The Mess That Greenspan Made - Part 416

Tuesday Morning Links

Greece warns on euro exit if bailout not signed – BBC
2012 could be the year Germany lets the euro die – Telegraph
Eurozone: Why does the crisis linger, deepen and spread? – Wall Street Pit
Germany and Europe Both Expect a Tough 2012 – Spiegel
World’s Biggest Economies Face $7.6 Trillion Debt – Bloomberg
Analysis: Asia’s double-edged currency sword – Reuters
Hu: West Is Trying to Divide China by Using Cultural Weapons – Bloomberg
Iranian currency slides under latest U.S. sanctions – Washington Post
Wall Street’s 2011 Predictions – How’d They Do? – Reformed Broker
The Ultimate 2012 Investment Predictions & Outlook List – PragCap
The Debtwatch Manifesto – Steve Keen’s Debtwatch
Mistakes and How To Deal With Them – Krugman, NY Times
Krugman v. Krugman – Marginal Revolution

Oil jumps to $101 amid rising Iran tensions – AP
Gold rises in line with recovery of euro – Reuters
Stocks in 2012: Up, up, but not away – CNN/Money
Major Asset Classes 2011 Performance – Capital Spectator
How market fares in January’s of election years – MarketWatch
A Major Divergence: Buy Miners and Sell Bullion – Peter Brandt
Dollar Demise Exaggerated after 13% Gain Since 2008 – Bloomberg
Gold could go to $1,200-$1,300/oz – Jim Rogers – Mineweb
Why Gold Will Likely Go Nowhere In 2012 – Seeking Alpha
What is gold telling us? – MarketWatch

New year’s surprise for the economy? – MarketWatch
For 2012, Signs Point to Tepid Consumer Spending – NY Times
Rethinking the Growth Imperative – Rogoff, Project Syndicate
Germany’s unemployment rate at record low in December – BBC
Nigerians Stop Gas Stations From Selling Fuel – Fox News
Iceland: Success through failure – Zero Hedge
The Decline and Fall of the Euro? – Gros, Project Syndicate
S. Korea manufacturing shrinks most in 3 years – Reuters
A different boom in Iowa: Real estate prices soar for farmland – MSNBC
Will the Fed Raise Rates Soon? – Crossing Wall Street
What is Modern Money Theory? – Credit Writedowns
The Austrian Theory of Money – Mises


Was 2011 a Good Year for Stocks?

Much was made of the major U.S. stock market indexes finishing in positive territory for the year, however, it was a very different story elsewhere in the world as indicated in red below via the December 31st print edition of the Wall Street Journal.

While the S&P500 and Nasdaq indexes both finished slightly in the red, the widely held ETFs that track them produced modest gains while the big stocks in the Dow Jones Industrial Average saw a 5.5 percent improvement or, an 8.1 percent return including dividends.

Monday Morning Links

China’s PMI rebounds to 50.3% in Dec – China Daily
Spain: 2011 deficit could be higher than 8 pct – AP
Euro Leaders Aim to Buy Time to Save Currency – Bloomberg
Eurozone collapse ’starts this year’ says CEBR – Telegraph
EU Officials Begin New Year With Calls to Save the Euro – CNBC
Ron Paul’s Surge May Cause Headache for Republicans – Bloomberg
The Year Governments Lost Their Credibility – NY Times
Is debt a burden on future generations? It depends. – Noahpinion
I Just Got Here, but I Know Trouble When I See It – NY Times
8 fearless fund forecasts for 2012 – MarketWatch
2012 “Predictions” – Stone Street Advisors
Open Letter to Paul Krugman – Cafe Hayek

Where is the Oil Price Heading in 2012? – IBT
Gold climbs on first trading day of 2012 – Alrroya
When Investors Rush In, and Out, Together – NY Times
Bonds Prove Best Financial Asset for First Time Since 1997 – Bloomberg
Why 2012 will be a ‘make or break’ year for savers and investors – Telegraph
Gold watchers predict rough ride after 11 years of gains – Globe & Mail
‘Gold may decline further in early 2012′ – Commodity Online
Gold to hit $3800, silver to triple due to shortages – Commodity Online
Corrections In The Gold Bull Market – Jesse’s Cafe
Gold bugs’ unmerry Christmas – MarketWatch

As Good as It Gets? – NY Times
Happy Days Are Here Again! – Slate
U.S. consumer in the slow lane – Reuters
2011 was a bad, but typical, for economic forecasters – Globe & Mail
Austerity Reigns Over Euro Zone as Crisis Deepens – NY Times
China Export Orders Show Threat From Europe – Bloomberg
Nigeria fury as fuel prices double after subsidy ends – BBC
Germany Says Greek Debt Talks Near An End – Bloomberg
New Hope for Housing in the New Year – CNBC
Signs of life in the housing market – Reuters
Foreclosure free ride: 3 years, no payments – CNN/Money
A closer look at the Fed’s inner workings – Globe & Mail


Happy New Year!

A Jim Carrey Happy New Year – twelve years old and still very, very funny, and, once again, available for embedded viewing right here after a short commercial message. Note that a 10-minute version of this memorable appearance on David Letterman is available here.

— Happy New Year to one and all and thanks for reading! —

© 2010-2011 The Mess That Greenspan Made