The Mess That Greenspan Made - Part 6

Monday Morning Links

MUST READS
Embattled PM Nouri Maliki attacks president – BBC
Kerry Pulls U.S. Support for Maliki as Militants Gain – Bloomberg
The US bombing its own guns sums up American failure in Iraq – Vox
Ukraine’s forces say close to taking rebel-held Donetsk – Reuters
US Sanctions on Russia May Sink the Dollar – Ron Paul Institute
Fed’s Fischer says QE has been “largely successful” – ForexLive
How the Federal Reserve Should Measure Inflation – Bloomberg
How to save a million bucks for retirement – USA Today
Job Market Tilts Toward Workers, Virtuous Cycle Begins – Bloomberg
The Savings and Loan Debacle: Twenty-Five Years Later – Mises
Why the ‘Libertarian Moment’ Is an Illusion – The Atlantic
The Wall St. Hype Machine Breaks Down – Wolf Street
Contradictions – Alhambra Partners

MARKETS/INVESTING
Easing of Ukraine tensions helps drive stocks – AP
Is it time for Wall St. to issue a correction? – CNN/Money
Is now the time investors should move to cash? – CNBC
Low, Expanding Risk Premiums Drive Abrupt Market Losses – Hussman Funds
The guys who get you out will never get you back in – Reformed Broker
Junk bond bubble bursting sounds warning for UK shares – Telegraph
Gold down as Ukraine tensions ease, European shares rise – Reuters
“World Insecurity” May Have “Positive Impact On Gold” – Ex BOE Mervyn King – GoldCore
Gartman reckons end-game for gold price management could be nigh – Mineweb
Chinese Gold Demand 1094 MT YTD, Silver Premium At Record High – BullionStreet
Hedge Funds Are Digging Gold Miners – WSJ

ECONOMY/WORLD/HOUSING/BANKING
Consumers at pivot point as U.S. economy steams ahead – MarketWatch
The World is in Flames, but the U.S. Economy Is Catching Fire – Fiscal Times
For largest U.S. companies, jobs growth has lagged profits, revenues – Reuters
Loose policies from Beijing help pump the credit bubble – Sober Look
German Economy Backbone Bending From Lost Russia Sales – Bloomberg
Europe’s fragile economy put to test as Ukraine, Iraq sour mood – Reuters
Italian growth: Is this a new recession or a six-year decline? – voxeu
Why first time buyers are piling into hot UK housing market – Telegraph
Singapore private home resale prices fall to 21-month low – CNA
Stock Market Starting To Price In The Next Housing Downturn – Seeking Alpha
Americans Are Still Very Wary of Housing Markets – Realty Biz
Inflation in the Great Recession and New Keynesian Models – NY Fed
Fed Exit Fears Overstated, S&P Economist Says – WSJ

 

The Weekend Update is Now Available

The latest issue of the Iacono Research Weekend Update has been posted to the website and is now available for subscribers here.

There will be no changes to the model portfolio or the buy ratings this week, but the Chinese economy and stock market are examined and the latest round of covered call sales are addressed in the following discussion topics:

The executive summary is as follows:

Renewed safe haven demand as a result of heightened geopolitical tensions in Ukraine and Iraq sent the price of Treasuries and gold higher while risk assets such as U.S. stocks moved lower, but the latter rebounded late in the week and just about every asset class ended higher. The Chinese economy continues to improve, as does the U.S. economy, and the trade-weighted dollar moved higher.

Commodity markets continue to be adversely affected by a stronger U.S. currency but related shares moved higher with broad equity markets. Silver was one of the week’s few losers but mining stocks added to their recent gains and the model portfolio rose 0.6 percent, now up 8.8 percent for the year.

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The U.S. is the world leader in prison population and a close second in prison population rate. How we got there is shown below from the animated graphic in this story at Vox.

We currently lead the world with over 2 million people incarcerated (many for drug crimes as part of the wildly unsuccessful “War on Drugs”) and our prison population rate is exceeded by just one country – the Republic of Seychelle (no, never heard of it before either).

Friday Morning Links

MUST READS
Back in Iraq, Jack – Washington’s Blog
Obama authorizes airstrikes in Iraq – AP
Markets rattled by air strike fears – BBC
Israeli Jets Strike Gaza After Rockets Shatter Truce – Bloomberg
Western food imports banned as Russia hits back over sanctions – Guardian
China’s export beats forecast, trade surplus reaches new high – China Daily
What the Latest Economic Data Say About China’s Changing Growth Model – WSJ
Goldman, JPMorgan in Senate’s crosshairs for commodities holdings – Reuters
Fed Survey Finds 4 in 10 Americans in Financial Stress in 2013 – Bloomberg
Money Doesn’t Really “Go Into” Other Financial Assets – Mises
Auto loans: once a boon for America, now a bane – Fabius Maximus
Argentina’s Griesafault – Project Syndicate

To find out what Tim thinks of today’s news, subscribe to Iacono Research

MARKETS/INVESTING
Markets face wide array of geopolitical risks – AP
Thanks Putin! Market correction has begun – CNN/Money
Key level to keep eyes on: 1900 on S&P 500 – USA Today
The stock market: Is it worse than it was in 2000? – MarketWatch
Cash-rich spending spree is sign of a growing tech bubble – MarketWatch
Government Bonds Surge as Iraq Strike Plan Boosts Safety Demand – Bloomberg
Gold at 3-1/2 week high as U.S. decision on air strikes hurts dollar, shares – Reuters
HMRC And Eurostat Alter Historic UK Gold Trade Data – BullionStar
Gold’s Big Breakout: Could 5-Month Highs Be Next? – GoldSilverWorlds
Will mining disappear in the next decade? – Mining.com
Gold: Why Can’t It Break Out? – Barron’s

ECONOMY/WORLD/HOUSING/BANKING
A recession without a boom? – Antonia Fatas
Making Sense of Friedrich A. von Hayek – Delong, WCEG
Trade boost may not save German economy from Q2 contraction – Reuters
UK trade deficit widens in June, but construction recovers – Reuters
Germany close to recession as ECB admits recovery is weak – Telegraph
BOJ Holds Stimulus as Weaker Economy Challenges Kuroda – Bloomberg
Defying Gravity: Hong Kong Property Prices Reach New Highs – WSJ
Gasp: SF’s Housing Market is Not That Overvalued After All – Curbed
Racially Diverse Millennials Control the Housing Market – HuffPost
Two Fed Officials Stake Out Different Positions on Market Levels – WSJ
In Senate Race, Jeffrey Bell Is Running Against Janet Yellen – NY Sun

 
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