The Mess That Greenspan Made - Part 4

Monster El Niño

Bloomberg covers the most recent news about climate change in general and what’s shaping up in the Pacific in particular in this story about what will almost assuredly be a record breaking year of temperatures, a development that should be clear in the graphic below.

The graphic is interactive at the link provided above should you desire to become even more thoroughly depressed about how rapidly the climate is changing. As for the developing El Nino, about the only good news is that California’s drought might soon end.

Wednesday Morning Links

MUST READS
Hedge Funds Gear Up for Another Big Short – WSJ
Apple stock tumbles as iPhone sales disappoint – CNN/Money
Stocks Drop as Apple Drags Techs Lower, Commodities Resume Slide – Bloomberg
Alexis Tsipras Transforms Himself as He Sells Greek Bailout Terms – NY Times
ECB Readies for Greece Return as Banks Still in Emergency – Bloomberg
The Great Greek Bank Drama, Act II: The Heist – Coppola Comment
A $4 Trillion Force From China That Helped the Euro Now Hurts It – Bloomberg
China’s Record Dumping Of US Treasuries Leaves Goldman Speechless – Zero Hedge
Can You Hear the Fat Lady Singing? – The China Connection – Capitalist Exploits
It’s Happening: Debt Is Tearing up the Fracking Revolution – Wolf Street
Will the Oil Patch Bust Trigger Recession? – of two minds
Understanding past and future financial crises – voxeu

MARKETS/INVESTING
Stocks: 5 things to know before the open – CNN/Money
China’s Market Plunge: Where Only 3% of Firms Could Trade – WSJ
Low Correlations: Stock-Pickers’ Market or a Sign of Complacency? – Barron’s
An investor’s guide to navigating a commodities roller coaster – MarketWatch
Stock market booms, busts and free flow of information – Asia Times
Gold slides 1 pct to 5-year low as investors pull back – Reuters
Goldman’s Currie expects gold to fall under $1,000 – MarketWatch
Can’t Stop, Won’t Stop; Why Gold Miners Just Keep Digging – Bloomberg
Is Gold a Stupid “Pet Rock” or a Bedrock Asset? – Mining.com
A History of Gold Returns – A Wealth of Common Sense

ECONOMY/WORLD/HOUSING/BANKING
U.S. Economic Confidence Index Level, but Masks Volatility – Gallup
New York fast food workers’ $15 wage vote on Wednesday – CNN/Money
Russia Braces for Longest Recession in Decades With $50 Oil – Bloomberg
Japan Escalates Its Standoff With China in the South China Sea – Vice News
Backyard sells for $2 million in London real estate boom – CNN/Money
Why investors shouldn’t abandon the Canadian housing market – Financial Post
Hot real estate market on pace to break annual record – Capital New York
Grand Central: BOE’s Debate on Liftoff Heats Up – WSJ
Here’s the real reason the Fed wants to raise rates – MarketWatch
We Desperately Need New Banking – Alhambra Partners

 

Gold, Commodities Routed

Bloomberg puts together lots of opinions (none of them positive) about the recent plunge in the gold price and broader weakness in the natural resource sector.

One Gina Rinehart, Australia’s commodity queen and richest woman, has been smarting, losing nearly $20 billion in net worth recently, according to this story at the Telegraph.

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Tuesday Morning Links

MUST READS
Commodities crash could turn Australia into a new Greece – Telegraph
Gold Leads Commodities ‘Mess’ That Has Investors Smarting – Bloomberg
Is Gold a Stupid Pet Rock or a Bedrock Asset? – GoldSilverWorlds
Liquidity deficit speeds up record Shanghai gold rout – Mineweb
Bloomberg Commodity Index Falls To Lowest Point Since 2002 – Confounded Interest
Puerto Rico Says Services Come Before Agency Debt Payment – Bloomberg
Russian Town Near Ukraine, Once Quiet, Now Buzzes With Military Activity – Bloomberg
Schäuble was ready to give Greece €50 billion to quit the euro – Heard in Europe
New Data Show How Bad Things Were for Greek Banks – Bloomberg
Greece’s Euro Exit Back on the Agenda Next Year – Bloomberg
Donald Trump Is The World’s Greatest Troll – FiveThirtyEight
The end of capitalism has begun – Guardian

MARKETS/INVESTING
Global stocks steady as Greece relief rally runs dry – AP
Oil prices struggle around $50-a-barrel mark – MarketWatch
The Nasdaq Is Flashing a Dot-com Era Warning Signal – Fiscal Times
The Remarkable Dominance Of US Equity Performance – Capital Spectator
Chinese stocks rise as Shenzen gains 20% on July low – MarketWatch
Still no reason to be long gold and silver – Factor
Gold’s fall threatens to sink mining M&As – Mineweb
Analyzing PBOC Official Gold Reserves Increment – BullionStar
China’s Total Gold Holdings Much Higher – GoldCore
Gold Warns Again – Alhambra Partners

ECONOMY/WORLD/HOUSING/BANKING
Where rents are rising the fastest – CNN/Money
Debating the merits of calling student debt a ‘crisis’ – MarketWatch
For Many Firms, China’s ‘New Normal’ Spells Doom – WSJ
Japan demands China halt oil exploration in part of East China Sea – Reuters
China Is Turning Beijing Into a Megacity Six Times The Size of NYC – Gizmodo
Dealing With the Pressure of Being Married Without Children in China – WSJ
U.S. Housing Market: Is the Roof About to Cave In (Again)? – Market Oracle
The Fed’s Confusion Over the “Natural Rate” of Unemployment and Inflation – Mises
Now that the Fed will raise rates, can it? – USA Today
Fixing the Fed’s Liquidity Mess – WSJ

 
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