The Mess That Greenspan Made - Part 4

Monday Morning Links

Goldman: Oil surplus has come to a ‘sudden halt’ – MarketWatch
OPEC signals greater oil glut in 2016 as its output surges – Reuters
China Slowdown Shows Debt Addiction Will Be Tough to Shake – Bloomberg
What Was the Greatest Era for Innovation? A Brief Guide – NY Times
Mark Zuckerberg to meet with conservative media figureheads – CNN/Money
Priebus Shrugs Off Trump Controversies: ‘People Just Don’t Care’ – Fiscal Times
Trump threatens Amazon payback for Washington Post articles he doesn’t like – Vox
Could the Latest Trump Stories Be Different From the Rest? – The Atlantic
Elizabeth Warren is emerging as top Democratic attacker – Boston Globe
Blowing Bubbles: QE and the Iron Laws – Hussman Funds
Ominous Portents – Credit Bubble Bulletin
The Endgame – GoldMoney

Stocks: 4 things to know before the open – CNN/Money
Jim Cramer doesn’t beat the market – MarketWatch
What If Everything Is Overvalued? – A Wealth of Common Sense
Rise of the billionaire robots: how algorithms have redefined hedge funds – Guardian
Wall Street’s Bond Forecasters Splinter as Fed Credibility Wanes – Bloomberg
No More Room To Borrow – US Leverage Ratio At 100 Year High – Contra Corner
China’s Debt Bomb: No One Really Knows the Payload – Visual Capitalist
Gold gains ground as equities and dollar retreat – Reuters
Gold demand just had a major growth spurt –
Central Bankers’ Wisdom Faulted as Gold Holdings Surge 25% – Bloomberg

NY & Atlanta Fed Project Q2 GDP Rebound – Capital Spectator
Reconciling the 3 Narratives About Global Growth – Bloomberg
Venezuela’s ’state of emergency’: How the country slid into crisis – CNN
A British politician decided it was a good idea to bring Hitler into the Brexit debate – Quartz
China Is Pissed About the Pentagon’s New Report on Its Military Activity – Vice News
5 Reasons Why Investors Shouldn’t Cheer China’s Property Market Recovery – WSJ
Why is everyone so worried about another housing bubble? – OC Housing News
Waves Not Cycles; The Difference of Heavy Monetary Influence – Alhambra Partners
ECB Admits: “We’re the Magic People” in a Clown Show – Wolf Street
We Need Central Bankers Who Speak Their Minds – Bloomberg


Vancouver’s World Class Freak Show

That’s one tough bubble they’ve got north of here in Canada’s housing market and, apparently, China’s got a lot to do with its durability as detailed in this story at Maclean’s.

Does anyone call it “Hongcouver” anymore? Maybe that name isn’t as funny as it once was…

Thursday Morning Links

Brazil’s Dilma Rousseff to face impeachment trial – BBC
Defying debt fears, China bets on infrastructure, property – Reuters
BTIM: ‘Miracle’ needed to save the world, as central banks can’t – SMH
The Privilege of Buying 36 Rolls of Toilet Paper at Once – The Atlantic
George Zimmerman to auction off gun he used to kill Trayvon Martin – Quartz
Trump Policy Advisor Promises an Astounding $7 Trillion Surplus – Fiscal Times
Trump and GOP leaders might never be on the same page – Washington Post
Facebook Dislikes Conservatives, and That’s OK – Bloomberg
Clinton Son-In-Law Shuts Losing Greece Hedge Fund – Barron’s
What Clinton should really fear about Trump – The Week
Bernie Sanders, the Zombie Candidate – Politico
This Isn’t a Game – Commentary

Stocks: 5 things to know before the open – CNN/Money
Weak retail earnings blow hole in bull thesis – USA Today
Wall Street’s Dealmaking Goes From Boom to Bust in a Few Months – Bloomberg
Outlook for oil brightens as output disruptions erode surplus: IEA – Reuters
The Frogs Are Boiling Again—–Why Wall Street Stays In The Pot – Contra Corner
Investors Fleeing $9 Trillion of Negative Yields Fuel Bond Binge – Bloomberg
Something dangerous is lurking below the market’s surface – MarketWatch
Gold slips after best day since April as dollar strengthens – Reuters
2016 gold price rally’s all about ETFs, hedge funds –
Goldman’s Optimistic Call for Gold to Drop just 10% – WSJ

Pew study sees a shrinking middle class in major US cities – AP
The middle class is shrinking just about everywhere in America – Washington Post
Hong Kong first-quarter economic growth likely weakest in 4 years – Reuters
Chinese Inflation Is More Than China And More Than Inflation – Alhambra Partners
Australian PM Turnbull named in Panama Papers, denies wrongdoing – Reuters
NGO: Chicken Industry Workers Wear Diapers Because Bosses Allow No Breaks – Vice News
Hong Kong Property Market in ‘Free Fall’: Hayman’s Bass – Bloomberg
Did distressed homeowners ruthlessly default? – O.C. Housing News
A Central Banker Officially Loses It: “We Are Magic People” – Zero Hedge
Is the Fed Behind the Curve? – PIIE


There was neither the time nor the desire for an exhaustive analysis, but it didn’t take long to turn up the chart below from the Fed’s Survey of Consumer Finances that seems to contradict the conclusion of former Minneapolis Fed President Narayana Kocherlakota (from this Bloomberg story) that, from 2010 to 2013 “the rich didn’t fare particularly well” .

I guess it just depends on how rich you are and, just speculating here, but it’s likely that the top curve above would show an even bigger divergence from the others the more you separate the richest of the top 10 percent from the rest of that group.

Wednesday Morning Links

Gold has entered a new bull market: JPMorgan – CNBC
Canada fires: Alberta oil firms to restart production – BBC
Oil price to be dragged down by more Saudi pumping – The Week
Saudia Arabia and Iran: The Cold War of Islam – Spiegel
What’s driving Saudi Arabia’s shake-up — and it’s not just oil – MarketWatch
Six previously impossible things for our besieged world economy – Telegraph
People are stressed about retirement. Is it because they aren’t saving? – Bloomberg
China’s Government Says It’s Over Debt-Fuelled Growth – Fortune
Will a President Trump Still Be the King of Debt? – Bloomberg
Only 2 Presidential Candidates Have a Plan for Coal Country – The Nation
Mark Cuban: Trump supporters don’t care about the issues – CNBC
The Myth of the Ignorant Voter – Bloomberg

Stocks: 5 things to know before the open – CNN/Money
The Long March of China Bears – Bloomberg
Stocks look to shift gears from stall speed – USA Today
The Incredible Shrinking World of Investments – US News
Investors shouldn’t panic about the rising dollar—just yet – MarketWatch
BofA: ‘Vortex of Negative Headlines’ to Send Stocks Plummeting – Bloomberg
Inflationist Gold Bugs Have Driven The Rally – TalkMarkets
Gold climbs off 2-week low on dollar, shares retreat – Reuters
Central banks are loading up on gold – Business Insider
Singer Says Gold Rally Just Beginning, Goldman Sees Losses – Bloomberg

Government Must Play a Role Again in Job Creation – NY Times
Long-Term Trends in Employment by Age Group – Advisor Perspectives
Three More Signs Smartphone Downturn Going From Bad to Worse – Bloomberg
UK industry in recession for third time in eight years – BBC
MPC: Brexit ‘will force rates up to 3.5pc within 18 months’ – Telegraph
Germany’s Middle Class Is Endangered, Too – Bloomberg
Eurozone recovery wilts as sugar rush fades, deflation lurks – Telegraph
GMO’s Grantham: Housing ‘Echo Bubble’ May Prompt New Crisis – Think Advisor
Home loan demand falls overall, but investors return to property market –
The Fed Made the Poor Poorer – Bloomberg

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