The Mess That Greenspan Made - Part 4

A Greater Depression in Greece

This morning’s headlines read “Tsipras slams creditors…”, “Tsipras flies to Brussels…”, and “Tsipras faces domestic revolt…” as the Greek debt tragedy continues to play out in the latest attempt to avert a “Graccident” resulting from a “Grexit”.

Fortunately for anyone who has already grown tired of Greek-related contractions, none is needed when combining the words “Greece” with “Great Depression”, which is what the Hellenic people are now enduring as illustrated below in this Bloomberg story.

Yes, the economic data from 80 years ago is sketchy, but, as detailed above, it’s actually been much worse in Greece than in the 1930s U.S., as hard as that might be to imagine.

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Wednesday Morning Links

MUST READS
Report: Greek debt talks appear to stumble – USA Today
Gaps remain in Greek talks with creditors as Tsipras flies in – Reuters
Europe is destroying Greece’s economy for no reason at all – Washington Post
Greek crisis: deal unravels as Tsipras says measures have been rejected – Telegraph
Greece Handed New Terms as Tsipras Approaches Decision Time – Bloomberg
Retailers remove Confederate merchandise after church shooting – Washington Post
Russia overtakes Saudi Arabia to become biggest crude exporter to China – RT News
Trump-mentum Storms the Granite State…Sort of – Fiscal Times
US embassy in Paris is ‘home to secret spy nest’ – The Local
Trim gym trend turning fitness fans into business owners – AP
The Pope’s Manifesto Could Destroy the U.S. Economy – Fiscal Times
Pope Francis vs. Wall Street – Washington Post

MARKETS/INVESTING
Markets slide amid differences on Greek reforms – AP
Bond Funds Get Crazy for Cash – Barron’s
What’s going on with China’s stock market? – Financial Post
As U.S. Probes Treasury Market, Trader Talk a Good Place to Start – Bloomberg
Millennials Leading Charge Into Foreign Stocks and You Should Follow – The Street
The Nikkei just closed at its highest level in 18 years – CNN/Money
What higher priced stocks could mean for this bull market – MarketWatch
Gold edges off one-week low as Greece news knocks stocks – Reuters
Gold hit by Fed’s Powell comments on rate hikes – Mineweb
Gold: What is it Good For? – Pension Partners

ECONOMY/WORLD/HOUSING/BANKING
Economic Confidence Index at -9 – Gallup
France confirms 0.6% GDP growth – BBC
China puts $6 trillion price tag on its climate plan – China Daily
Biggest Economies to Feel Impact of China’s Slowdown – Bloomberg
The New Kingdom: Saudi Arabia’s Contradictory Transformation – Spiegel
Canadians not saving enough due to bad spending habits – Financial Post
Canada Has a Hamptons and It’s Booming – Bloomberg
Housing: What To Expect In The Second Half – Forbes
Home Sales Surge as Prices Pick Up – U.S. News
The Bernanke Ten Spot – NY Sun

 

Ron Paul vs. the Fed

It’s kind of weird seeing Ron Paul doing commercials for Stansberry Research that appear to be running at high volume on selected cable networks while his son is running for president, presently attracting a boatload of criticism for a flat tax plan.

In the interview below, the elder Paul found time to talk to CNBC about the Fed.

According to the accompanying CNBC story, he offers good news for investors:

I think the Fed is very efficient and the Plunge Protection Team is very efficient and they have gained a competence in the market, that the Fed won’t allow this market to drop

Tuesday Morning Links

MUST READS
Euro summit delays decision on Greek bailout – euobserver
Greece: We had no choice but to propose ‘harsh’ reforms – AP
Greece Is in a Worse Spot Than America Was in 1933 – Bloomberg
China’s Stocks Rise in Biggest Intraday Rebound in Eight Years – Bloomberg
Wild day for Shanghai stocks amid margin call worries – SMH
China sell off hits worst since 2008 as investors warn of burst bubble – City Wire
15 Ways Bill Clinton’s White House Failed America and the World – alternet
GOP Field Quiet Ahead of Health Care Ruling – Real Clear Politics
Soft Tyranny in Albuquerque: The Politics of Better Call Saul! – Mises
Charleston and public policy: Why gun control is doomed – Economist
Walmart to stop selling Confederate flag merchandise – CNN
What This Cruel War Was Over – Atlantic

MARKETS/INVESTING
Greek deal optimism gives stocks another nudge – AP
10 sky-high stocks can go to the moon – USA Today
Major Money Manager Braces for Bond-Market Collapse – Bloomberg
An American biologist sums up financial markets – Sovereign Man
China Margin Trades Buckle Leaving $364 Billion at Risk – Bloomberg
Being a scaredy-cat investor may be the wrong strategy right now – MarketWatch
Gold retreats as Greek hopes lift stocks, euro slides – Reuters
Why The 1,200 Dollar Level Is Important To Gold… – Secular Investor
Green shoots emerge in withered gold mining sector – Reuters

ECONOMY/WORLD/HOUSING/BANKING
How much do Americans earn in 2015? – My Budget 360
70 million Americans on edge of financial ruin – MarketWatch
Big Economic Discovery! Booms Might Cause Busts – Bloomberg
China June factory activity shows signs of stabilization – Reuters
We’ll Meet More Often, U.S. Navy Captain Says to China – Bloomberg
China’s Air is Much Worse Than India’s, World Bank Report Shows – WSJ
Housing Bubble? The NAR’s History Of Absolutely Disastrous Forecasts – Zero Hedge
A Few Random Comments on May Existing Home Sales – Calculated Risk
Fed Leak: Is Jeb Hensarling Fiddling While Rome Burns? – Wall St. on Parade
Yellen To Hensarling: No Documents For You! – Confounded Interest
Say it ain’t so, Jack – Ben Bernanke’s Blog

 
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