginal Revolution

MARKETS/INVESTING
US rally boosts world stocks, but Tokyo slumps – AP
Commodity Crash Points To A Bottom – Short Side of Long
Investors Pull $6.1 Billion From Bond ETFs Amid Fed Concerns – Bloomberg
Markets Showing ‘Extreme Similarities’ With 1929 Crash: Pro – CNBC
In a World Awash With Crude Oil, Storage Companies Are Kings – Bloomberg
Gold hits two-week high as dovish Fed weighs on dollar – Reuters
Definitely, finally, actually, not mistakably off the gold standard – Edge of the West
China to Allow More Gold Importers in Effort to Expand Market – Bloomberg
A key part of the gold market will see a major shift Friday – MarketWatch
Why Gold Will See $2,000 – Barron’s

ECONOMY/WORLD/HOUSING/BANKING
Modern and Postmodern Recessions – Krugman, NY Times
Why the American Dream is unraveling, in 4 charts – MarketWatch
Swiss government cuts growth forecasts after franc cap removed – Economic Times
Wage growth slows in Britain but unemployment falls 100,000 – Guardian
Venezuela puts debt service before food imports as cash dries up – Reuters
Why Are the Germans So Hellbent on Austerity? – The Nation
A Housing Market Divided – San Diego Free Press
Low rates will trigger civil unrest as central banks lose control – BIS – Telegraph
QE already having an impact in eurozone, says ECB – MarketWatch
Swedish central bank cuts key rate further below zero – AFP

 

Deflation: The Central Bank’s Bogeyman

Ahead of the Federal Reserve’s big day today, via this item at the WSJ Real Time Economics blog, it is learned that the Bank for International Settlements has questioned the conventional wisdom amongst the dismal set that deflation is such a bad thing. From their recently published quarterly review comes the graphic below demonstrating such.

The report concludes that, save for the Great Depression, there is little or no correlation between falling consumer prices and economic growth, however, falling asset prices are entirely different and, sadly, in our asset bubble dependent global economic growth model, this kind of trumps everything else.

Wednesday Morning Links

MUST READS
5 Things to Watch in the Fed’s March Meeting – WSJ
Protesters, police clash near European bank HQ in Frankfurt – Reuters
IMF Considers Greece Its Most Unhelpful Client Ever – Bloomberg
Greece rejects ‘blackmail’, seeks meeting with top EU leaders – Reuters
BOE director: ‘Greece will not in any realistic scenario repay its debts’ – Telegraph
U.S. urges allies to think twice before joining China-led bank – Reuters
Why Elizabeth Warren Is A Threat to America’s Growth – Fiscal Times
Looks like Donald Trump might actually run for president this time – Vox
The dollar is rising faster than any time in the last 40 years – Washington Post
Are Americans Over Their Economic Anxiety Yet? – Atlantic
The oil price: So much for the rally – Economist
Texting Off in Class – Inside Higher Ed

MARKETS/INVESTING
Stock futures slip ahead of Fed – Reuters
Everyone Hates U.S. Stocks – Bloomberg
Risks Lurk Beneath a QE-led Bonanza in World Stocks – WSJ
The World’s Most Popular Trade May Soon Explode – Growth Stock Wire
The Insane Math Behind So Many Billion-Dollar Tech Companies – Bloomberg
Euro Fetching Less Than $1 Becomes Hot Call for Options Traders – Bloomberg
Gold slips to near 4-month low as Fed seen readying rate hike path – Reuters
RBI decides to futher restrict gold imports, retracts a day later – Business Standard
How top gold producers margins are being squeezed – Mining.com
SGE Withdrawals In Perspective – BullionStar

ECONOMY/WORLD/HOUSING/BANKING
The U.S. Economy Just Keeps Disappointing – Bloomberg
Bank of International Settlements Questions Deflation Threat – WSJ
Japan’s Businesses Respond to Abe’s Push for Higher Wages – NY Times
Slammed by oil crash, Canada takes major hit in new OECD forecast – Globe & Mail
Housing market recovery is limping along – MarketPlace
Southern California home prices rise, sales fall in February – LA Times
Hedge Funder Dalio Thinks the Fed Can Repeat 1937 All Over Again – Bloomberg
It Will Take a Long Time for Central Banks to Return to Normal – NewsMax
The Fed Is Raising the Price Of a Free Lunch – RCM
A World Without the Federal Reserve – Pragmatic Capitalism

 
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