The Mess That Greenspan Made - Part 4

China Readies More Stimulus

The sharp 8 percent drop in China exports last month has many thinking more stimulus is on the way for their sputtering quasi-command economy as detailed at Bloomberg.

On a related note, What if Mao still ran China? at the Financial Times points out that growth was pretty good long ago when there was no “quasi-” associated with the economy.

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Monday Morning Links

MUST READS
Police killings since Ferguson, in one map – Vox
Greece, lenders in final push to seal new bailout – Reuters
Oil Futures Signal Weak Prices Could Last Years – WSJ
Grim China data keeps stimulus hopes alive – Reuters
Quantitative Easing With Chinese Characteristics Takes Shape – Bloomberg
China Slashes U.S. Debt Stake by $180 Billion, Bonds Shrug – Bloomberg
The reality of global warming: We’re all frogs in slowly boiling water – Reuters
New Poll: Donald Trump Still in the Lead After Debates – NBC News
Thin Slices from the Top of a Bubble – Hussman Funds
The Big Picture with Marc Faber – Marcopolis
Core of the Core – Credit Bubble Bulletin
Mornings in America – Krugman, NY Times

MARKETS/INVESTING
Stocks: 4 things to know before the open – CNN/Money
OPEC and world oil supplies – Econbrowser
The Saudi Oil Price War Is Backfiring – OilPrice.com
The Correction Gains Momentum – Alhambra Partners
What is keeping this bull market alive? – MarketWatch
Here’s What China’s Rescue Fund Is Buying to End the Stocks Rout – Bloomberg
Stephen Schork: Commodity Crash Is “A Canary In The Coal Mine” – Zero Hedge
Gold stalls as US jobs data keeps door open to Sept Fed hike – Reuters
How Low Can Gold & Silver Go? Have Miners Reversed? – GoldSilverWorlds
Has the gold price finally got the rate monkey off its back? – Mining.com

ECONOMY/WORLD/HOUSING/BANKING
1 out of 3 American workers support the rest of the country – My Budget 360
Four Economic Myths that Perpetuate the Euro Crisis – Mises
For Norway, $50 Oil Is Worse Than the Global Financial Crisis – Bloomberg
Weak Demand for Chinese Products Adds to Case for More Stimulus – Bloomberg
German trade surplus to rise to new record in 2015 – Reuters
China’s Hard Landing Suddenly Gets a Lot Rougher – Wolf STreet
Robot Invasion Undercuts Modi’s Quest to Put Indians to Work – Bloomberg
London Buy-to-Let Boom Meets Higher Borrowing Costs – Bloomberg
A lack of supply drives up housing prices – Marketplace
The Ethics of Helicopter Money – mainly macro

 

Are You Smarter than a 7th-Grader?

Next Thursday’s “Top Ten Only” debate amongst GOP presidential candidates is likely to draw the biggest audience ever for a gathering of White House hopefuls this early in the election cycle and the nation has none other than real estate mogul/reality show star/promoter extraordinaire Donald Trump to thank for that.

From the Drew Sheneman archive at the New Jersey Star Ledger.

Friday Morning Links

MUST READS
The Worst Expansion Since World War II Was Even Weaker – WSJ
Economy’s Top Speed Probably Overestimated for Years – Bloomberg
IMF refuses to join third Greek bailout without debt relief – MarketWatch
Bailout Money Goes to Greece, Only to Flow Out Again – NY Times
China is trying to save its market with failed policies – CNN/Money
China’s Stocks Fall to Cap Worst Monthly Decline in Six Years – Bloomberg
What I learned talking to stock-market investors in Shanghai, China – MarketWatch
Unintended (and Terrible) Consequences of GOP Debate Format – Fiscal Times
Jeb Bush Takes Positions on Climate Change, EPA Rules, Other Issues – Bloomberg
Insiders warn Jeb: Don’t engage with Trump – Politico
How Rich People Raise Rich Kids – Atlantic
The Complex Story of American Debt – Pew Research

MARKETS/INVESTING
China drops, other markets up after US data – AP
The thing about flat stock markets – Fortune
China’s Stock Markets: Nearly 25 Years of Wild Swings – WSJ
Bears Outnumber Bulls, Many Can’t Decide: AAII – Barron’s
Hedge fund Elliott eyes fresh market turbulence – Reuters
Treasury Buyers Can’t Get Enough as Fed Hike Looms – Bloomberg
7 “Saves” in 7 Months: A Market Going Nowhere Fast – of two minds
Gold heads for longest weekly losing streak in 16 years – Reuters
Gold ‘fire sale’ offers refuge from the Fed – MarketWatch
PEAK GOLD vs. PEAK SILVER: Must See Chart – SRSrocco Report
Prepare for gold prices to plunge…as low as $350 – CNN/Money

ECONOMY/WORLD/HOUSING/BANKING
Current economic conditions – Econbrowser
If It Takes 3 Years For The 2012 Slowdown To Hit GDP… – Alhambra Partners
Why Do So Many Americans Choose Not To Enter The Workforce? – Zero Hedge
Eurozone inflation and unemployment hold steady in July – BBC
Russia’s central bank cuts key interest rate – AP
Japan Spending Slump Heightens Chance of Contraction – NY Times
Liar Loans Pop up in Canada’s Magnificent Housing Bubble – Wolf Street
Brooklyn Home Sellers Name Prices and Get More – Bloomberg
Bill Gross says Fed recognizing zero percent rates causing harm to U.S. – Reuters
The Fed’s Bathtub Economics Brigade Blathers On – Contra Corner

 

Given the remarkable increase in the number of stock trading accounts and soaring margin debt in China over the last year or two, stories such as the one below about a farmer losing his life savings (and then some) should be expected, but, after seeing this man’s distress and learning of the dollar amounts and approach involved, it is a little surprising.

Investing his entire stake of $164K in one company and then being extended $1 million in margin probably weren’t the best moves Yang Cheng could have made.

Clearly, the government should have provided some basic instruction about investing in stocks when they began their effort to promote stock ownership. Maybe they did and he thought he knew better – the only thing missing from this sordid tale is the claim that Yang Cheng at one point was worth $4 million, or something like that.

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