The Mess That Greenspan Made - Part 5

China Stocks: What Could Go Wrong?

Bloomberg reports that China equity markets have become even bubblier after a wave of new irrationally exuberant “investors” that harken back to the U.S. in the 1920s when Joseph Kennedy purportedly began selling stocks after receiving a hot tip from a shoe-shine boy.

On a positive note, they now appear to have their real estate bubble under control…

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Wednesday Morning Links

Why are interest rates so low: Secular stagnation – Ben Bernanke’s Blog
On Secular Stagnation: A Response to Ben Bernanke – Larry Summers’ Blog
Iceland looks at ending boom and bust with radical money plan – Telegraph
Reckoning Arrives for Cash-Strapped Oil Firms Amid Bank Squeeze – Bloomberg
Three weeks into ECB quantitative easing, markets begin taper talk – Reuters
Mario’s magic is working: Eurozone GDP set for best quarter since 2011 – Fortune
Kevin Warsh: Are We Sliding Into Another Financial Crisis? – Forbes
Fed’s George Says Economy Could Do With Less Fed Stimulus – WSJ
Russian Soldiers Stop Pretending They Are Not Fighting in Ukraine – Vice News
The Middle Eastern Balance of Power Matures – Stratfor
The US Has Become a “Nursing Home” Economy – Acting Man
Bank threat to Democrats backfires – USA Today

Asian stocks lackluster as Japan, China data show weakness – AP
Chinese stocks close above 3,800 for first time since 2008 – MarketWatch
China’s Big Stock Market Rally Is Being Fueled by High-School Dropouts – Bloomberg
If markets get volatile this quarter, this is how you hang on tight – MarketWatch
‘Being There’ Is No Longer Enough: Doug Kass on the Unstable Market – Real Money
Gold steadies after downbeat March, awaits U.S. jobs data – Reuters
End of bear cycle for gold in 2014 – Metals Focus – Mineweb
Gold’s up, gold’s down, where is gold going now? –
Gold In Fed Vault Drops Under 6,000 Tons For The First Time – Zero Hedge
Gold Flat In Quarter In Dollars But 11% and 5% Higher In Euro and Pounds – GoldCore

Cheap oil prices chop jobs by thousands – USA Today
Why More Education Won’t Fix Economic Inequality – NY Times
World Inflation Falls To A New 5-Year Low – Gavekal Capital
What’s Behind China’s Decision to Launch Deposit Insurance – WSJ
Even With Free Money, Merkel Still Reluctant to Spend – Bloomberg
It’s A Near-Zero World, And “Structural Reforms” May Actually Hurt – Real Time Brussels
Pound Weakens as Political Risk Overshadows Manufacturing Growth – Bloomberg
Lowered prices create bidding wars in hot housing market – Boston Globe
Rise in Home Prices Paced by Denver, Miami, and Dallas – S&P Housing Views
San Francisco apartment hunters told their dog needs a resume – SF Gate


While following U.K. Prime Minister David Cameron’s tweets is not part of my regular morning routine and, perhaps, there is some important context missing here (none that was obvious after a little poking around), it appears that David Cameron doesn’t think much of China’s economy as he trumpets the recent rate of GDP growth at home.

This came to my attentions via this Telegraph story where it is learned that the next U.K. election is only 37 days away – that explains a lot about the creation of this graphic.

Nonetheless, a simple change from “Major” to “Western” would have been better.

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Tuesday Morning Links

Greece, EU/IMF lenders end talks without deal – Reuters
Yanis Varoufakis calls for end to ‘toxic blame game’ – BBC
Greece Looks to Russia as Deal With Europe Stumbles – NY Times
No End in Sight for Bond Rally as ECB Spigot Spills Across Globe – Bloomberg
Now That Ben Bernanke Is Blogging, Here’s What He Should Write About – NY Times
Request for requests for Ben Bernanke, blogger – Marginal Revolution
Generous welfare benefits make people more likely to want to work – EurekAlert
The Eiffel Tower debuted 126 years ago. It nearly tore Paris apart. – Vox
It Was Warmer in Antarctica Than in New York City Last Week – Vice News
From suits to the slopes: Retiree becomes a ski instructor – CNN/Money
Will Elizabeth Warren Heed Destiny’s Call? –
Repeal, Don’t Reform the IMF! – Ron Paul

Global stocks gain on economic data, China hopes – AP
The Earnings Tailwind from Cheap Oil – Barron’s
Oil drops to $55 as Iran nuclear talks intensify – Reuters
China’s stock market sure looks like a bubble – Washington Post
For stocks, the best time to sell and go away starts tomorrow – MarketWatch
NYSE Margin Debt Surged in February – Advisor Perspectives
Gold eyes 3rd quarterly loss as expected US rate hike drags – Reuters
Contratrend Rallies And Technical Price Levels – GoldSilverWorlds
UBS bullish again on gold, gold miners – Mineweb
Reflections in a Golden Eye – USAGold

Demographics and GDP: 2% is the new 4% – Calculated Risk
Wages & Lowflation (Or Why Rick Santelli Is Right) – Zero Hedge
The Rise of the Working Poor and the Non-Working Rich – Robert Reich
Eurozone deflation eases while unemployment falls – BBC
UK economy grew at fastest rate for nine years in 2014 – Telegraph
China’s New Normal and America’s Old Habits – Project Syndicate
China announces plans for deposit insurance in bank reform – AP
8 reasons why the US housing market comeback is far from over – BI
Fed’s Fischer Floats Ideas for Regulating Shadow Banks – WSJ
Will Janet Yellen’s Outlook Prevail? – Capital Spectator

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